When it comes to the annual gift splurge, Valentine’s Day is just shy of Christmas. And technically it’s not even a holiday! According to the National Retail Federation, this Valentine’s Day will bring in an estimated revenue of $19 billion for businesses. With wallets wide open this season, it’s time to saddle up and make the most of this romantic season.
Give these tips a shot and let the V-Day buzz do the rest to up your game this festive season.
Discounts are dandy but you can’t bank on them
If you are are going to compete with Walmart and Target, and offering discounts on a box of candies is your only strategy, you are destined to fail! Find ways to lead your promotion with that flagship product/service of yours.
Bundle your products into love themes (Trust me, it’s much better than meaningless discounts). Say, group flowers, chocolates and Valentine Cards together so that your customers get more value than what they actually paid. In case, you don’t sell flowers, partner up with your local florist for some mutually beneficial business.
Customer service is something in which you could really stand out. Go the extra mile by offering your customers a sweet shopping experience along with a personalized “Thank-you” note .
Keep your stock ready to meet with impromptu demand
You could call this day a procrastinator’s delight, for much of the shopping frenzy reaches a high note as the day approaches. Keep yourself well-stocked in advance, to meet with the demands of the early-birds as well as those who wait till the last minute to get the gifts. It’s hard to decide what the right amount of stock is, especially during fluctuating economic periods; still, look at previous years’ reports to order just enough. Having extra stock is not going to hurt your business and you could always use it for the next season. (People selling consumables or perishables don’t pay heed to the previous idea!)
Valentine’s Day is not for couples alone
Who said Valentine’s Day is for couples only? It may be just another Saturday for some, but that doesn’t mean you can’t offer them a chance to love and pamper themselves. Instead of focusing your entire attention on love-smitten couples, cater for the needs of the love-deprived ones as well. Uplift their spirits by offering them special deals. Play both sides of the fence with “Celebrate Singlehood” themes too! Also, don’t forget the single fathers and mothers! Offer workshops on photography to father-child pairs. Or a cooking class for those mom-son pairs to bond over.
Don’t stop promotions at the end of the day
The Valentine season does not end on the night of the 14th; it can extend well beyond that! It’s one of the most common days on which people tie the knot. So, the days following Valentine’s Day are a great chance to promote your business geared toward couples. The days of chocolates and teddy bears are over! Break the stereotype and think of out-of-the-box ideas like offering a bungee jumping weekend for the adventure aficionados. The fact that most businesses don’t do this is a great chance for your business to stand out to couples after the Valentine’s Day frenzy.
With the expensive gifts out of the picture, it’s up to you small business owners to make use of the small window that crops up during this season, because if you miss this opportunity, it’s not going to come for another year.
Oh! I almost forgot, HAPPY VALENTINE’S DAY!
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