The trailer is done well, but it lacks a Lovecarftian feel. The music is too upbeat and the mythos touches were cute, but did not seem to be so much horror as kinda cheesy.
Changing the music would help a lot to convey more of a horror suspense tone. I would also look more at playing with the light and shadows and adding in some tweaks in post to give things more of an off feeling as the trailer progresses.
It is a very well made trailer, just doesn't seem like horror or Lovecraft.