First thing I did was import the svg file into XCS and get the settings ready and lined up.    To make this fit on a 12x12 sheet of basswood, I had to shrink it down a bit, which was easily done by highlighting the entire work area, and when the outline appeared, I clicked on a corner, and drug the image to the correct size.  Then I set up the parameters for each layer

Layer 1 is set to cut.  100% power, 8 Speed and 2 pass

Layer 2 is set to etch.  55% power, 16 speed and 1 pass

Layer 3 is not needed and can be deleted

Start the cutting process.  All three layers cut at one time, background, letter and snowflakes.  You can play with the files a bit, to set it up to do an entire sheet of the background at once.  I did this in order to whitewash the bottom layer, which gives the finished project a bit of pop.

Once all the pieces are cut, they are ready to be painted.  All the snowflake layers get painted white, using the paint in the picture.  I then paint the letters, using the same brand, only in red.  The bottom layer doesnt get painted, as it was whitewashed.  One all layers are completely painted and dry, I use tacky spray (shown) on the back of the letter and attach it to the background.  I set a heavy weight on it till it dries, then repeat with the snowflake layer.  Once all layers are attached any dry, I use a brush and the black paint shown to cover the edge.  You could roll the edge through tacky spray and glitter as well.  Once that step is complete and dry, I use Clear gloss to seal it and give it a bit of shine.  

The last step is to add a bit of ribbon and you are done.