One of the most important things for any business owner to do, especially small business owners, is to create a marketing strategy for their company. This will guide them as they move forward from website design, color palettes, products they plan to sell, learning about their target demographic, type of content to post, and more.
Having their marketing strategy figured out, planned and ready to go as early as possible is key to being successful. We are going to share steps on how to create your strategy to market your candle business.
How To Create Your Candle Business Marketing Strategy
- Understand what a marketing strategy is and its purpose
- Identify the types of candles you plan to sell
- Identify your target market
- Figure out what social media platforms will be most beneficial to you.
- Plan your opening (day, time, products available, etc.)
What Is a Marketing Strategy?
So, what exactly is a marketing strategy? Why does it matter? What role does it play in the candle business? These are important questions that you should know the answers to before you attempt to create your marketing strategy. Or before you hire someone else to help you create one, because these are pillars of vital information to know.
A marketing strategy is essentially how you plan to find and reach your target demographic to sell your candles effectively and efficiently. It includes key elements such as your brand’s message which is the main idea you want customers to get from your products. As well as your value proposition, are you a high-end brand trying to target customers with more disposable income or an affordable brand that more people can afford?
Answering these questions should provide you with answers to the four p’s of marketing which are product, promotion, place, and price. Keeping these items in mind as you create your strategy will help you stay on track. Those are what every customer wonders about a product.
Where can it be found or purchased (place)? How much does it cost? Is it within their budget (price)? Are there promotions in place to entice people to make their initial purchase (promotion)? The most important one is what are you selling (product)?
Decide On What Candles to Sell
Now that you know what the marketing strategy essentially is, you need to decide on your product. Since this is for a candle business you will need to decide on what types you want to offer your customer. Do you want to use simple mason jars, or do you want to create custom designs?
Figuring out what designs and specific candles you wish to sell will help you figure out what materials will be needed, the price you can charge for them to make a profit, and the type of people you will need to reach to sell them. So, in this situation, the product is the first “p” of marketing that you need to decide on.
Simple, fragranced, everyday candles that people will burn tend to be a good middle-of-the-road option. They are typically inexpensive to create and as long as the scents work should attract customers.
However, unique candles that can be used as décor are popular right not. These candle designs include geometric cubes, figurines, two-toned or multi-level candles to name a few. Now these require extra materials, tend to be soy-based, may require a custom mold. All items that come into play for figuring out pricing.
Determine Your Target Market
Speaking about pricing, we have come to our next step which is figuring out who your target market or target demographic is. These two terms are synonymous with one another, so they will be used interchangeably for the most part. This specific “p” of the strategy, pricing, revolves not only around the costs involved in making your candles but the people you want to target.
If your candle costs more to produce, then you want to make a proportionate profit to cover your labor too. If your variable costs and fixed costs are not all covered appropriately then there’s no profit. So higher quality materials, designs, and overall products will require you to market your products to people who are somewhat older as they tend to have the most disposable income.
Whereas any sixteen- to twenty-one-year-old can typically afford a candle from Walmart or Home Goods for five to seven dollars. So, calculating your total costs, including your own labor, is key to setting prices so that you can find customers that have the income level to support your business.
This can also factor into your pricing strategy. There are four overall types that most businesses follow. They are premium, skimming, value, and penetration. Being a small business, penetration and skimming most likely are not ideal as they are based around highly competitive prices and low-profit margins. This leaves you to consider premium and value-based strategies.
Value-based depends upon how much the customer presumes your product to be worth based upon what they see, observe, and know about it. So, $15 for a six-ounce mason jar candle that has a seasonal scent to it may be worth it to them. It is a decent size and should burn for a decent time.
Whereas someone looking for a more décor-based candle will be upwards of $30 because they intend to display it and keep it longer. This means that it has more value to them, so they do not mind paying more.
Premium pricing is typically done when a brand makes itself appear to be more upscale and high-quality. Thus, enticing people to willingly pay more for the quality they receive.
Advertising Your Products
This step will help you tell your customers the where of your product and allow them to easily find you. Advertising nowadays tends to mean social media as platforms such as Instagram and TikTok are raking in views and new users daily. This aspect is the promotion “p” of the strategy.
So having an account that posts regular content on these platforms allows customers to search for your business online and easily learn more about you. It also helps them to become familiar with you, your products, the story behind them, and incentivizes them in a way to follow and support you.
Nothing draws customers in and helps them build brand loyalty than feeling involved with the company. So, knowing the face behind the candles, seeing effort being put into marketing, and watching it grow is huge to becoming successful.
Get Ready To Open
At this point, you should know what you are offering, how you want your brand to be seen, what your brand represents, and who you are targeting to name a few of the items we have covered. If a customer cannot tell you the product, place, price, and promotion of your candles then you are not ready to open yet.
Now is the time to begin implementing your marketing strategy. Build your social media profiles, website, begin creating your candles, taking product photos, and preparing to open. You should be posting online to build suspense about your products, sharing sneak peeks, and more to have people interested when you launch.
Those are the five key steps to creating a marketing plan for your candle business. You need to ensure that you know what you are trying to make first and foremost, decide on the candles you wish to sell, determine who you are selling to, where you are advertising your products, and begin to implement it all.
Do I need to create a marketing strategy on my own?
No, you do not need to create one on your own, but you should be involved in the process. Customers would know the difference between a strategy that you created and one that a stranger made based upon some comments you made. Nowadays, people lean more towards personal content and interactions.
How do I format a marketing strategy?
The nice thing about being a small business is that you do not necessarily need to follow a strict format or outline for it as long as you cover the key components we discussed. However, if you are going into business with an investor or friend there are outlines online that you can work from and reorganize as you go to fit your needs. This will help it to flow better and be cohesive for the other individual to understand and follow.
What do I do if my marketing strategy does not seem to be working?
If you launch your first collection and do not seem to be making sales or gaining followers online, it is okay to reevaluate your plan. Go back through your accounts, see who’s following you. If you are not attracting your target demographic switch up your content and try new ideas. People rarely get their marketing right the first time so there is no harm in having to tweak it.
Looking to start your own candle making business, check out my startup documents here
Please note that the contents of this blog are for informational and entertainment purposes only and should not be construed as legal advice. Any action taken based on the information provided in this blog is solely at your own risk. Additionally, all images used in this blog are generated under the CC0 license of Creative Commons, which means they are free to use for any purpose without attribution.
Meet Shawn Chun: Entrepreneur and Candle Business Fan.
I’m a happy individual who happens to be an entrepreneur. I have owned several types of businesses in my life from a coffee shop to an import and export business to an online review business plus a few more and now I create online candle business resources for those interested in starting new ventures. It’s demanding work but I love it. I do it for those passionate about their business and their goals. That’s why when I meet a candle business owner at a craft fair, farmers market, retail location or anywhere else I see myself. I know how hard the struggle is to obtain and retain clients, finding good employees all while trying to stay competitive. That’s why I created Candle Business Boss: I want to help candle business owners like you build a thriving business that brings you endless joy and supports your ideal lifestyle.