No William Shatner in sight, but Gap clearly seems to have taken a page from Priceline's book with its most recent promotion that asked consumers to name the price they wanted to pay for khakis.
Visitors to gapmyprice.com were greeted with a simple message: "Let's make a deal. Say your price." They then proceeded to make offers, which based on a quick scan by RetailWire seemed primarily in the $35 range for khakis with a normal retail of $49.50.
The gapmyprice promotion, according to a report on the Advertising Age website, was an attempt to be more targeted than normal coupon dropping, a goal set out by Gap Inc. CEO Glenn Murphy during a conference call to discuss the company's fourth quarter performance.
"[2010 promotions] could have been done more surgically. [There] could have been a little more thought and innovation and creativity brought to it. And that's the expectation of a company like ours," Mr. Murphy is quoted by Ad Age. "Anybody can put an easel outside a door that says take an extra 25% or 30% off. We've fallen for that trick a few times, and that's not smart as far as I'm concerned."
Gap, like others, is investigating the opportunity to build excitement and revenues using daily deal and flash sales. Its deal with Groupon drew national attention and sister chain Banana Republic has tried three-hour lunchtime sales. The name your price twist was simply a variation on the theme.
Based on social media, reactions to the promotions were mixed and Gap has not released any numbers on how many pairs of khakis it moved. With the one-day event now over, the only message on gapmyprice.com was, "Thanks to our first supporters for making the Gap men's khakis 'Say Your Price' promotion such a success. Check back soon for the next exciting promotion!"