Solid perfume
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Structurally the same craft as lip balm, sold at several times the price, which is the most interesting thing about it.
The same process, a different product
Wax and oil, melted, scented, poured into a small container and set. If you can make a balm you can make this today.
The difference is entirely in the scent load, the container and the positioning.
What changes
A far higher fragrance concentration, since the point is the smell rather than the feel.
The base can be firmer, because it is applied to a pulse point rather than a lip.
And it is not a lip product, so the color and flavor constraints of that category do not apply, though skin-safe fragrance materials at appropriate levels very much do.
The container carries the price
This is the lesson worth taking back to the balm. The same few grams of wax and oil in a plastic twist tube sells for a few dollars and in a small metal compact sells for many times that.
The product did not change. The container and the category did.
A tin, a compact or a small glass pot reads as a fragrance rather than as a balm, and the customer prices it accordingly.
What to be careful of
Fragrance at high concentration is a skin sensitization question rather than a feel question, and the usage levels published for a fragrance material are the ones to work to.
It is a cosmetic, with the same labeling, MoCRA and safety substantiation obligations as the balm.
And allergen declaration matters more here than anywhere else in your range, because the fragrance load is the product.