Canadians spend, on average, $ 164 on Valentine’s Day, with men significantly outspending women ($219 vs. $109), which is not surprising considering that they are more likely to spend their days on their day. People who are dating spend more money to woo their partners on Valentine’s Day ($148 vs. $134) and spend more on jewellery than those who are married ($251 versus $193). *
So how should retailers cash in on Valentine’s Day?
Use POS data
Run Reports From Last Year
Unless it’s your first year in business, if you’ve been using a POS system, you should have valuable data from this time last year to reference. Establishing a baseline will help you determine what you should expect from this year’s Valentine’s Day. Take this information and apply it to the inventory you’ll be ordering.
Start Early With Your Customers
If you’ve been diligently collecting email addresses, this list is solid gold, so use it! The sooner you let your loyal customers know about discounts in your store, the better.
Send out one email a week before your promotion begins and then a follow-up email a few days before Valentine’s Days. This last email will help to create a sense of urgency and will get customers through your door.
Offer Coupons At The Bottom Of Your Receipts
Another great way to keep your customers in the loop and get them excited about a holiday is to advertise upcoming promotions at the bottom of receipts. You can also provide new and loyal customers with coupons that they can use in addition to already-existing discounts.
Prepare For Peak Days and Hours
It’s great to expect your Valentine’s Day sales, but it’s also important to know when these sales will happen. You need to be prepared for those customers as a-knocking. Take a look at your current busiest days and times and make sure you have plenty additional staff scheduled to work those shifts.
Utilize Your Strongest Employees
You’re employees are your number one resource in running a smarter and more profitable business. To determine who your most valuable employees are, run a ‘sales by employee’ report.
Know Your Top Customers
Using you POS, take a look to see who your most loyal patrons are and make a note in each of their accounts. Next time they are in the store and checking out, ask them if they had anything special in mind for Valentine’s Day and if there is anything you can do to help them surprise their special someone.
Show some love to your customers
Here are some ideas that help you show your customers that you actually love them and increase your Valentine’s Day sales.
Prepare a Valentine’s Display
Overall, customers want something easily accessible and will wander to an area that has a beautiful feature display dedicated to satisfying their needs. Make sure you have all of your Valentine’s Day products displayed neatly and that this area stands out leading up to the 14th February.
Make it easy
The best way to obtain sales is to make it easy for the customer to not only find the products which suit the occasion, but to ensure your items are packaged in a way that the customer doesn’t have to do anything after purchasing the item.
Try combining several related products together to form a gift pack and prepare your sales staff to help consumers who are seeking something more unique or personal for their loved one.
Ensure you have ordered enough products in the lead up to this occasion and that your shelves are continuously re-stocked. No one wants to sift through a small selection of leftovers.
Some customers will opt for gift cards this Valentine’s Day. Make certain you are promoting and offering your gift cards to every customer prior to this occasion.
Promote your store
Send emails to your database, hand out flyers in the centre or advertise on the radio and social media to inform customers that your store is the GO TO place this Valentine’s Day.
Holidays are a great time to increase your sales. Be sure not to forget you to motivate your employees in the end of the day. Also, don’t forget to keep your social media pages up to date by adding beautiful pictures of your Valentine’s Day displays and gift ideas.