Why is the Goldmoney Wealth Referral Program so differnt from the Golden Heart program

mr1mr1 Posts: 358 Bronze ✭✭✭
I have both a personal account and a wealth account, and I'm wondering why the Referral Program for the wealth accounts is so different from the Golden Heart program.

I can understand that bonus structure may be different since a new Wealth account may be worth more to Goldmoney than a new personal account, but I don't understand why Goldmoney provides marketing banners for the Wealth referral program but not for the Golden Heart program.

The Referral program for wealth accounts has nice banners available like the one below, but the Golden Heart program does not. Why is that?

Goldmoney Wealth

Best Answer

  • mr1mr1 Posts: 358 Bronze ✭✭✭
    Accepted Answer
    This post has been sitting in the "unanswered" question pile, so I'll answer my own question just for fun:

    I don't know why Goldmoney did not provide the same level of support to the Golden Heart referral program for the Personal and Business accounts, as it did for the separate referral program for the Wealth accounts. However, it is a non-issue at this point because Goldmoney has done away with the Golden Heart program and announced the unified Holding account where everyone will have access to the same referral program. Unfortunately the existing Personal and Business accounts cannot access that referral program until they open a new Holding account, so they are left out of referrals until they make the switch.

Answers

  • sauvingsauving Posts: 39 Tin ✭
    @mr1

    I'd like to give you a suggestion, then piggyback your question. My suggestion is use whatever graphics you want to create your own banners. Heck, you could copy the Wealth ads and use them for Golden Heart right? Just change the links as necessary.

    Now the piggyback... My big question about both programs are what are the incentives for new users to actually sign up? Most people when signing up for a new account will not take the time to enter your affiliate code. I guess if you link them directly and they sign up right away you will start to make some commissions, but in my experience new users WANT something for THEMSELVES.

    It doesn't seem like either affiliate program provides a carrot or call to action for the new user. With an incentive on sign up for using the code, I think KNOW it would be way more effective.
  • GMONEY1GMONEY1 Posts: 415 Silver ✭✭✭✭
    @sauving I have suggested in the past to give customers the option to keep the referral bonus or give it to the new user. I still stand by that recommendation.

    Then, when I pitch the platform to friends I can say, "I'm so excited to have you join that I'll give you the start-up/referral bonus"... which is a good way for newbies to start (relatively) risk-free. They can deposit a small amount and then the bonus would essentially match that.

    Personally, I wouldn't be lying in saying that too, because to me having more people on the network is adding value in the long-run. The more people who use the platform, the better.
  • mr1mr1 Posts: 358 Bronze ✭✭✭
    sauving said:

    My suggestion is use whatever graphics you want to create your own banners. Heck, you could copy the Wealth ads and use them for Golden Heart right? Just change the links as necessary.

    @sauving Yes, that is a good workaround. I thought about doing something like that, it just seems strange that Goldmoney doesn't provide any kind of marketing banners for the Golden Heart program.
    sauving said:

    My big question about both programs are what are the incentives for new users to actually sign up? Most people when signing up for a new account will not take the time to enter your affiliate code. I guess if you link them directly and they sign up right away you will start to make some commissions, but in my experience new users WANT something for THEMSELVES.

    It doesn't seem like either affiliate program provides a carrot or call to action for the new user. With an incentive on sign up for using the code, I think KNOW it would be way more effective.

    Like @GMONEY1 , I also think you have a point here @sauving . If you haven't seen it, I've made a related request here:
    http://community.goldmoney.com/discussion/3937/gm-wishlist-adjustable-promo-codes-in-addition-to-referral-links
  • sauvingsauving Posts: 39 Tin ✭
    @mr1 @GMONEY1

    There are good affiliate programs and not so good affiliate programs. It sounds like GoldMoney has an affiliate program as an afterthought and hasn't put a lot of work into it. Shame, because it's a great service.
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