This study examined the survival strategies and “value co-creation” strategies of local companies that are changing, focusing on Shoyeido, a traditional incense local company in Kyoto 300 years ago. Through sensory marketing called “sense of smell,” Songyeongdang proposes an experience where consumers can feel, experience, enjoy, and connect with people. It proposes contextual value to customers through mysterious experiences and experiences mediated by fragrance. It is well projected on the fragrance production content of the Kenseikan. In addition, the Kounyukan serves as a base for connecting consumers, communities and local residents while actively promoting Japanese incense culture. In addition, Songyeongdang provides consumers with a process of creating and sharing unique experiences together through “fragrance production” by utilizing the characteristics of traditional incense companies. The fragrance production content of the custom continues to meet customers by suggesting a mysterious experience of experiencing a unique scent in their own space. Shoyeido, which used to create high-quality scents with a “monodzukuri orientation,” was constantly trying to innovate and change in line with the rapidly changing environment of the times. Based on Kyoto’s historical and cultural heritage, Shoyeido provides a collection of new sensory experiences that customers “feel, experience and enjoy” through fragrance production, a sensory marketing. This served as a base for creating mysterious and enjoyable experiences with customers visiting the store in harmony with the “hospitality orientation,” one of Kyoto’s cultural characteristics.