Love is a multi-million-pound industry and last year consumers spent a huge total of $18.5 billion on Valentine’s Day- making it an essential day for romantics and businesses alike. Regardless of whether you run a restaurant or sell flowers, many industries expect to see a growth in sales during Valentine’s Day, and ultimately cash in on the generous opportunity.
There are however simply steps businesses can take in order to take full advantage of the commercial opportunity of the romantic gestures. Here are some last minutes ideas that florists, restaurants or chocolate shops particularly can use to boost their sales.
- Engage with Online Audiences with Promotions
As such, many different businesses can win over a larger customer demographic with the simple use of promotions and discounts. What’s more, those with active social media channels can distribute these offers quickly. Offers ideas such as a ‘Valentine’s Bonus’ – a gift with purchases over £100 or a complimentary Valentine’s cocktail when you book dinner for two, are great ways to stand out from the crowd. A Valentine’s themed ‘two for one deal campaign is a sure way to secure
Deals that can be promoted with ease via social media are a sure way to generate a romantic revenue rush. A Valentine’s themed ‘two for one deal’ campaign is a sure way to gain traction and stand out from the overpopulated market.
- Offer Gift Ideas and Promote Other Products and Services
Valentine’s Day can be a daunting task. The endless gift and restaurants options can be overwhelming- especially for some men! Valentine’s Day shoppers need help knowing what to buy, and gift ideas are a welcomed addition.
Your business can advertise itself in clear and straightforward manner across social media posting. Digital marketing is a great and effective way to distribute content. You could collaborate with brands with a large clientele in order to gain sponsorship or PR by their endorsement. Furthermore, paid advertising can ensure that your product sits clearly at the top of the market and stands out from other Valentine competition.
If the marketing budget is short, then it may be worthwhile considering a cash injection to ensure that you can effectively target the romantic revenue rush. A merchant cash advance is a lump sum payment to a business with an agreed-upon percentage of future sales. There are alternatively short- term solutions such as supply chain finance and many other, all designed to ensure business can maximise their profits and a healthy working capital is retained.
- Make it Easy for Customers
Ensure your website is updated and easily accessible for customers. Due to the high demand and competition around Valentine’s Day; customers can be easily deterred. For example, if navigating a website is difficult, or a user must click through several links to find out more information, it’s likely that they will abandon the website in favour of the competition.
Ensuring a website is updated and the payment process is seamless can require working capital, so if it’s not available then it could be worthwhile considering what funding solutions are available and which suit the business requirements best.
- Don’t Rule Out People who are Single
Roughly around 35% of the UK population 16 and over are single- yet until recently they have been a relatively forgotten demographic for marketing Valentine’s Day.
Just because a customer is single doesn’t mean that they’re not looking to share the love or treat themselves, so will be just as keen to take advantage of some of the fun and quirky gift ideas available, as well as the special offers. As such, marketing to single people can be a great last-minute addition to a marketing strategy that can help boost sales.
Advertisers are already starting to swing the focus of their Valentine’s Day marketing away from couples, gravitating instead towards unattached adults with more disposable income. Savvy marketers would do well to embrace the change and leverage the buying power of this new demographic of single customers. Industries involved in self care such as spas or the travel industry would especially benefit from the single market.
Taking advantage of seasonal trends such as Valentine’s Day can cost more than initially intended in order to harness the full marketing potential. Business loans are the ideal way to provide an increase cash flow in order to extend marketing and therefore increase their sales.
Find out more about funding your business for Valentine’s Day here: https://fundingbay.co.uk/