How to Find Your Market for Your Candle Business: A Step-by-Step Guide

As a candle business owner, it is crucial to identify your target market. This will help you create products that cater specifically to their needs and preferences, resulting in increased sales and customer loyalty.

Here are the steps on how to assess your target audience:

Step 1: Identify the Three Factions of Markets
In the candle-making industry, markets can be grouped into three factions – mass market, mid-market, and high-end. Each faction has its own unique characteristics that appeal to different types of customers.

Mass Market:
This category focuses on creating affordable candles with easily accessible scents such as warm vanilla or lavender. Bath & Body Works is an excellent example of a successful mass-market brand whose net sales reached almost $5 billion in 2020.

Mid-Market:
These candles have distinct mixtures and aromas like rose water or basil at reasonable yet mid-range prices ranging from $20-$39 per product. Yankee Candle sells over 200 million candles annually making them one of the most popular brands within this sector.

High-End:
Luxury Candles sell between $40-$80 but sometimes even higher than that; Louis Vuitton’s scented candle retails for up-to$185! These luxury items often come associated with big-name brands having loyal followings among consumers.

Step 2 : Determine Which Category Suits You Best
Assess each category based upon what type(s) of candles that you can offer with your current resources and determine which suits best according to the resources available.If starting out,it’s advised not to start offering luxury candles from the get-go.However,every choice comes with serious potential, and it’s up to you which category you want to go with!

By following these simple steps,you’ll be able to create a customized marketing strategy that will help your each out to your target audience effectively. In conclusion, knowing which target market to serve is a key component in building a strong foundation for your business success.