Lyft, one of the massive rideshare giants changing the face of the transportation industry, is growing at a rapid rate that the industry has never seen before. But the company hasn’t experienced immense growth as a result of standard advertising. Lyft has leveraged a variety of promotions to recruit new riders and drivers, and as a result, they’ve built up quite a large amount of incredibly loyal, recurring riders and drivers on the platform.
Current Lyft promotions for 2016
Our friends over at Ridester.com curated a list of promotions that the company is currently using to recruit new riders and drivers, a few of which we detail below. Many of these promotions have proven to work incredibly well, so Lyft is still offering them to riders and drivers. Hop on the bandwagon while they are still available!
Free Lyft Credit for New Users
The first promotion that Lyft is offering comes in the form of free ride credit. New users who haven’t downloaded the free Lyft app can download the app for the first time, enter a promo code, and get quite a bit of free account credit added to their account. The process is very easy, and only takes a few minutes to do.
Lyft is offering this promotion as a way to grow their user base. It is incredibly smart, too, because while they spend some money on other advertising mediums, it isn’t a lot. While other companies spend millions and millions of dollars on TV commercials, high-priced ad spots, and overpriced webcasts that are arguably effective, Lyft taps into their existing userbase to grow organically. And so far, it has worked tremendously.
Learn more about Lyft credit codes
Massive Lyft Sign-on Bonuses
The next promotion Lyft is offering goes to new drivers on the Lyft platform. The company is basically handing out free money to new drivers who sign up and complete the requirements of the promotion. As of this writing, there are new Lyft driver bonuses in almost every city in the United States, and the amount of drivers is growing at a record pace. Promotions are insanely high. To give you an idea of how high, exactly, Lyft is offering promotions so high that many drivers could make a mortgage payment just from the promotion alone. You read that right! Lyft has offered cash bonuses to new drivers that are worth up to $1,000.
Lyft is offering these crazy high bonus amounts to get new drivers on the road. It is well known that the turnover rate for rideshare drivers very, very high. Simply put, they have a very big retention problem. And with many drivers signing up and quitting after a few weeks, the bonus is a great incentive to keep them on the road.
For example, if a driver has to take 100 trips in 30 days to earn their bonus, many will do just that. At the end of those trips, the drivers gets a big bonus and all those trips were well worth the time spent. Yes, the driver gets a good deal, but so do the passengers. Many people don’t realize that when the drivers are on the road, they are meeting the demand of the passengers Lyft is recruiting, bringing the market into equilibrium and keeping both sides of the equation happy. Smart, huh? We think so.
Learn more about Lyft driver promotions
Existing Lyft Users Promotions
The last of the core promotions that Lyft is currently offering riders and drivers can be leveraged by existing users. While there don’t appear to be any steady and working Lyft promo codes for existing users, there is another way for existing users to earn free rides. Here’s how it works.
After a Lyft user uses up their first free ride credit, they are then considered an existing user. Once a Lyft user has achieved that status, they can’t use another new user promotion or promo code for free rides. While yes, some may become available once in a while for a specific event or promotion, they are not widely available to the public. But Lyft knows the demand is there, and they are more than willing to provide credit-hungry users a way to earn free rides.
Lyft users can earn free ride credit by referring their friends to the platform. With a suite of intuitive tools at their fingertips, Lyft users can share their own referral code with friends via SMS text messages, email, or social media. Once their friend downloads the app and takes their first free ride, then the referring users will see free account credit hit their account. Existing Lyft users are earning millions of dollars in free rides by doing this, and Lyft is growing at a very drastic rate as a result.
Just like Lyft offers free ride credit to new users, they also reward existing users for recruiting new riders to the platform as a way to grow their user base. As we touched on above, they would rather spend the money on organic recruitment then on fancy, expensive commercials and advertising because it works. They have redefined the referral code game, and other companies are taking note. It is effective, but also incredibly lucrative for both sides of the transaction. Take advantage of this promotion while you have the chance!
Learn more about existing Lyft user promotions
As you can see, Lyft is offering some crazy promotions to new and existing riders and drivers as a way to quickly expand. Whether you are a new users looking for free rides, a new driver looking to cash in on the sky-high driver bonuses, or an existing Lyft user on the search for free ride credit, there is something for you. Take advantage of these promotions before they run out!