Across the nation, most Americans are weather-weary, whether they are trapped in a polar vortex, covered in mud slides or surrounded by snow. But there can be an upside to all this weather for jewelry retailers who use it in creative weather-related promotions that drive traffic to their stores.
Weather insurance promotions are a growing retail trend in which jewelers buy “weather promotion insurance” and set parameters on the weather or event for which they'll offer a refund or merchandise giveaway.
Weather promotions entice customers to take a chance: commit to their jewelry purchases within a set time period and if there's a certain type of weather on a specific day, the jewelry store will refund the cost of their purchases. While it seems risky for the jeweler, the weather insurance covers them if the weather or event specified occurs.
There are so many upsides to the promotions including: increased media exposure, an increase in store traffic and big bumps sales. In fact, many jewelers find that if the event occurs and customers receive refunds, they respend it at the store -- pushing sales up even more.
When planning upcoming Mother's Day and Dad & Grad jewelry promotions, consider marketing campaigns that offer refunds if it rains more than a certain number of inches or the temperature drops or rises beyond a certain temperature. Jewelers who have run weather promotions in the recent past have gotten big news coverage, including articles in CNN, jewelry trade press and local news stories.
Jewelers of America members can get special discount on weather insurance rates from Weather Insurance Agency. Weather Insurance Agency will work with jewelers to determine the terms and time period for the weather promotion that is appropriate for their location.