The financial part of this blog ends here.
I’m here to talk about one of the lead characters of this story – Reddit.
Everyone knows about Reddit, but it’s always seemed a bit of a mystery to marketers – especially in B2B. And dare I say it, even looked down on a little when considered alongside other platforms.
So what exactly is it, should B2B marketers be paying it more attention, and if so – how?
According to wikipedia Reddit is ‘a social news aggregation, web content rating, and discussion website.’
Essentially it is a social platform that puts the conversations at the centre, rather than the user, through communities and forums.
This focus on conversations and community is what makes it unique and increasingly relevant as society continues to seek out authenticity.
It also means that it attracts users who are enthusiasts in their areas of interest.
In Reddit’s own words, it is ‘where passionate communities drive action’. Something they certainly did this week.
It is the Top 5 most visited site in the US, with 450 million monthly active users – significantly higher than Twitter and LinkedIn. And this figure is a 30% year-over-year increase since 2018 showing no signs of slowing down.
It’s particularly strong for tech.
In 2018 tech related subreddits (forums dedicated to a specific topic) combined received more than 27 million unique monthly visitors, and 284 monthly views.
And it’s the home of the influencer.
We already know that peer recommendations are hugely influential in B2B buying decisions. In fact 64% of buyers rate customer reviews as their best qualification source. And this word of mouth is what reddit is uniquely built for.
More specifically, 2 in 3 Gen Z users say if others on Reddit like a product, they are more likely to purchase it.
Whilst Gen Z may not be holding the big B2B purse strings right now, they are fast becoming essential influencers to buying decisions. They are also a pretty acute bunch so I expect they’ll get to those $$$ quicker than you think…..
The first thing to note is that promotion is generally frowned upon, which makes things a little tricky. But it’s not completely off limits to marketers. There are a few ways you can use Reddit;
Your buyers and influencers could be on reddit discussing your product, competitors and the things that matter to them. This is gold dust.
Community themes vary from specific trends to demographics such as the small business community, which currently has 458k members.
Many social listening tools, such as Brandwatch, monitor Reddit so that you can find these insights and use them to inform your messaging, content and activity.
Reddit does have ad features for brands, and because they are clearly ads they are accepted by the community. That said, authentic and contextually relevant creative is key.
B2B brands have been successful through these methods;
This is the trickiest to pull off. In fact, the most downvoted comment on reddit is from a brand.
So far, the safest way to engage with the communities is through an AMA (ask me anything) thread. This is where a prominent figure introduces themselves on a thread and invites Reddit uses to ask them questions.
AMA’s have been varied, from the CEO of Nissan through to the Cookie Monster.
However, it is Bill Gates that holds the number 1 spot for most engaged with.
Amongst the 100k+ communities on Reddit there is even one for B2B marketing with 21k members.
This community discusses everything from best B2B podcasts, to marketing automation tools.
I wonder who we could bring down if we all rallied together………..
Reddit isn’t going to be relevant to all industries, but if you’re in tech you should definitely be considering it as a way to find and reach your audience.
And if you’re not in tech, maybe now you won’t dismiss Reddit so easily. Let’s at least give it a seat at the table.
Note: If you do want to understand the GameStop story more, this article from Vice is a good overview.