REDDIT GTM.pdf
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The document discusses a proposal by Tanishq Mishra for new monetization features on Reddit, focusing on expanding revenue streams beyond advertisements and paid memberships. Proposed features include a shop for in-post purchases, a survey tool to connect researchers with respondents, and live event streaming with a pay-per-event model. The document outlines user personas, goals, frustrations, and the potential impact of these features on user engagement and revenue generation.
REDDIT GTM.pdf
- 2. PMSchool Live Challenge no. 86 Monetization Feature for Reddit - Submitted by Tanishq Mishra https://www.linkedin.com/in/tanishqmishra/ Tanishq0630@gmail.com
- 3. Youβve joined Reddit as VP of Product & Revenue. You realized that your revenue model heavily relies on advertisements and the paid membership you provide to users to have an ad- free experience on the platform. You want to expand the monetization streams and launch new features which could positively impact on the revenue for the company. PROBLEM STATEMENT
- 4. 50M+ 100K+ 13B+ Registered members interact with other users across the globe through content such as links, text posts, images, and videos. It has dedicated communities that let users with similar interests come together. Reddit is a social news aggregation, web content rating, and discussion website. Daily Active Uniques Active Communities Posts & Comments ABOUT REDDIT
- 5. The community can share content by posting stories, links, images and videos. The community comments on posts. COmments provide discussion and often humor. Comments & Posts can be upvoted or downvoted. The most interesting content rises to the top. Vote Post Comment HOW DOES REDDIT WORK?
- 6. Search Bar Pvt Messaging 1+ Accounts Notifications Anonymous Post Saving Posts Initial Category Selection Guest signin Known for Reddit Anonymity - Tumblr Quora Recognition β β β β β β β β β β β β β β β β β β β β β β β β Quora has βTop Writerβ tag which makes people come back and write again and again. Reddit contributors want their work and their creativity to speak for themselves and they prefer staying behind their computers. COMPARATIVE ANALYSIS
- 7. Global Users: United States (49.32%) United Kingdom 7.85% Canada (7.76%) Australia (4.34%) Germany (3.11%) Desktop traffic by sources: Direct (48.95%) Search (48.04%) Social (1.69%) Referrals (0.77%) Mail (0.52%) Traffic from social channels: 53.83% is from YouTube 16.05% is from Facebook Twitter (17.33%) The visitors on Health and Fitness communities spend 15 times more time on subreddits (Reddit, 2019). Also, 47% of Reddit visitors have bought consumer electronics, 98% of which are highly likely to be high spenders on tech (Reddit, 2019). Of all technology enthusiasts online, 40% are active on Reddit, whereas 38% of all Redditors are passionate about technology (Reddit, 2019). 67% of Reddit visitors view websites in the photos category, whereas 53% visit websites in the Advice category (Alexa, 2021). Based on available data: 64% of Redditβs users 18 and 29 29% are between 30 and 49 6% are between 50 and 64 1% are 65 and older (Alphr, 2020). https://financesonline.com/reddit-statistics/ STATS
- 8. Person who posts -> Creator Person who interacts/reads -> Viewer Expand the monetization streams and launch new features which could positively impact on the revenue for the company GOAL USER SEGMENT
- 9. Rajiv Khan Age: 30 Profession: SDE Bio Rajiv is an avid Soccer and Formula 1 follower, he loves to chat about the same however his peers are not that interested in Soccer and Formula 1. He loves watching Sports and would do anything for watching a Formula 1 race if thats in his budget. He also is a mid level gamer who loves playing CS. Goals Start a Soccer and Formula 1 community Organize a meetup Experience a soccer match or an F1 race Frustrations Tickets cost too much Unable to find people with similar interest Unable to find people who would like to play CS Most used apps Instagram, Meetup, Whatsapp, Reddit PERSONA
- 10. Rani Kumar Age: 35 Profession: SDE Bio Rani is a research executive. She often faces difficulty in generating responses for her research. For relevant research, she needs an appropriate number of responses. She often visits social networking sites and pings each relevant respondent and tries getting that user on the board. Goals Find relevant respondents Get those respondents to fill her survey Find an appropriate number of respondents Frustrations Finding relevant respondents is a huge hassle Paid software requires a monthly subscription Most used apps Whatsapp, Instagram, Quora , Slack PERSONA
- 11. Live Bet Events Feature Shop Survey Description Users can buy while reading the post Researchers can get their surveys to the right candidates Here users can book events while reading the post Users can watch Live sporting events Users can bet on no. of upvotes or downvotes and the winner gets 70% of the total 35 40 20 Reach Out of every 100 users 50 25 3 3 2.5 Impact 1 to 5 4 3 50% 60% 50% Confidence % 70% 55% 2 2 1 Effort months 1 1 36 25 26.25 Score 140 41.25 Based on RICE Framework, we will go ahead with Shop, Survey and Live PRIORITIZATION
- 12. As shown in the Stats slide, about 47% of Reddit visitors have bought consumer electronics after the discussion. This shows that consumers are highly likely to buy after the discussion. Here we can generate revenue on the basis of commission per purchase. The shop button will be shown on certain posts which will help members to buy during/after the discussion on the post. FEATURE 1 : SHOP Feature tagged on the post After clicking on the Shop Buy from the landing page
- 13. Here users can conduct research. Researchers face the problem of not getting enough responses or not getting enough responses from the target group. Thus here Reddit can ask its users to fill in the survey by taking a fee from researchers. To make the readers fill out the survey Reddit can give them rewards in terms of coins. FEATURE 2 : SURVEY Survey feature Other Addons
- 14. There are only certain channels/apps which broadcasts a live sports/concert/any kind of event. The problem faced by their users is paying for a monthly pack. There are many users who like to watch that particular match/event. Thus Reddit can run pay per event kind of pricing. 2 minutes of preview Live Feature FEATURE 3 : LIVE
- 15. % users using these features % of new users using these features % of revenue generated using these features Average time spent on Reddit per user % of up and down votes for posts having these features % of posts which has the Shop tag % of posts which has the Live tag % of users who filled the survey % of users who created a survey DAUs MAUs SUCCESS METRICS
- 16. 1 Feature Development: For the development of this feature, we need to do market research about # of users interested in purchasing while reading a post, conducting a survey, and watching a live event 2Pre Launch: We will release these features for high engagement posts only for 1 month. This will help us gain organic awareness and understand consumer behavior 3 4 5 Beta Launch We can bring Micro-Influencers on board or we can also do a beta launch for high engagement communities Feedback We will ask users for feedback while leaving Reddit using a questionnaire Release After making the changes as per feedback, roll out the final version of the features in next month GTM STRATEGY