New market opportunities are presenting themselves to the companies already on the forefront of the cannabis and terpene industries. Not only are businesses like yours riding the wave (instead of being rolled beneath it), but you’re taking advantage of having the market’s voice directly in your ear. As consumers begin to become more aware of cannabis and terpenes, they’re also becoming more specific on the effects that they would like to experience. What does this mean for companies offering cannabis? They’re delving into the addition of terpene isolates to their product line.
What Consumers Want
It’s an age old adage, but it’s true. The market wants what it wants. When the market speaks, there is no fighting it — especially in this day and age of the internet. If a majority of consumers online say they want autonomous driving vehicles, the car manufacturers better answer, or they will begin to lose their market share to the company that does introduce self-driving vehicles.
The same goes with terpenes. Consumers want to experience specific effects like sleepiness, energy, calmness, or focus. Granted, you can get these experiences with cannabis, however, they come with a myriad of other effects. The answer? Terpene isolates.
What Are Terpene Isolates?
Let’s start with the cannabis plant. It has dozens of terpenes it in, and depending on the strain, the terpenes can be different. This provides a variety of effects that can be consistent on the macro level. However, more consumers desire a consistent effect on the micro level. They don’t want to feel “high” anymore. They want to feel focused,, sleepy, or pain-free. These are much more specific outcomes than getting “high.”
This is where terpene isolates come into play. Similar to how CBD is being used to target the endocannabinoid system in the body to produce specific effects, terpenes work to create desired effects. As mentioned above, specific terpenes react with the body in certain ways to produce effects like energy, calmness, focus, and more. Consumers are craving this type of specificity in their experiences. Terpene isolates give consumers the control to feel what they want when they want it. Not only do consumers get exactly what they desire, but they can leverage the convenience of getting it via the internet.
Companies that have already added terpenes to their product lines are seeing huge benefits. Here are some of the benefits:
Benefit #1 – First To Market
When a company is first to market, they tend to have the advantage of being the first in front of the consumers. This is a volatile position, but the risk can payoff massively. Consumers can decide they do not want it now, but in six months, they cannot think of anything else they want more. Timing is essential. However, if a company gets the timing right and satisfies the consumers’ needs, they become the best in the game, even though they are the only company in the game. As of this post, terpenes are being sold globally, and very few companies will be first to market, but they can still take advantage of this phenomena in their area.
Benefit #2 – More Products Equals More Sales
It cannot be denied that the most dangerous number in business is one. As a business owner looking to expand, acquiring products like terpenes get you further away from the number one as possible. This means that you will be able to sell more product and increase revenue, which leads to more business growth.
Benefit #3 – Win More Customers
As the only cannabis business in the area selling terpenes, you will win more customers. Those that are curious about terpenes but aren’t sure about it will come to see you for terpenes. Then, you can help them with terpenes and offer them your other products. In business, sometimes, this is called a loss-leader. The initial sale is a loss in profit, but it sets the foundation for a high lifetime customer value. Terpenes can be your loss-leader initially to sell more of other products.