Have You Tried Goldstar’s New Karma Codes?

goldstarkarmacodes_770325Have you seen Goldstar’s new Karma Codes? They allow members to share events with friends and family and give them $10 toward purchasing the event. It’s a win-win-win situation: Members get to share discounts with their friends, new people get to discover what Goldstar’s all about, and Goldstar gets to engage with new members who love live entertainment.

The new program was recently covered in Direct Marketing News. You can read the full story here, or check out the excerpt below:

Enter the Karma Code. Instead of prompting a general awareness email, members can now send a $10 promotional code to a friend for a specific event sold through Goldstar. “Now, you’re talking to a specific person for a specific reason, which is a much more interesting conversation than, ‘I’m into Goldstar and thought you might be as well,’” McCarthy says.

Even in rollout mode, when Karma Codes were only enabled for half the Goldstar audience, the impact was substantial. The new program boosted new referrals by 80%. That figure is due to climb now that Karma Codes are available to all Goldstar members.

More significantly, Karma Codes are attracting more valuable new members to the site. Revenue from incoming Karma Code customers is nearly twice as high as revenue from members obtained through the most recent referral program, and nearly four times higher compared to customers acquired through all sources. “We believe we’re creating a customer that’s more warmly introduced to what Goldstar is all about,” McCarthy says. “In terms of measuring lifetime value, we’re still in the early days, but we know that people who buy early in the relationship believe that future investment is more worthwhile.”

Have you tried out Karma Codes? Tell us what you think on Twitter or Facebook.

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