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Creating Your Own Gift Sets
Whether it's a Birthday, Christmas or a little treat for that special someone, gift sets are a great way to upsell your products! Whether you make wax melts, candles, home fragrance or all of the above, creating little branded treats for your customers will allow them to sample a range of your products without being overwhelmed for choice!
Picking what you want to put in your gift set can seem challenging but there are two main ways you can go! Firstly you can make a gift set combining all of your best sellers so that you know it’ll be a hit and your customers are likely to buy it or secondly you can create gift sets that combine your slow sellers and seasonal stock to see if you can sell it on. As with all products testing what sells best and at what prices will help you make a more informed decision.
Gift sets are a great way to get creative with your presentation. You can box, wrap and display your gift sets in a whole host of different ways, the only thing you may want to be conscious of is how much you want to spend on packaging and if it will be worth the investment! Hamper style gift sets are some of the most popular choices, featuring wicker baskets, shredded tissue and a cellophane wrap, these simple to make gift sets could be perfect for you! Thinking about postage size? Why not make a gift set that comes in a nice and neat box! Decorate with tissue and confetti for a little bit of personality.
When it comes to gift sets, you’ll often find that they come at a slightly more expensive price than it would be to buy the items individually. That’s because they often allow for a range of products to be sampled as well as more bespoke and beautiful packaging which has to be factored into the price. Your customers are also usually willing to pay more for the convenience of a pre-made gift set rather than choosing and paying for individual items.
However, when it comes to seasonal times of the year like Black Friday and Boxing day, you may want to look at offering gift sets at reduced prices to create a buzz around your customer base. Gift sets are a great way for you to sell on your slow-selling stock or seasonal products that are past the times!
The most important element of your price is that it needs to sustain your business. If you price your products at a loss, or an unsustainable profit margin, you’re going to find it challenging to grow and scale.
There are also other important factors that your pricing needs to account for, like how you’re priced compared to your competitors, and what your pricing policy mean for your business and your customers’ expectations. Pricing isn't a decision you only get to make once. In the early days testing the market with different price points is critical and will be very helpful in guiding you as to where your products fit into the market.
When it comes to working out your basic pricing, a good starting point is the below formula which has been tried and tested over the years, but at the end of the day, pricing is completely up to you!
Cost of Raw Materials (inc. packaging) + Your time / Labour x 2-2.5
ie: Materials £2 + Your time £2 = Selling Price £8 - £10
Whether you’ve decided to sell your products on eBay, Esty, Social media, or a website, you still need to market your products. The best way to do it (for free) is social media. It is such a brilliant modern-day tool where potential customers can sit scrolling, looking for something new. So, even if you’ve created a store on platforms such as eBay and Esty, you still need to launch your new products on your social media channels. Social media is also a great way to reach people seasonally. When they’re looking for a last-minute present or doing their Christmas shopping, use social media to reach those people and sell your gift sets as the perfect present!