The candle industry has continued to be a competitive market as more brands and businesses put their own twist on this classic home accessory. Whether it’s personalization, custom blends, various wax types, or nostalgic scents, there are many trends a candle business can use as they are solidifying their presence in the candle space. The candle market is currently valued at 7.15 billion in the United States and is projected to reach 13.38 billion by 2028 which means that businesses are clamoring to secure a spot in a thriving market.
Candle Business Landscape
With an increase in candle usage during the holidays, cultural events, and most recently as a lifestyle staple in your home, it’s no wonder that this market continues to grow in scale and size. However, once you enter the candle industry, the next step is to expand and grow your product offerings to build revenue and increase your market presence.
Growing Your Candle Business
We’ve seen a long line of big name brands expand their product offerings whether it’s Apple with new annual phone releases or Coke introducing new flavors like Diet Coke or Cherry Coke. This practice can be applied to candles as well whether you’re a small business or large enterprise. Product expansion helps to minimize the risk of your business becoming stagnant and customers losing interest in your product.
Even the most hallmark candle product can’t sustain a growing business with just one scent or product size. As we begin to see more competitors entering the candle market, expanding your product offering has the benefits of boosting market shares, increasing customer loyalty, and improving visibility for your business. We’re going to provide all the tips to help your candle business continue to grow and thrive as you explore how to expand your products to new and existing customers.
Determine Best Selling Candle Scents
As a candle business seeks to differentiate itself amongst a competitive market, one of the first steps you can take is to determine what are your best selling candle scents. Data plays a crucial role in a business model and reviewing your retail reports can help you assess what are your most popular candle scents. Tracking the candle scents that are selling and which are not can help you determine what scents to focus on when expanding your product selection.
Once you’ve determined your best selling products you can start making smarter purchasing decisions which can help you keep track of your current inventory and determine the types of retailers you should continue working with. Having a high level review of your best selling candle scent inventory will allow you to examine finite details like the types of jars being used, wax type, label design, and more.
Another key component to identifying your best selling candle scents is to build a relationship with your audience. There is nothing more valuable to a business than their consumer and the more intimately you understand their likes, dislikes, and why your brand appeals to their interests, the more successful you’ll be.
In today’s digital age the best way to actively engage with your current audience is through social media platforms which are a great barometer for understanding customer sentiment. Having a direct line with your customers to give feedback, ask questions, and express interest in your scents and products gives great insights into your brand. Consider leveraging the power of your most popular social platform to create a poll of your different scent offerings and have your followers vote or create a private group with your loyal customers where they can engage in an intimate Q&A forum.
Expand Your Scents to New Products
In today’s climate candles have expanded beyond an item you pull out during the holiday season or object used to light up a room. Candles have become staple pieces that we see as decorative items on tables, mood setters to aid in mental health, or a plugin warmer that can ignite a fragrant scent throughout a home. Offering a variety of candle sizes and glass container styles that showcase the versatility of a candle to the consumer can help to drive new interest and sales. Consider expanding your best selling scents to new products:
- Wax melts are becoming increasingly popular and give an opportunity to expand into accessories (cross-selling)
- Linen sprays and room sprays
- Fragrance packaging allows for different shapes and sizes
- Pillar candles for accessorizing a table
- Floating candles that can be used for spas and relaxation
Once you determine the types of candle products you want to use in your new line then you decide which scents would fit those molds. Testing different products provides a unique opportunity to cross-sell and upsell revenue to existing customers while marketing yourself to a new audience. You’ve already done the hard work by creating your scents and getting your business off the ground, now it’s time to grow your business.
The Benefits of Expanding Products
As we previously mentioned, there are several benefits to expanding your product offerings and it begins with increasing your market share with new products. The more products you have to offer the greater your chances are of establishing yourself in the candle market and getting your products in front of new customers. Once you begin to grow your market share you can pivot to a new selling strategy like upselling products with existing customers with exclusive products like a candle club or subscription box. This can also allow you to test out new product packaging options and candle shapes or sizes without the risk of failure.
Expanding product offerings increases brand visibility for your store whether your online candle store or a brick and mortar shop. Brand visibility will be a crucial aspect of standing out from the competition in an already saturated market. Consider developing new products that may reach a brand new audience or have added value for returning customers. Also, keep in mind that returning customers have a favorite scent that they want to buy in multiple different product types.