As a candlemaker, I’ve learned that every candle I create carries more than just light—it embodies passion, creativity, and countless hours of handcrafting. In today’s market, it might be tempting to lower your prices to compete, but discounting not only diminishes the art behind your products—it can also undermine your entire business. Let me share my journey and why learning value-based pricing is essential for success.
The Real Cost of Discounting Your Products
Early on in my candlemaking business, I thought slashing prices was the quick fix to boost sales. I believed that lower prices would attract more customers and help me sell my beautiful creations faster. But the truth was far from that expectation:
- Lower Profit Margins: Selling my candles at a discount meant I was making less on every sale, which made it harder to invest in better ingredients, tools, and creative processes.
- Attracting the Wrong Crowd: Instead of attracting true enthusiasts who appreciated the craftsmanship, I ended up with bargain-hunters who didn’t connect with the story or quality of my work.
- Diminished Brand Value: Over time, constantly lowering my prices began to signal that my candles weren’t worth their original price—diminishing the premium, artisanal image I had worked so hard to build.
By discounting, I was inadvertently selling myself short and, worse, the art that went into every candle.
Embracing a Value-Based Pricing Approach
I eventually learned that pricing isn’t just a number—it’s a reflection of the care, quality, and story behind each candle. Here’s how a value-based pricing approach transformed my candlemaking business:
- Reflecting Quality and Craftsmanship: Every candle is made with a unique blend of fragrances, high-quality wax, and a personal touch that mass-produced candles simply can’t match.
- Attracting True Candle Lovers: When I started pricing my candles based on their true value, I began attracting customers who understood and appreciated the art behind each piece.
- Ensuring Long-Term Success: By setting prices that honored the quality and effort put into my candles, I secured healthier profit margins—allowing me to innovate and invest in my craft.
This approach isn’t about overpricing—it’s about honoring the true worth of what you create.
How I Learned to Stand by My Candle Prices
Embracing the true value of my candles meant a shift in mindset and strategy. Here are the steps that helped me transform my business:
1. Recognize the Value in Your Work
- Identify What Makes Your Products Unique: Whether it’s the technique, custom scent blends, or eco-friendly materials, understand what sets your products apart.
- Communicate Your Story: Share the inspiration behind your creations—from the sourcing of ingredients to the care that goes into each product. This story is as important as the product itself.
2. Educate Your Customers
- Show the Process: Use behind-the-scenes photos or videos to give your audience a glimpse into your workshop. Let them see the time, care, and artistry involved in every product.
- Highlight Testimonials: Encourage customers to share their experiences. Authentic reviews can help underline the premium nature of your work.
3. Build Confidence in Your Pricing
- Stick to Your Guns: Once you set a price that reflects the quality of your work, resist the urge to lower it for quick sales. Consistency builds trust.
- Avoid Price Wars: Rather than competing with mass-market brands on price, focus on the unique value of your products.
By following these steps, I not only improved my profit margins but also built a loyal customer base that truly values the craftsmanship behind my candles.
Trust Your Craft and Price It Right
Every product tells a story. Lowering your prices might seem like an easy way to drive sales, but it ultimately devalues the art and passion behind your work. By embracing a value-based pricing strategy, you honor the craftsmanship, quality, and story that make your products unique.
Stand by your price with confidence, knowing that each candle is worth every penny—and that the right customers will appreciate the care and creativity behind your creations. Remember, your craft deserves to shine brightly, just like the products you create.
Need help with your pricing strategy?
Grab my Pricing and Profit Workbook and never leave profit on the table again.
