Will Walmart's Savings Catcher Program Catch Your Attention?
I'm not a frequent Walmart shopper, but a TV spot on their Savings Catcher loyalty program intrigued me enough to investigate further. Here's how it works - after shopping at Walmart, you have seven days to scan/enter your sales receipt and Savings Catcher will do a search of locally advertised prices on the items you purchased. If a lower price is found, you'll get the difference back in the form of a Walmart Rewards eGift Card that you can redeem in store. Besides the option of entering your receipt online, there are iPhone and Android apps that support the program. You have the choice of using your credit on your next shopping trip or allowing the balance to accumulate. Savings Catcher features several elements referenced in Thom Villing's recent blog on loyalty programs. Here are a few specific reasons why I think this is a well-designed program:
- It is completely in line with and supports Walmart's position as the low cost option. Whether or not you're a fan of Walmart or their marketing efforts, they've always been consistent in their messaging: Always Low Prices; Rolling Back Prices; Save Money. Live Better. The Savings Catcher program fits perfectly with this position.
- Eliminating the need to price check through fliers or ads is a true benefit for Walmart's target audience. Price matching in order to retain a customer is not a new concept, but doing the legwork for the customer is definitely an added bonus. Providing this benefit also keeps the customer completely within Walmart's sphere of influence. Conversely, giving retail customers a reason to price shop on their own automatically puts them one foot out the door.
- It really is easy. While there are obviously some restrictions and guidelines, the basic premise is straightforward and inviting. With options of online or app entry, participation is simple. The option of redeeming immediately or accumulating a larger balance is an attractive feature. If you don't redeem your balance by year end, it's automatically put on a gift card and you're notified of its availability. This avoids one of the most frustrating elements of some loyalty programs – expiring points or the need to closely monitor your balance.
As I mentioned at the beginning, I'm not a frequent Walmart shopper and I wouldn't go so far to say that the existence of Savings Catcher has wholly converted me. I can say, however, that the next time I do shop at Walmart, I'll be scanning my receipt within seven days.
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