Q: Who is using CBD and why are they using it?
A: This is a great question because if you decide to enter the CBD industry (or you are currently in it), you must know your market. There is plenty of market research that can be found on the CBD industry. You need to be careful when analyzing data from the industry itself. Finding independent, non-biased, non-benefitting sources is critical.
There was an amazing published medical article that conducted a cross-sectional study of CBD users that was not funded, collected, or influenced by the CBD industry. It shed light on exactly who is using CBD and why.
This article by Jamie Corroon and Joy Phillips collected information from 2,409 CBD users from all 50 US states and 23 other countries. The sample of respondents was balanced in gender with 50.87% being female and 47.49% male. From this study, many interesting insights can be made into your CBD target market.
Individuals aged 55 to 74 are the largest CBD users, used equally by both females and males. And the majority of CBD users (62%) use CBD to treat a medical condition. The most common medical condition for which CBD is used is pain, followed by anxiety and depression. Besides using CBD for medical conditions, general health and well-being are the other reasons for CBD use. The majority of CBD users use CBD daily or more than daily. And sublingual delivery (using the tincture oils orally) is the most common way of using CBD.
Know your market
Knowing your market (the who and why) and staying abreast on market research data can increase your bottom by:
- efficiently and effectively influencing your marketing and advertising efforts;
- offering new products targeted specifically for your users;
- increasing your company’s overall profit.
When making decisions for your company and your products, consider who is using CBD and why. Knowing your market can give you a competitive edge in a very competitive industry! Gain knowledge in your market to gain money in your pockets!
Jenny Dembiec is Founder and Owner of RxCOMMEND, a premium CBD brand found at www.RxCOMMEND.com and @RxCOMMEND. Her passion is to help people feel and live better. Being in the healthcare field for 20+ years and receiving her MBA, she set out to provide the most effective CBD products while uplifting the CBD industry into a respected treatment option. Jenny’s goal is to spread correct, medically-based information on CBD to help companies and customers thrive.