Pegasus Pin Program History
Pegasus Pins were first introduced in 1973, with just over 10,000 produced and a little over 2,000 sold. The pins, worn mostly on collars or lapels, are a common sight in Louisville during the two-week-long Derby Festival. Sales of Pegasus Pins account for 20% of the festival budget, with nearly 350,000 sold annually. Most important to festival-goers, the pins and accompanying sponsorship allow for free entry to two-thirds of the festival events, including Kroger's Fest-a-Ville on the Waterfront, the Chow Wagon, Run for the Ross', Republic Bank Parade Preview, Stock Yards Bank Great Bed Races, and U.S. Bank Great BalloonFest.In the early years primarily festival directors and civic organizations sold the pins. In 1979, the first financial institution - National City Bank (formerly First National Bank) - joined the sales force, accounting for nearly 4,400 of the 23,515 pins sold. In 1980, all major area banks began selling Pegasus Pins, totaling 76% of sales that year. Sales reached an all-time high in 1992, with a total of 738,000 pins sold at $1 each. After considerable discussion and debate, the pin price was raised to $2 in 1994. While unit sales fell to 528,000, revenue increased 45% over the previous year. To keep pace with rising costs in special events production, the pin price increased to $3 in 2003. In 2009, the pin price was raised to $4 in advance ($5 at the entrance to events) to allow Festival to continue producing free events for the public and to maintain the high quality of those events.
Pegasus Pins are now sold at more than 1,000 retail outlets and financial institutions in Greater Louisville and Southern Indiana. Of all the festival's merchandise, the pins are the most prized among collectors. Pins from the initial release in 1973 can now sell for more than $1,000 among serious collectors.
In recent years, the pin program has added two coupons to each envelope for free products or services from local retailers, as well as an opportunity to become an "instant winner" with a Gold Pegasus Pin and, ultimately, a grand prize winner. A brand new Cadillac was offered as a grand prize from 1982 until 2004. In 2005, the Kentuckiana Honda Dealers became a new vehicle partner for the Pegasus Pin Program, offering a Honda Odyssey as a grand prize. In 2009, the Honda dealers are sponsoring a Honda Cross-Over vehicle as a grand prize. Go for the Gold! still remains a focus of the annual Pegasus Pin Program today.
Festival President and CEO Mike Berry helped create a total marketing program in 1998, which tied the Pegasus Pin into the overall advertising design for all 70 festival events. Each year's design is retired at the end of the festival, like an athlete's jersey after their career is over.
