It’s not surprising that Valentine’s Day is a revenue opportunity. But it may be surprising that Valentine’s Day is such an enormous revenue opportunity. Last year, Valentine’s Day spending grew by about 8% and reached $26 billion, and we’re expecting similar growth in 2024. About 38% of last year’s Valentine’s Day sales were online, and that fraction will probably go up.
People are ready to spend during this first retail season of the year. The typical Valentine’s Day categories are clearly defined (though, as with any kind of seasonal merchandising, there is room for new offerings). Chocolates, candy, and other consumables represent about 30% of the total holiday spend, while flowers and jewelry account for about 16% each. Gift cards, clothing, and electronics are also popular Valentine’s Day gifts.
The consumers and the demand are out there. Smart retailers should be ready with a go-to-market strategy to elevate sales and take advantage of this powerful opportunity. As with any seasonal marketing and selling strategies, advance planning and strategy can pay off substantially.
As you gear up for this year’s romantic holiday, consider these key prerequisites for success:
- Schedule campaigns intelligently: Initiate campaigns early to take advantage of the predictable surge in seasonal searches. Think about keywords and SEO in your planning.
- Created targeted popup messages: Engage potential customers through targeted popups seamlessly integrated with a dedicated landing page. Your messaging should reflect some strategic realities. For example, men generally outspend women on Valentine’s Day, so targeting these buyers with appropriate messaging can be a great investment.
- Invest in graphics and copy: Make sure your visual presentation is on-trend for the holiday and for the customers you serve – and make your content pop with engaging copy.
- Leverage social media: Of course, buyers are going to be looking at social media for ideas and offers, so plan your social media strategy early.
- Be aggressive with sales and promotions: A lot of Valentine’s Day spending is on predictable products and categories, so sales and promotions – cleverly tied to the holiday, of course – are great ways to stand out in a competitive market. Limited-time offers and perks like free shipping can also turn a browser into a buyer. (Just stay on-brand with all promotions!)
- Be crystal-clear about ordering deadlines and delivery dates: You know that a lot of Valentine’s Day purchases are last-minute, so you can instill confidence by being absolutely forthright about delivery timelines. Consider ramping up urgency tactfully; for example, dynamic countdown timers can catalyze buying decisions and save your buyers from disappointments.
- Make meaningful suggestions: Valentine’s Day is the kind of holiday where people want guidance in finding the perfect present. You do a service to buyers (and your revenue figures) by providing personalized recommendations and curated gift guides. You may find opportunities for cross-selling too.
- Help last-minute shoppers: What can you offer to people who put off their Valentine’s Day shopping until the last days or hours before the holiday? They may represent a substantial portion of your customer base, so be prepared.
- Optimize your website: Make sure your website is ready to handle increased traffic and transactions during the Valentine’s Day rush.
- Minimize cart abandonment: A customer who fails to complete a transaction is always bad news, especially during the holiday season. Design cart abandonment reminders that will get them to act now; standard email reminders are generally ineffective in time-sensitive situations.
- Partner with other businesses or influencers: Explore cross-promotions and other forms of partnership with complementary businesses or influencers to amplify your reach to new customers and segments.
Finally, remember that Valentine’s Day may be an opportunity for you even if you don’t sell “traditional” romantic gifts. Many gift-givers are looking for alternatives to flowers, jewelry, and chocolate, which means you may have an opportunity to create non-traditional offerings for people who want to celebrate their relationships in the context of the holiday season. You may need to develop a new narrative to make your products mesh with Valentine’s Day – which also requires forethought and planning – but this can unlock new possibilities for your brand and business.
Regardless of your approach, don’t forget to celebrate the people you love and care about. Happy Valentine’s Day!
To learn more about BORN Group’s services, please contact us.