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The Scent of Success: How to Confidently Price Your Perfume Creations
Manage episode 432910518 series 3591598
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This week on the show Karen is delving into the subject of pricing your perfume. Pricing is something that may seem straightforward, but is in fact an area that most people fall down on. So how do you put a price on your work? Are you falling into the trap of simply adding the cost of your materials to your time and creating your price point from there? And, are you even aware of some of the factors that you should be considering to make up your price?
KEY TAKEAWAYS
- Karen talks about the basic factors you should consider when pricing your perfume and these are not just time and materials.
- Brand positioning plays an important part in your pricing strategy. Karen details how understanding where you want to position your brand can influence your pricing strategy.
- When it comes to materials, where should you prioritize your spending? Karen gives some pointers on achieving maximum efficiency.
- Karen breaks down two different pricing strategies - cost plus pricing and value based pricing - so that you can understand which approach works best for you.
BEST MOMENTS
“Pricing isn’t just about numbers, it’s about value, perception and your position in the market.”
“Through thoughtful pricing you can communicate the worth of your creations, aligning your products with the audience that will cherish them the most.”
“Strategic promotions or limited time offers can create a sense of urgency and attract new customers without diluting your brand's luxury status.”
EPISODE LINKS
VALUABLE RESOURCES
ABOUT THE HOST
Fragrance expert, author, teacher and speaker; Karen Gilbert runs courses in the UK and online which demystify the secretive world of perfumery in a fun and interactive way.
Karen has inspired thousands of students to explore their olfactory sense and create their own personalised fragrances.
With extensive product development experience in both the commercial perfumery and the organic skincare industry, Karen is able to offer a unique insight into creating natural and mixed media fragrances for fine fragrance, room scents and skincare/bodycare products using commercial perfumery techniques.
Karen is also a certified meditation teacher and has a passion for helping people to create daily rituals that integrate scent with other modalities to shift state and increase your sense of wellbeing.
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