{"id":3224,"date":"2022-11-16T12:58:00","date_gmt":"2022-11-16T12:58:00","guid":{"rendered":"https:\/\/afe.epicenter1.com\/news\/the-tuesday-valentine-is-back-in-2023-how-do-i-love-thee"},"modified":"2024-03-15T21:39:00","modified_gmt":"2024-03-15T21:39:00","slug":"the-tuesday-valentine-is-back-in-2023-how-do-i-love-thee","status":"publish","type":"news","link":"https:\/\/endowment.org\/es\/news\/the-tuesday-valentine-is-back-in-2023-how-do-i-love-thee","title":{"rendered":"The Tuesday Valentine is Back in 2023! How Do I Love Thee?"},"content":{"rendered":"<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/endowment.org\/wp-content\/uploads\/imported-files\/19-1080x675.png\" alt=\"The Tuesday Valentine is Back in 2023! How Do I Love Thee?\" class=\"\" width=\"1080\" height=\"675\" srcset=\"https:\/\/endowment.org\/wp-content\/uploads\/2022\/11\/19-980x373.png 980w, https:\/\/endowment.org\/wp-content\/uploads\/2022\/11\/19-480x183.png 480w\" sizes=\"auto, (min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) and (max-width: 980px) 980px, (min-width: 981px) 1080px, 100vw\"> <p class=\"wp-block-paragraph\"><span style=\"color: #000000;\"> Are you ready to count the ways toward a successful Valentine holiday in 2023? It\u2019s time for a break! Will everything finally work in harmony in 2023 after the past few years of weekend holidays, supply chain disruptions, short labor, and tight inventory? <\/span><\/p><p><span style=\"color: #000000;\">With the Valentine\u2019s holiday <img fetchpriority=\"high\" decoding=\"async\" class=\"wp-image-15819 alignleft\" src=\"https:\/\/endowment.org\/wp-content\/uploads\/imported-files\/32-300x300.png\" alt=\"\" width=\"244\" height=\"244\">holding court as the first- or second-largest sales\u00a0week of the year and generating\u00a030 percent to 40 percent of the year\u2019s total holiday dollars, it\u2019s safe to say that a successful Valentine\u2019s Day in 2023 will be a crucial component of organic growth across the entire industry.<\/span><br><span style=\"color: #000000;\">\u00a0<\/span><br><span style=\"color: #000000;\">So how do we \u201ccount the ways\u201d toward a successful Valentine\u2019s Day this year? Following are five of the most important components in achieving a super-profitable Valentine\u2019s week.<\/span><br><span style=\"color: #000000;\">\u00a0<\/span><\/p><p><span style=\"color: #ff00ff; font-size: 14pt;\"><strong>1. Sales Budgeting<\/strong><\/span><br><span style=\"color: #000000;\">A simple SWAG (scientific wild a** guess) method of selecting a rote sales increase based on an annual figure doesn\u2019t work. Budgets for a holiday \u2014 especially one of this magnitude \u2014 must be calculated with acute detail, factoring in the following components:<\/span><\/p><ul><li><span style=\"color: #000000;\">What were your base Valentine\u2019s Day sales in 2022?<\/span><\/li><li><span style=\"color: #000000;\">Were there any weather or product shortage anomalies in 2022 that likely will not recur in 2023? There may be some upside in 2023 as a result.<\/span><\/li><li><span style=\"color: #000000;\">What is your corporate budgeted sales increase? Can you exceed it while maintaining strong profitability?<\/span><\/li><li><span style=\"color: #000000;\">Can you find sales records from 2011 and 2012? If so, what was the sales increase percentage and the unit increase percentage from year to year on this similar calendar?<\/span><\/li><li><span style=\"color: #000000;\">Are there any factors that will cause a non-organic sales increase in 2023, such as remodeled stores, new stores, retail increases, larger floral footprint, etc.? Factor in those changes.<img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-15822 alignright\" src=\"https:\/\/endowment.org\/wp-content\/uploads\/imported-files\/35-300x300.png\" alt=\"\" width=\"300\" height=\"300\"><\/span><\/li><li><span style=\"color: #000000;\">Are there any factors that will cause a non-organic sales decrease in 2023, such as store closings, reduced retails, less labor, a smaller floral footprint, etc.? Factor in those changes.