We’re changing the focus a little with the fourth post in an ongoing series of feature highlights for our all-in-one competition management platform. As we systematically illustrate just how easy it is for you to launch and run an amazing competition, this post pivots from our last post and takes you through how to use discount codes, coupons, and scarcity to drive revenues… -BM
Coupon codes are everywhere. Influencers make a living off of them. Some people won’t buy anything online without one. Coupons can sometimes seem so pervasive that it seems odd to make a purchase without one. We at Throwdowns let you create coupon codes for your target audiences, and we see them used in a few ways that can add value to you as the organizer, as well as to the registrant. Here’s how…
How Coupons Work
First, let’s discuss how we make coupons work for you. You can:
- Set the value of the coupon in dollars or percentage off
- Set the expiration date for the coupon
- Set the number of offers available for any given coupon
- Create as many coupons as you want
- Set the division you want to be allowed to use the coupon code
With these features in mind, let’s look at a few examples of the value proposition of a coupon.
Fostering Loyalty and Creating Scarcity
In the first and most common implementation, you can publish a code for returning athletes to use when they register for your competition as a “thank you” or loyalty reward. Often times, this early registration perk and reward is sent directly to the athlete via an email blast which includes a link to the competition’s registration page along with the code. We give you the power to provide early registrants a window to claim a spot in the competition before it fills up – and before anyone else even knows what the registration link is. This is a great way to create perceived scarcity and improve early registration rates.
Before we move on, let’s discuss the power of division-specific coupons. Specifically, think about this scenario:
- Your competition has an Elite Division
- You want to attract the best talent in the region to your competition
- You want your competition to immediately be credible
- You can create a coupon code for only the Elite Division and
- Provide it to targeted athletes in personalized emails or other messages
By doing this, you appeal to the athletes you’re targeting, you make them feel special, and you can discount their entry by as little – or as much – as you like.
A close second is that sponsors can be provided with a code for their loyal customers to get a discount off registration up until a specified number of days before the competition. The number of registrants that use the code helps the sponsor understand how much crossover there is between their target market and yours. It also gives them a great feel for how many of their loyal customers will be at the event so they can target those athletes with additional “day of” sales. Additionally, this helps you identify the partners you should partner with for your next competition! Finally, it gives you as the the organizer a way to show potential future sponsors proof of how effective a marketing tool like this can be, and how to price the promotion code accordingly.
The last type of coupon code implementation we’ll discuss in this post is the Influencer or Elite athlete with the reputation and reach to draw people to your competition. Codes for these individuals can be used as part of the draw for that athlete to attend. Perhaps the number of registrants using that code impact that athlete’s participation fee, is shared directly with them, or has thresholds attached to it based on usage counts.
This is not an exhaustive list and feel free to get creative on how you use coupons. Throwdowns is here to be the flexible platform you always wanted so if you don’t see a way to do what you want, we’re always listening. Shoot us a note!
Please stay tuned to this feed for our next post. We’re excited to share everything we’ve got going on with you to provide the best product in the market to you!