Reddit launches a new bidding option to expand marketing potential
It’s clear to say that whenever people think of advertising on social media, Facebook is the first thing that springs to mind, closely followed by Instagram and Snapchat: the big players.
But now these platforms have such vast competition, it’s important not to forget the small players in the field. These smaller platforms, such as Reddit, are a lower priority but have some serious growth potential – not one to be overlooked when it comes to planning new campaigns, especially if you want to start diversifying your audience.
Reddit now serves more than 330 million monthly active users worldwide (more than the likes of some of the big players!) but it’s often not considered the best platform to spend your precious advertising pounds on. However, it’s now a platform a significant number of users go to, to find the latest trends before they flow through to the Big 4.
To further their growing platform, even more, Reddit is looking to give brands more opportunities to reach these users – enter the addition of the cost per click (CPC) ads. These aren’t new to the advertising space, but they are to Reddit, and in fact, with some testing, Reddit has seen advertisers improve their return on ad spend (ROAS) of up to 50%.
As stated by Reddit: “With the rollout of CPC, we now offer four different campaign objectives – reach, video view, traffic and conversions – associated with a complete suite of bid types, including cost per thousand (CPM), cost per visit (CPV) and CPC. With the launch of CPC, advertisers can now more reliably achieve their direct response objectives.”
All Response Media viewpoint
Paid social is a huge part of our offering, and Reddit’s name is thrown around occasionally and always something that we mention, but steer clients away from. Why? Because our love for the Big 4 and the results they churn out are perfect for us. But the competition in these spaces is getting stronger, campaigns are getting more expensive and for some clients, their target audience isn’t always on the generic platforms. Social platforms are always growing so we need to be in the right place to target the right people.
For the new OnePlus campaign, we’ve got Reddit on the media plan to try and reach an audience we’ve never reached before, and the introduction of the CPC model allows us to reach who we need to be and not spending inefficiently by managing the CPC on a daily basis. There is a dedicated and engaged audience of 7.2m people (worldwide) on Reddit who call themselves Tech Geeks – perfect for trying to grow OnePlus’ social following among some serious Tech Enthusiasts.