<\/span><\/li><li><span style=\"color: #000000;\">Sales dollars alone don\u2019t tell the whole story. Be sure to calculate and budget anticipated customer count, retail sales per customer and total units by category.<\/span><\/li><li><span style=\"color: #000000; font-size: 14px;\">Building budgets by individual SKU, rolling them up into each individual store budget, and then rolling it all up into a total company budget will create the most accuracy and will also provide a better foundation for financial tracking as Valentine\u2019s week progresses.<\/span><\/li><\/ul><p><span style=\"color: #000000;\"><span style=\"color: #ff00ff;\"><strong><span style=\"font-size: 14pt;\">2. Gross Margin Budgeting<\/span><\/strong><\/span><br><\/span><span style=\"color: #000000;\">Gross margin Budgeting is the money that\u2019s left over to pay the bills after product is sold, and it is the determining factor between running a profitable business versus running a bankrupt one. How is gross margin calculated? Sales \u2013 Cost of Sales = Gross Margin. The three most important factors in budgeting gross margin are your final sales budget, your final cost of goods and your inventory variance.<\/span><br><span style=\"color: #000000;\">\u00a0<\/span><br><span style=\"color: #000000;\"><strong><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-15821 alignleft\" src=\"https:\/\/endowment.org\/wp-content\/uploads\/imported-files\/34-300x300.png\" alt=\"\" width=\"300\" height=\"300\"><\/strong><\/span><span style=\"color: #ff00ff; font-size: 14pt;\"><strong>3. Product Planning<\/strong><\/span><br><span style=\"color: #000000;\">Placing the right dollar amount of product in each store is the only way to achieve your planned sales and profit goals. If there\u2019s not enough product in- store, you simply won\u2019t meet your sales goal. Once SKUs and budgets are planned by individual store, it\u2019s imperative that store associates understand and have access to those detailed plans and order products accordingly. Be sure to also factor in a normal amount of shrink so that as product becomes outdat\u00aded, there continues to be enough on hand to achieve the target sales goals. In addition, sudden changes in inventory levels can wreak havoc on financial stability. It\u2019s wise to stagger product deliveries over the four weeks preced\u00ading Valentine\u2019s Day, starting with nonperish\u00adables such as balloons, supplies, containers, and upgrade accessories, and finishing the delivery cycle with shorter shelf-life products closer to the holiday itself.<\/span><br><span style=\"color: #000000;\">\u00a0<\/span><br><span style=\"color: #ff00ff; font-size: 14pt;\"><strong>4. Marketing Strategy<\/strong><\/span><br><span style=\"color: #000000;\">So, we have a great opportu\u00adnity to make significant gains in the industry\u2019s revenue this year. Now, it\u2019s time to supercharge our marketing efforts accordingly. Indeed, we have so many more marketing channels available to us nowadays that will ignite Valen\u00adtine\u2019s Day sales exponentially. Here are a few of my favorites:<\/span><\/p><ul><li><span style=\"color: #000000;\">The weekly ad circular, plus social media posts, checklane fliers, in-store signage, outside A-frames, employee badges and more offer excellent opportunities to tout the holiday. The National Retail Federation tells us that 40 percent of Christmas shopping begins right after Labor Day, so launching your Valentine\u2019s Day marketing collateral immediately after Christmas is not too soon!<\/span><ul><li><span style=\"color: #000000;\"><em><strong>Quick Tip:<\/strong><\/em> Don\u2019t forget to add a compelling Valentine\u2019s Day banner to the homepage of your company\u2019s website, with a link to your e-com\u00admerce ordering portal.