With this Reddit Ads update, Reddit expressed interest in offering more options for marketers but did this update miss the mark? We’re diving deep into what the update includes, how to navigate it, and how you should adjust your Reddit Ads campaign strategy moving forward.
First, a new campaign objective was added: app installs for mobile on a pay-per-click basis. Which is great news! But, the most exciting part about this Reddit update is that CPC has been added to bidding types for traffic and conversion campaign objectives. The minimum bid for CPC is $0.25 (it defaults to $0.50). However, CPM is still the only bidding type for brand awareness and reach campaign objectives.
Now, for the bad news. Well, more like the crazy news. Reddit has also decided to make the new CPM bid minimum $5.00. Which in our opinion, is not a very cool thing to do. And it seems like a majority of others agree.
Read the Reddit Ads update announcement thread HERE.
How To Navigate
If you’ve checked on your Reddit campaigns recently, don’t panic. For the update, Reddit automatically shut off all of your running ad groups and changed them to CPC bidding (ads that were already paused weren’t updated). All you need to do is manually go into each ad group, edit the bidding type, and set it to live again.
If you’ve also realized that all of your old data has disappeared into thin air, don’t panic. Simply change your view from default to archive. Voila! All of your old data will be right there in front of you for your enjoyment.
There are some pretty big updates that need to be taken into consideration when moving forward with your Reddit Ads strategy. Our first suggestion is to never use CPM bidding (seriously don’t use it). Especially with this new $5.00 minimum, your budget will get eaten up even more quickly. Instead, use a combination of CPC bidding (at $0.25) and strict targeting. If Reddit is raising your spending limit, you need to make sure that money isn’t getting wasted on the wrong people. Lastly, don’t assume that what you had running before the update is going to give you the same results after the update. Different bidding equals different results. So make sure that you’re testing everything, keeping a close eye on your campaigns, and figuring out what works the best.
To hear the full discussion, listen to this week’s Deep Dive episode of Marketing O’Clock for all of our thoughts (and banter).