I have to give Banana Republic (BR) credit...they are pretty smart when it comes to promotions.
At first I thought the BR Luxe card was just another store credit card. I was seriously mistaken.
This weekend my fiancee got a notice in the mail stating that she, for the second year in a row, qualified for the Luxe card. Apparently, in order to qualify for the Luxe card you need to spend a certain amount at BR each year. I asked her what the perk was to having the card. She told me that along with free shipping for all online orders they send coupons in the mail very regularly.
I think this is a great promotion idea. Not only are they able to track what she is buying, knowing exactly what her tastes are, they send her coupons all of the time to keep her coming back for more. Additionally, they only send the coupons if the customer is spending enough in the store to qualify for the card resulting in a sales boost.
I think this is great on so many levels. It not only gets customers in the door but I'm sure it helps with sales forecasting, order quantities, seasonal tastes within certain regions and so on.
I think that what BR is doing with the Luxe card is great and that more stores should try and duplicate this promotion tactic.
Mike
1 comment:
Good observations for from a CRM perspective. The greatest benefit is the measureable customer laoyalty, which is invaluable year to year when evaluating the brand campaign.
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