Valentine’s Day is quickly approaching and consumers are ready to spread the love with retail and restaurant spending. The holiday signifies the largest spike in retail purchasing after the winter holidays, offering businesses who capitalize on marketing outreach increased revenue and sales.
The National Retail Federation (NRF) predicts that the average Valentine’s day shopping spend will be $196.31 per consumer for 2020, with total expected spending reaching $27.4 billion, a 32% increase from last year’s record. Broken up by gift type, 52% of the population will be purchasing candy gifts, 43% will buy greeting cards, 37% will gift flowers, and 34% will spend money on an evening out together. Additionally, the jewelry, clothing, and gift card categories each represent 21% or less of consumer population purchases.
When approaching your retail advertising strategy, it’s important to keep in mind that Valentine’s Day isn’t exclusively for couples. Plan your marketing campaign to extend to people who want to give candy or other gifts to their family members, friends, coworkers, or even pets. Whether it’s an evening out with a significant other or a movie with friends, here are three ways you can use location data to capitalize on Valentine’s Day:
Valentine’s Day is the perfect opportunity to reach out to previous customers and break into new target audiences via holiday promotions and sales. Remarketing allows you to re-engage consumers who have already interacted or shown an interest in your brand. While a normal promotion may not be enough to bring prospects into your store, a holiday deal may incentivize them more.
You should also capitalize on positioning your business as an ideal holiday shopping location via social media channels and email campaigns. You should also monitor popular Valentine’s Day shopper hashtags and what people say they would like to buy, whether it be certain types of chocolates, flowers, jewelry, or cards to stay competitive and prepare to fill their Valentine’s Day needs.
Geo-fencing is one technique that retailers and restaurant owners can use to increase revenue for the Valentine’s Day shopping season, targeting nearby customers in real time and promoting visits.
The strategy involves setting up a designated area around a store’s physical location where passers-by walking within this “fence” will receive location-based ads, encouraging consumers to stop in the nearby store when they receive the Valentine’s Day promotion.
This targeting tactic can also be used to push notifications before consumers begin their holiday shopping. Marketers can develop and schedule promotions to send out at a designated time before February 14th to help holiday shoppers plan out their trip in advance.
Geo-fencing can also be used to push promotions to your competitor’s customers. By targeting customers who are leaving a competitor’s store, you can entice them with a special deal and encourage them to come to your shop for alternative holiday item options.
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Businesses can leverage foot traffic data to gain actionable insights into consumer habits and preferences, which can boost the success of their Valentine’s Day campaigns.
By using anonymized location data, companies can discover the places where shoppers travel and visit in the real world. This data informs companies about where customers go before or after they visit your store or a competitor’s. It also allows businesses to predict future trends. These trends can help marketing teams develop highly targeted outreach strategies to promote in-store visits and sales.
Enhance Your Valentine’s Day Campaigns
Take the guesswork out of your Valentine’s Day campaigns by working with a location intelligence company. Marketers can use real-world customer behavior and preferences to better inform their strategies, improve their ROI, and increase shopping revenue.
Interested in learning how location intelligence can transform your marketing campaigns? Learn about how Gravy provides the highest quality location data.
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