What's Love Got To Do With It?
Another Valentine’s Day has come and gone again leaving most of our hearts full and pockets light. Whether you celebrate Valentine’s Day with a loved one, Pal-entine’s Day with friends, or Gal-entine’s Day with your nearest single ladies waiting for him to put a ring on it, there’s something for everyone to be thankful for. What you may ask?
Valentine’s Day deals.
*$126.03 Is the average estimated amount per person that Americans will spend for Valentine’s day. That’s up 8.5% from last year and it’s expected to total more than 4 Billion this year.
*72 Million is the average number of Valentine’s cards purchased by parents, which is 40% of all cards sold. 65% of all gifts will be in the form of a card.
*52.4 Million is how much the romantic comedy Valentine’s Day made in it’s first weekend in theaters back in 2010, despite it’s terrible reviews from critics which was given an 18 out of 100 on Rotten Tomatoes. This years romantic comedy to be released around Valentine’s day is The Vow starring Rachel McAdams and Channing Tatum made 40.1 Million this past weekend in the box office.
*40%: It’s estimated that there is a 40% increase in requests for divorce lawyers around mid-February each year.
*220,000 is how many wedding proposals there are each year on Valentine’s Day which makes up for 10% of the yearly total.
*70% of singles who said they would like a blind date for Valentine’s day.
*8 billion is the number of Sweethearts Conversation Hearts that are manufactured each year.
*15%: It’s estimated that 15% of women will send themselves flowers on Valentine’s Day.*$367 million: And my personal favorite!! $367 Million is how much collectively consumers spend each year on their PETS for Valentine’s Day!
What does this mean for business owners? It means that if you’re not participating in Valentine’s Day deals of some kind, you’re missing out on a golden opportunity. I may receive some flack from anti-commercialists who will challenge that Valentine’s Day is only supposed to be about love, companionship, and cherishing life- which is true. But since people have clearly already commercialized the holiday anyway, why should your business/service be the one to miss out? Here are some ideas of how to get prepared for next year:
1. Define ‘love’ in your brand/business
Love can mean a lot of different things to different people. What should your consumer market love about your business? Is it your quality? Is it your customer service? Is it your price point? What makes your brand different from your competitors? Why should they consider moving their feelings about your business from ‘luke warm’ to full fledged ‘head over heels.’ By defining your competitive edge, you can figure out what strengths to leverage next year to peak your audience’s interest.
2. Offer a discount
This could seem self-explanatory, but I’ll say it anyway: People LOVE a good value. You would be astounded on what people will be persuaded to spend money on for the sake of snagging a deal. Look at your financials and decide an optimal price break that will entice your audience.
3. Sponsor an event
It’s estimated that 85% of Americans who participate in Valentine’s Day would rather enjoy an ‘experience’ than a traditional gift. That means that people are less concerned about what they get, and more concerned about what they do. In order to capitalize on this tidbit, consider hosting a singles mixer, having a silent auction for charity, or sponsoring dance classes for your frequent customers. Don’t be afraid to be creative!