Valentine’s Day is a short yet very lucrative time for small business, especially the ones in the retail field. In fact, Americans are expected to spent close to $20 billion on their loved ones this coming Sunday. Many Business will be looking to take advantage of this celebration of love to increase their sales volumes, and so should you.
If you put in the time and effort to develop a creative promotional strategy, you can boost your business’ revenues by achieving the following:
Get your business noticed and drive traffic to your storefront / website
Convert visitors into actual customers who make a purchase
Strengthen your relationship with existing and potential customers
Why Valentine’s Day is Important to Your Small Business
Valentine’s Day is a tremendous opportunity to place your business and products top of mind with customers, regardless of how they choose to celebrate and spoil their loved ones. Not only that, but since the majority of Americans celebrate Cupid’s day, it can be a boon for your business. Especially when you consider that the average American will shell close to $200 to mark the occasion.
VALENTINE’S DAY BY THE NUMBERS
55% of Americans will celebrate Valentine’s Day this year.
American consumers will spend an estimated $18.9 billion.
Valentine’s Day spending has grown by 48% since 2004.
The average person will spend $191, up from from $173 in 2015.
25-34 year olds are the highest spenders, with an average of $234 per person.
The chart below shows the percentage of American adults who plan to celebrate Valentine’s Day in 2016 and is based on a survey conducted by the National Retail Federation. As you can see from the graph, well over half (54.8%) of American adults said they were planning to mark the occasion in 2016.
So with that in mind, here are some marketing tips we have compiled for you so you can bring Valentine’s joy and dollars your business.
1. Valentine’s Day-only Special Offer
Valentine’s Day deserves its own dedicated special time-limited offer and promotions. Not only is it an excellent way to align your business, service or product with the spirit of the holiday; it also encourage potential customers to respond immediately and gives them a real motivation to come in and spend money in your store.
Here are few ideas to get you started:
Valentine’s Day coupon or coupon code
Special discount on items marked with a “Heart” sticker
Create heart-shaped cards with special offers
Offer a “couple’s only” discount (e.g. buy one get one 50% off)
In addition to the examples listed above, you can maximize sales by placing premium (read: High margin) items strategically along the path to checkout, drawing prospective clients’ attention to these products while browsing your store.
2. Add Some Valentine’s Day Flair
It is no secret that using the right colors and designs can help you better communicate your offering to potential customers. For Valentine’s Day, set the proper tone by giving your business a romantic feel and adapting your marketing materials to mark the occasion. Doing this will help you turn your promotional efforts into profitable sales by driving additional traffic and revenue to your store.
Here are a few Valentine-themed creative ideas you can use for your business :
Decorate your business’s display windows in Valentine theme
Have your employees dressed as Cupid and have one of them stand outside of your store
Give out free heart-shaped or Valentine-themed stickers to customers and passers-by
Change the colors on your website and / or Logo
Print love quotes on the back of business cards
3. Organize a Couple’s Contest / Event
Capitalize on this celebration of love and bring visitors to your store by organizing contests where couples can compete against other couples and get a chance of winning a gift certificate or one of the items you sell. Doing this has many advantages for both you and your clients, including:
Creating a Buzz about your business and products
Drive traffic and get more exposure for your store
Collect new email addresses for future marketing campaigns
4. Tap Into the Power of Social Media
For cost-conscious business owners, social marketing is an easy and inexpensive way to cash in on the excitement of valentine’s day and get customers interested in your business / services. In fact, you can use social media to piggyback on the romantic spirit surrounding Valentine’s Day and grab the attention of your audience by tapping into the buzz this celebration of love generates.
RELATED: 8 Essential Elements For A Winning Social Media Strategy
Below are some ideas you can use to make sure your business doesn’t get left out of the conversation when your online followers (and potential paying customers) are getting excited about valentine’s day:
Post photos of your Valentine’s Day themed products
Give an exclusive discount or coupon to your fans / followers
Have your fans / followers post their couple’s photos
Display your valentine’s day products on Pinterest