When working with my clients, many of them are surprised to learn about all of the factors that go into the art of selling fragrance. This is especially true for those businesses that don't necessarily specialize in fragrance and scented goods but offer them as part of their offerings to their customers.
Successful retail businesses and brands - whether online or brick and mortar, small or large - have both vision and purpose. In terms of vision, they have a certain look and create a certain environment that is hopefully unique and approachable. In terms of purpose, they fill a void or meet a need in the marketplace that does not already exist or is not executed in the best way possible. From the marriage of both a business' vision and purpose, come the array of product offerings to its customers that not only support such vision and purpose but also maximize sales.
If you are a retail business or brand and are looking to either incorporate fragrance and scented goods into your offerings or maximize and optimize existing sales from this specific vertical, here are some things you should consider to ensure success for your customers and for your business:
Where are you located?
Your geographical location is an important factor in your "buying" strategy for fragrance and scented goods because it dictates the type of customer you may have, the weather/climate (and thus the types of scents you should offer), and brands that may or may not already exist in your market.
Who is your customer?
What is the fe/male split? What is the age range of your average customer? Do you have regular/loyal customers? Answers to these questions can help to understand which brands and which scents may best suit your customer base and pique its interest.
What do the numbers tell you?
If your business already sells fragrance and scented goods, understand your numbers inside and out. Which brands are selling? Which ones aren't? Which types of scents are selling? Which types of scents are not? Does it fluctuate based on season? Which type of product is selling well? Are candles outselling personal/fine fragrance? Answers to these questions will help to understand your fragrance/scented goods vertical and what is/what's not working. In turn, this information can help to guide you in understanding how you can tweak your offerings to fit your business and customers' needs.
Who is your competition and what are they selling?
Chances are you have one or more competitors who do what you do or sell similar products. Know and understand your competitor's price points and selection. Set yourself apart and ensure there is no overlap in brands that you carry.
There are many other factors that come into play here but as you can see, there's much more of a science to all of this than just picking a popular fragrance or home fragrance brand, offering it as part of your selection, and hoping for the best. And of course, there are requirements on the other end -- brands have their own set of wholesale requirements -- so it's not that simple.
If your business is looking for support in navigating buying and merchandising strategy specific to your business, contact us here. We'd love to hear from you.