<\/span><\/li><\/ul><\/li><li><span style=\"color: #000000;\">Pop-up stores have become more than a trend. They\u2019ve become a bonafide way to add additional revenue streams to your core business. A pop-up store can be as simple as an outdoor selling space or tent structure, all the way to a space in a local shopping cen\u00adter, airport, restaurant, or coffee shop. With all of the new mobile credit-card readers out there, opening numerous pop-up stores is easier than ever.<\/span><ul><li><span style=\"color: #000000;\"><em><strong>Quick Tip:<\/strong><\/em> Have you tried organizing a fleet of<img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-15820 alignright\" src=\"https:\/\/endowment.org\/wp-content\/uploads\/imported-files\/33-300x300.png\" alt=\"\" width=\"300\" height=\"300\"> flower vans to serve as \u201cpop-up stores\u201d wait\u00ading at the exit of each of your city\u2019s major office buildings? Renting panel vans is relatively low cost and, when drivers are armed with mobile credit-card readers, these \u201cpop-ups\u201d can be be\u00adcome huge cash cows on Monday and on Valentine\u2019s Day Tuesday. Be sure to check your city\u2019s ordinances for potential permits needed.<\/span><\/li><\/ul><\/li><li><span style=\"color: #000000;\">Radio\/TV is a viable option if your company already runs weekly total-store pro\u00admotions. Simply ask the marketing team to add a \u201cticker,\u201d \u201cscreen crawler\u201d or \u201ctag line\u201d to the company\u2019s current TV\/radio ad promoting your hottest Valentine features.<\/span><ul><li><span style=\"color: #000000;\"><em><strong>Quick Tip:<\/strong><\/em> In every piece of marketing collateral (website, signage, social media, etc.), always include the following:<\/span><ul><li><span style=\"color: #000000;\">Image, item, and price.<\/span><\/li><li><span style=\"color: #000000;\">The reminder: \u201cValentine\u2019s Day is Tuesday, February 14!\u201d\u00a0<\/span><\/li><li><span style=\"color: #000000;\">Icons for any social media sites on which your company\/store will be interacting.<\/span><\/li><li><span style=\"color: #000000;\">The website address of your e-commerce floral portal.<\/span><\/li><\/ul><\/li><\/ul><\/li><\/ul><p><span style=\"color: #ff00ff; font-size: 14pt;\"><strong>5. Store Fun Factor <\/strong><\/span><\/p><p><span style=\"color: #000000;\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-15823 alignleft\" src=\"https:\/\/endowment.org\/wp-content\/uploads\/imported-files\/36-300x300.png\" alt=\"\" width=\"300\" height=\"300\">As entrepreneur Richard Branson said, \u201cCustomers shouldn\u2019t think of your business as a place to buy a product or use a service. It should be a fun place to be!\u201d<\/span><\/p><p><span style=\"color: #000000;\">Valentine\u2019s Day 2023 is a time to go all out with in-store excitement and engaging associates. Plan some fun employee contests, or coordinate customer prizes. Aside from all the budgeting, marketing, and planning, the best way to a customer\u2019s wallet is to focus on the feeling he gets when he\u2019s face-to-face with the flowers!<\/span><\/p><p><span style=\"color: #000000;\"><em>By Cindy Hanauer<\/em>\u00a0<em>Trustee Emeritus; American Floral Endowment<\/em><\/span><\/p>","protected":false},"template":"","news-categories":[31,29,41],"class_list":["post-3224","news","type-news","status-publish","hentry","news-categories-latest-news","news-categories-news","news-categories-florist-event"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Tuesday Valentine is Back in 2023! How Do I Love Thee? - American Floral Endowment<\/title>\n<meta name=\"description\" content=\"After three years of supply chain disruptions, short labor, tight inventory, and weekend holidays, Valentine\u2019s Day 2023 finally has the potential for more success. 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