Loyalty Program of BRAC Bank
Loyalty Program of BRAC Bank
Assignment
MKT 601: MARKETING MANAGEMENT
Submitted TO: Khandoker Mahmudur Rahman
Assistant Professor
School of Business & Economics
United International University
Submitted By
Name
ID
112-143-024
Lipu Das
112-143-045
Sultana Razia
113-132-007
112-131-006
Abdullah Al Ansary
112-151-052
Section: B
Loyalty Program
A rewards program offered by a company to customers who frequently make purchases. A
loyalty program may give a customer advanced access to new products, special sales coupons
or free merchandise. Customers typically register their personal information with the
company and are given a unique identifier, such as a numerical ID or membership card, and
use that identifier when making a purchase.
The basic benefits of using a loyalty program to obtain customer information are
summarized below:
- Shift - Acquire new customers
- Lift - Increase the spending of existing customers
- Retention - Improve the natural churn rate of customers
- Profit mix - Shift spending to higher margin products
These loyalty program benefits form the basis for all loyalty program initiatives.
Buy One Get One Free: This offer was given to Platinum and Gold credit
cards. Although this offer was valid till May 2015. New offer isnt announced yet.
Hotel / Restaurant
Location
Offer on (Buffet)
Offer for
The Westin
Dhaka
Hotel Sarina
Dhaka
Village Restaurant
Dhaka
Lunch
The Peninsula
Ambrosia
Roseview Hotel
Sylhet
Dinner
Card
Hotel
The
Cox Cox's
Today
Bazar
free
ii.
Fuel Stations : BRAC Bank listed 33 fuel stations all around the country, if fuel
bills are paid using BRAC Bank credit card in these fuel station there will be no
surcharge charged.
iii.
Hospital : BRAC Banks card holder can enjoy certain discounts from one of
the best hospital in the country and outside the country. The hospitals are
-
iv.
Recommendation
3
EMI facility
BRAC banks credit card does not have widely accepted EMI facility available like Standard
Chartered Banks credit card has. For example Standard Chartered has EMI facility available
for Samsung mobile phones. BRAC bank should also increase its network partners to provide
this facility as soon as possible.
SMS alert
Credit card fraud has increased with its increase in use. To reduce fraud BRAC bank can start
sms alert service. When a card is charged the card holder will receive a sms containing the
store name and amount charged. This service can reduce fraud and cardholder can be relaxed
knowing that if his card is used he will know.
SafetyNet
4
SafetyNet service is provided by Standard Chartered bank to its credit card holder. In the
unfortunate event of death or Permanent Total Disability (PTD) of the Primary Cardholder,
the full outstanding balance gets waived! SafetyNet is enrolled at credit card based on the
confirmation of the card holder. Thereafter, card holder can enjoy the facility by paying a
nominal fee @ 0.35% on outstanding balance every month. And it could be stopped at any
time.
BRAC bank can start something like this. This program ensures that after death or PTD of the
primary cardholder his family wont be in pressure to pay the outstanding balance of the
account.
Balance Transfer
Eastern Bank Limited gives the option to transfer current outstanding balance of other banks
credit card at a much cheaper rate to EBLs Credit Card. This saves money, time and gives the
convenience to manage all expenses from one point.
But BRAC bank does not have this kind of offer available. This kind of offer helps the
cardholder to pay other banks credit cards outstanding balance with another banks card. So
we dont have to go in different banks to pay their credit card bills. We can just pay one banks
card bill and be done with it.