by Art Piccio . February 12th, 2014
You only have a a couple of days left until Valentines. And you’re stuck without a plan on how to capitalize on one of the biggest spending days of the year. According to the Retail Advertising and Marketing Association’s Valentine’s Day Consumer Intentions and Actions Survey, the average US consumer spent $$126.03 on Valentine’s-related purchases last year. This year, it’s projected to go up to $131, a sizable jump even when accounting for inflation.
Other fun facts from the same survey:
If you’re projecting an increase in demand in a couple of days and still don’t have a plan to make the most of it, you’re in luck:
Announce a pledge to a foundation or charity that aims to help medical research, or provides care and financial assistance to patients on Valentine’s Day. Not only will this help your business’s image (one would hope this isn’t your only reason), you’ll be helping save lives in the process.
Don’t discount other foundations too. There are plenty out there that need all the love and support that they could get. But in case you want to stick with a heart theme, here’s a few groups to check out:
Adult Congenital Heart Association
American Heart Association
Go Red For Women (associated with the American Heart Association)
The Children’s Heart Foundation
This literally takes seconds to do. Arguably the cheapest shot you can make. But you’re reading up on last minute Valentine’s Day ideas that you should have planned a month ago, so no judging please. This is a time for love.
Do you sell stationery on Etsy? Throw in a pen. Sell different kinds of cupcakes? Sell them together as a package. If you have products and services that complement each other, you could offer these together as a package at a discount or for some other incentive. Vary the offer period length depending on how exclusive you want your offer to be.
If you have a brick-and-mortar location you could stay open a bit longer in the couple of days leading up to Valentine’s. This will allow people coming from work to make last-minute purchases. Clearly not applicable for all types of business.
Anything that makes sense in the Valentine’s context works. Exclusive discounts, free candy, flowers, postcards – there’s a bunch of quick stuff you could easily put together that will not only increase your profile, but also help customers get a positive experience. Which they would relate to you!
BONUS TIP: Reprice every item you plan to be impulse buys appropriately. This way, the pressure that comes with Valentine’s works for you.
This is especially important for businesses that can expect an increase in demand around Valentine’s.If your competition doesn’t offer free delivery around then, this can be crucial for differentiation and hopefully, for driving sales.
If you don’t sell anything traditionally associated with Valentine’s like flowers or candy, just go ahead with a related offer anyway. Sell metal filing cabinets? Give out free cookies or spa coupons or gift certificates.
Ask the more visual people on your team to come up with ideas related to the traditional red color theme we’ve all come to associate with Valentine’s. Whether it’s directly-related to the idea of Valentine’s being for lovers or not is up to you. Heart disease charities and foundations have nothing to with lovers either.
If you don’t have time to arrange for giveaways, prizes, or other one-time offers on Feb. 14, don’t worry. DO IT ANYWAY. You can always follow through in the next few days.
Got any other suggestions? Tell us! We’d love to hear from you!
You might enjoy our Basic Marketing Concepts series!
The Marketing Mix: The 4 P’s of Marketing
Customer Relationship Management
The Sales Process
The Purchase Funnel
Header: erin leigh mcconnell via photopin cc
Life: Navy Blue Stripes via photopin cc
Knit: erika.tricroche via photopin cc
Statistic Brain – Valentine’s Day Statistics
Produce News – Planning Essential to Increase Sales and Profits for Valentine’s Day
Arthur Piccio manages YouTheEntrepreneur and has managed content for major players in the online printing industry. He was previously BizSugar's contributor of the week. His work has appeared multiple times on The New York Times' You're the Boss Small Business Blog. He enjoys guitar maintenance and reading up on history and psychology in his spare time.
Sorry. No data so far.