GM Wishlist: Adjustable Promo codes in addition to referral links

mr1mr1 Posts: 344 Bronze ✭✭✭
Goldmoney wishlist enhancement:
I think it would be great if Goldmoney could implement a promo code system for referrals, in addition to the current referral links.

It could even be implemented in a cost neutral way for Goldmoney, if the promo code bonus for the new customer comes out of the referrer's normal referral bonus. It could be a voluntary option for referrers, where they are given the opportunity to create their own unique promo code, and specify what percentage (if any) of their referral bonus they want to give to anyone that uses their promo code on sign-up, or on their first deposit.

So for example, here is what my referral bonus looks like right now (since I haven't had any successful referrals yet):


If I get a $7.98 bonus on the first deposit of each referral I make, I'd be more than happy to offer $5 of that back to the person that makes that deposit.

Currently, with only having referral links as options, we face some big obstacles:
1)People often don't sign up on their first visit, so even if we get someone to follow our link to Goldmoney for the first time, they may go back later on a different device and go directly to Goldmoney.com without using the referral link. A promo code could be entered at signup even without having to follow a referral link.
2)It is difficult and awkward to try to have someone write down or remember a referral link during an in-person conversation. Giving them an easy to remember promo code would be much better (as is often done in radio advertisements)
3)People don't have any incentive to use a referral link as opposed to just going to the site directly. A promo code, with a bonus offer attached would help.

Imagine this..
After having a good conversation about Goldmoney with a friend, how great it would be if you could say something like:
"If you use my promo code JOHNDOE123, you'll get a $5 bonus on your first gold deposit."

Comments

  • TauntFourstarTauntFourstar Posts: 215 Bronze ✭✭✭
    I like it and here is something I decided worked best for me after a few failed referrals thanks to the link being case sensitive, is just emailing them from the golden heart page. That way is pretty official and not so awkward. But I like your promo idea.
  • alberto1110alberto1110 Posts: 102 Copper ✭✭
    Great idea,lets hope the staff will consider it!!
  • mr1mr1 Posts: 344 Bronze ✭✭✭

    I like it and here is something I decided worked best for me after a few failed referrals thanks to the link being case sensitive, is just emailing them from the golden heart page. That way is pretty official and not so awkward. But I like your promo idea.

    @TauntFourstar
    I agree, for someone that you talk to in-person, it seems like sending them the link by email or text is basically the only way to successfully get them to use it. However, we still face the issue of the person potentially forgetting to use the referral link when they actually go to sign up, and I'm afraid I still find it awkward to ask someone to use my special link, instead of just going to Goldmoney.com directly.

    Important point I just thought of:
    When I ask someone to use my referral link, I am asking them to do a favor for me (somewhat awkward). But if I had a promo code with a bonus attached, it would be more like I am doing a favor for them (much better).
  • TauntFourstarTauntFourstar Posts: 215 Bronze ✭✭✭
    @mr1 completely agree. It also gives the vibe of some scam I have been told. Especially when I mention that I will add .xx grams to their first deposit within 7 days.
  • GoldIsCurrencyGoldIsCurrency Posts: 1,724 Gold ✭✭✭✭✭
    @mr1 I really like your promo code suggestion. I think it is better for a potential new user to be sent directly to goldmoney.com where they can search around and do their own due diligence reading the information on the website before they sign up for an account. Within the signup process the user could get to a field where they are asked to enter a promo code. This would ensure the referrer gets paid their bonus and would be more logical than links that could appear sketchy to some people.

