Reddit’s management isn’t always beloved by its user base, but every now and again they do something that receives universal approval. That’s certainly the case with its recently launched creator regards program, which sees valued contributors receive monetary compensation for quality posts.
While the potential earnings from the Reddit creator program aren’t enough to provide a full-time income, the move has been lauded by users. After all, it’s rare that large tech platforms are willing to share the wealth with the users that make the site popular in the first place.
This move, as with all major changes to leading websites, has caught the attention of marketers, who are naturally interested in whether this shift may present new marketing opportunities on Reddit. In this post, we’ll take a closer look at Reddit’s creator rewards program, as well as run through how marketers may potentially use it to their advantage.
What Is the Reddit Creator Program?
If you’re a Reddit user, then you’ll be familiar with the website’s old virtual rewards system, which allowed users to gift gold, silver, or bronze to posts they thought were deserving of recognition.
It was a symbolic gesture — the user would have the satisfaction of knowing that they’d created a valuable post, but there was no real value. The new Reddit creator program aims to change that. Rather than receiving the equivalent of a ‘well-done sticker,’ the user can receive monetary value for their posts. Other users can send a golden upvote, which is valued at £1.50, to the user, who then gets around 50% of the cash.
What it Looks Like in Practice
The idea that someone could make a Reddit account, post a few memes, and slowly but surely build their travel fund sounds appealing, but in practice actually getting any meaningful amount of money will be challenging.
The creator program isn’t available to everyone. First of all, you’ll need to be over the age of eighteen and live in one of the countries that supports the program. You’ll also need to have a reputable account that meets the minimum karma level (essentially, you’ll need to have plenty of posts with plenty of upvotes).
How much the user receives will depend on the reputation of their account, with higher-calibre accounts earning more. Users will be able to cash out their earnings once they’ve received at least ten golden upvotes.
It’s still early days for the program, and there’s every chance that some changes will be made once users have provided feedback. For now, there’s gentle optimism that this method of compensating users, which is essentially unheard of in the social media world, will help to recognise the immense contribution that these users make to such websites.
What Might This Mean For Marketers?
Now that we’ve seen how users might benefit from Reddit’s new system, let’s think about what it might mean for marketers. Reddit’s large user base and high levels of engagement have made it an appealing proposition for marketers.
While this policy shift doesn’t offer any direct benefit to marketers, there are some ways that they may be able to benefit from the new system. Let’s take a look at some potential methods.
Inspiration for Content
Marketers may take a look at users who earn the most from the new system as a way to gain inspiration for their own content. As all marketers know, coming up with a list of content ideas can be easy; coming up with content ideas that users want to see can be challenging. By analysing the types of posts that receive the most golden upvotes, marketers may find ways to incorporate these post types into their own strategies. After all, what’s successful on Reddit is usually successful on other parts of the web.
Commenting on Valuable Posts
Part of what makes Reddit so engaging is that it’s not just the post itself that people pay attention to, but the comments. The comment section can be lively, and often just as engaging as the original post. Marketers may find ways to comment on the most valuable posts, which typically have higher views than others. This is a tricky one since all comments have to be relevant, but if one comes along that’s relevant to the company’s industry, then it might present a golden opportunity to get their name out there.
Reaching Out to Top Contributors
As we said earlier, while it’s good that Reddit is offering users the chance to earn money from their posts, the amount they can earn from such posts is pretty limited. Many will still be looking for other ways to generate income from their Reddit skills. Brands may partner with top contributors who are routinely earning golden upvotes, and ask them to come up with posts that showcase or promote the brand. This will require significant research since most contributors operate within a specific niche. However, if it works, then it could turn out to be a valuable collaboration.
Buying High-Value Accounts
It may also be possible that high-value account holders are willing to sell their accounts to brands. This has happened before, when brands have purchased a contributor’s account and then subtly promote their brands. This approach, while it can be effective, does come with its own set of rules, since Reddit users are usually able to spot shill accounts. Still, in some cases, such as buying top contributors for related subreddits, it’s possible to find a balance between promotion and authenticity.
Marketers Need to Keep Up to Date With Reddit’s Evolution
Reddit should be of consistent interest to marketers. While it’s more difficult to find marketing success on Reddit than it is on, say, Facebook or Instagram, the payoff for marketers who are able to crack the nut can be huge. Reddit is currently undergoing significant changes, and it’s likely that the website will become more friendly towards marketers moving forward. In addition to finding ways to capitalise on Reddit’s creator program, marketers should more broadly stay up to date with Reddit’s evolution — and respond accordingly.