Yes, the candle market especially in the United States is very saturated. Just take a look when next you walk into a store in your neighborhood, you will find out that almost every store from the small to the big ones sells candles. Indeed, some years ago it was not this way, but currently, even store owners are beginning to notice the over-saturation and are starting to drop the candle lines they have been carrying.
The candle-making niche has grown so massively over the last decade that many are left to wonder how they will stand out in a sea of wax melts. For you to stand out in this saturated industry you need to understand certain critical points about the market.
First, you have to understand that a saturated market isn’t fundamentally a bad thing. Consider the alternative – an entirely untapped market. If you walk around looking to get everyone’s attention with your new knitting products, you may not really get anywhere. This is because knitting products is not something everyone wants. However, candles are entirely different.
Secondly, have it in mind that unique and original product ideas are less important than offering value in this market. Note that nothing about candle design is new, and even with new waxes and fragrances, you are still making candles.
Although sustaining product identity is very necessary, your ability to create valuable experiences for a single customer is how you will build loyalty. Always remember that nine times out of 10, a customer will return to whoever made their experience and time more valuable.
Is Selling Candles a Profitable Business?
Yes, selling candles is a very profitable business. Candle businesses are known to have profit margins of 100 percent or more and are very easy to start as home businesses. In addition, this business boasts of very low overheads and advertising costs, making the profit margin even higher.
This business is also not labor-intensive and the candles can be made quickly, ensuring that the business becomes profitable very fast. You can make a full-time income from making and selling candles from home. You can start selling locally or branch out to online marketplaces like eBay or Amazon.
Have it in mind that new candle makers can expect to make around $500 and $1,000 per month and work up to a full-time income, while homemade candle makers can make around 50 percent to 70 percent profit margins on their candles. Notably, hiring employees will reduce your profit margin so you will be earning between 25 percent and 50 percent.
Simple Strategies to Help You Stand Out in the Saturated Candle Market
According to reports, the candle industry has grown so massively over the past decade that it can feel impossible to break in. To stand out in the saturated candle market, here are simple tips and strategies to consider.
According to experts, your visual identity (which includes your logo, photography, website, social media, and packaging) remains the most direct way to affect how people feel about your candle business. When you are looking to stand out in the saturated candle market, it is imperative to pay close attention to the aesthetic of your products. Have it in mind that your customers will use your candles for their scents and as a home décor complement, so you need to design products that are in line with your audience.
Unique And Interesting Fragrance Blends
Without doubts, fragrance remains the most important buying factor for consumers today. According to industry reports, three-fourths of candle buyers believe it is “extremely important” or “very important” in their selection of a candle. Have it in mind that one way to stand out from the competition is with interesting fragrances.
Note that a new blend immediately opens up a place in the market for you. Instead of offering the standard floral and woodsy scents to your customers, go for more intricate and sophisticated smells buyers can’t find anywhere else: scents that induce people to think or reminisce or feel a sense of mystery and intrigue.
Note that a well-detailed brand story is the fastest way to link your business and products with buyers. It is a narrative that outlines and communicates your brand to people. Always remember it is the foundation on which your mission, message, and voice are built. Brand stories, especially in the candle business, are alluring, personal, and honest.
A good brand story is expected to make people feel something, which then induces them to take action—whether it is signup, purchase, donation, etc. To find your story, ask yourself:
- Why am I making candles?
- Who am I making candles for?
- What impact do I want to have on them?
- What impact do I want to make on the world?
In this saturated market, note that posting the same candle pictures time and time again won’t set you apart, but social selflessness will! Here are a few tips for building an inviting digital presence:
- Create a well-defined plan to make posts that are focused on the sort of work or products you make for your customers, and cut down on the amount of self-centered promotion you do. Have it in mind that no one cares that much about your accomplishments. Knowing the balance between those two for your audience is key to capturing their attention.
- Stick to a theme – fonts, colors, layouts. Although these can vary, however, it should all tie back to a central idea. If you don’t have this figured out, then begin with a primary color, secondary color, and a shade of grey or white in your designs. Visiting your page or website should explicitly buttress a common design thread that extends to your products.
- Engage outside your page. If you fail to leave your page and comment, like, or engage with other brands or customers, then you’ve more or less limited your work to just “media”. Have it in mind that social media works best when you play well with others. Note that candle making and selling is #CommunityOverCompetition.
Selling Candles is a great small business to start because it doesn’t require much equipment or technical knowledge, it has a low start-up cost, and you can make candles from home. However, the candle-making industry is very saturated and competitive so you have to create brand awareness for your candle business.
Have it in mind that you can do social media marketing, various ads campaign to boost the brand value of your business. You can also consider establishing a business website to sell your candles online. In addition, consider registering your business with B2B portals to get online leads.