    If you want to offer your friend part of your bonus you could just ask them to let you know when they have an account setup to be able to use the platform to transfer some additional friendly bonus to your friend. Makes a lot of sense to me.
  • GoldIsCurrencyGoldIsCurrency Posts: 1,724 Gold ✭✭✭✭✭
    edited May 5
    I also want to say by utilizing @mr1 's idea of promo codes it would also have added benefits to Goldmoney. From time to time with different modes of marketing/advertisement Goldmoney could utilize different promo codes. For example for a while Goldmoney was doing those TV commercials on 3 or 4 different TV channels. They could have different signup promo codes for each station's channel. A different promo code on their billboard advertisement down on Adelaide. Different promo codes at the various fintech/mining conferences they attend. Basically a different Promo code for each different form of advertisement. Goldmoney could then analyze the data of signups looking at the different promo codes to see what form of advertisement/marketing works the best. Where do they get the most bang for their buck. I think this promo code idea is one of the best idea's I have read on this community board in a while.
  • mr1mr1 Posts: 344 Bronze ✭✭✭

    @mr1 I really like your promo code suggestion. I think it is better for a potential new user to be sent directly to goldmoney.com where they can search around and do their own due diligence reading the information on the website before they sign up for an account. Within the signup process the user could get to a field where they are asked to enter a promo code. This would ensure the referrer gets paid their bonus and would be more logical than links that could appear sketchy to some people.

    I completely agree. That's exactly what I was thinking.

    If you want to offer your friend part of your bonus you could just ask them to let you know when they have an account setup to be able to use the platform to transfer some additional friendly bonus to your friend. Makes a lot of sense to me.

    Yes that is an option that could work, but it is still creates some extra hassle to the process, and as @TauntFourstar mentions, it can seem a little sketchy to some people. Having a bonus applied automatically upon using a promo code would be much nicer.

    @mr1 completely agree. It also gives the vibe of some scam I have been told. Especially when I mention that I will add .xx grams to their first deposit within 7 days.

  • mr1mr1 Posts: 344 Bronze ✭✭✭

    I also want to say by utilizing @mr1 's idea of promo codes it would also have added benefits to Goldmoney.

    Yes, in addition to the benefits @GoldIsCurrency mentions, and in addition to being cost neutral to Goldmoney in terms of referral costs per sign-up, I think that the promo-code idea would have the added benefit of encouraging more referral participation and increased sign-ups. The only downside is the implementation effort and costs, but hopefully it wouldn't be too difficult (shouldn't have to reinvent the wheel since promo-codes are very common in many businesses). And hopefully the impact to user growth would more than offset implementation costs.

    Overall, promo-codes seem like they would be a win-win-win all the way around for Goldmoney, referrers, and new customers.
  • mr1mr1 Posts: 344 Bronze ✭✭✭

    I think this promo code idea is one of the best idea's I have read on this community board in a while.

    @Melanie
    Any chance you can pass the promo code (and bonus) idea on, and get us a response about its feasibility? Thanks!
  • GoldIsCurrencyGoldIsCurrency Posts: 1,724 Gold ✭✭✭✭✭
    @mr1 I think it is a fantastic idea. I hope they give your idea some consideration.
  • mr1mr1 Posts: 344 Bronze ✭✭✭
    If anyone is interested, I ended up creating an example of little pass-a-long card that could be used in conjunction with the promo code idea. I posted it in another thread here:
    http://community.goldmoney.com/discussion/3954/example-of-potential-goldmoney-business-card-with-promo-code
  • sauvingsauving Posts: 39 Tin ✭
    I agree with all. I've been an affiliate for some really good companies and some bad companies (referring to their affiliate program). The GoldMoney program needs work and it would probably be worth it for GM to have this managed by a third-party company with better infrastructure.

    New users need an incentive to sign up with a promo code. Otherwise, the affiliates will waste a lot of time promoting and losing referrals due to inconvenience for the new user. Great ideas here!
  • mr1mr1 Posts: 344 Bronze ✭✭✭
    edited October 24
    I've been meaning to come back to this thread and post an update...
    When I went to the annual shareholder meeting at the end of September, I was talking to @KatyMillington and expressed my desire for a promo code system, and she told me that it already exists! I had thought that the referral codes available through the referral program would only work as part of a referral link, but apparently the new signup process for Holding accounts has a spot to input a promo/referral code, which will accept the referral code from anyone part of the referral program.

    That sounds like a great start to me. The next improvement I'd like to see is some type of small bonus or incentive that can be tied to a promo code in order to give people a reason to actually use the promo code when signing up, and not just skip it.

    Also, can anyone confirm if they actually saw a place to input a promo/referral code when they signed up? Thanks!
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