The best bank promotions are the ones that make you feel like you’re part of the family, according to a study released Tuesday.
Nordstrom promoted its Best Buy promotions for several months, which were supposed to be based on shoppers’ shopping habits and the brand’s “big picture.”
“We’re always looking to improve our programs and offer consumers more opportunities to buy,” said Kristine Schaeffer, chief marketing officer for Nordstrom.
“The Best Buy experience is what we’re known for, and our commitment to offering great rewards, including up to 50% off a purchase, is reflected in these promotions,” she added.
Some stores were even more generous than Nordstrom, giving customers up to $300 off purchases at stores in New York City and Washington, D.C. The company was quick to clarify that these were promotions for its stores, not for the people using its apps.
“We encourage customers to use the Best Buy apps to find the best offers and best store offers, and we’re always on the lookout for new ways to help customers find the most value,” a spokesperson for Nordwest said in a statement.
The study, which looked at more than 200 Best Buy stores and retailers, said the company was one of only five retail brands that had more than 50% of its stores in the top 50 best-sellers list.
Only Target, Costco, Macy’s, and Dollar General had more stores in top 50, and those were the only retailers with a higher percentage of the stores in their top 50.
Most other retailers also had a higher share of the best-selling stores, with Walmart and Sears, along with Amazon, dominating the top three.
The study found that the best deals are also the most lucrative for retailers, with the most-expensive promotions garnering $1.8 billion in revenue.
The top-selling retailer in the study, Costco Wholesale, received $2.5 billion in revenues.
More than 60% of retailers surveyed said their top-performing store promotions were a result of customer satisfaction.
Only 18% of the surveyed retailers said they were influenced by customer feedback.
The majority of the retailers surveyed cited “new products and experiences” as a primary reason why they chose to offer a promotional.