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How to Price Right, Test Smart, and Sell Confidently
Manage episode 502856097 series 3668622
#015 and Part 5 of Build A Candle Business series.
**This special series is brought to you by ToAuto Wax Melters. Our listeners will get a special deal at checkout when they use this link. **
Sabastian shares strategies for rapidly testing candles, selecting strategic sales channels for an elevated brand, and determining profitable pricing for the new gender-neutral "Without" candle line.
• Testing three wick sizes simultaneously to speed up product development
• Documenting every test burn with photos and detailed notes
• Starting with supplier-recommended wick lines rather than experimenting widely
• Being selective with sales channels for an elevated brand experience
• Controlling the narrative by focusing on direct-to-consumer through Shopify
• Targeting specific retailers for wholesale rather than using marketplace platforms
• Calculating true cost of goods including vessels, packaging, and labeling
• Aiming for 5X markup to allow room for marketing and growth
• Pricing based on target customer value perception, not competitor prices
• Considering wholesale requirements when establishing retail pricing
• Expanding into gender-neutral perfumes with scents matching the candle line
Check out Tuato wax melters with our exclusive discount link in the description below. Their reliable melters are what we use in all our stores and production facilities.
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Chapters
1. How to Price Right, Test Smart, and Sell Confidently (00:00:00)
2. Introduction to Testing & Pricing (00:01:24)
3. Sponsor Spotlight: Tuato Wax Melters (00:03:23)
4. Background on the Without Brand (00:04:33)
5. Rapid Candle Testing Strategy (00:09:01)
6. Selecting Sales Channels Strategically (00:20:25)
7. Calculating Cost of Goods (00:31:57)
8. Pricing for Profitability and Growth (00:38:06)
17 episodes
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