M1 Finance is a direct-to-consumer online broker and electronic trading platform that has been growing since its foundation in 2015. To kick off 2021, M1 Finance wanted to draw awareness to their product by maximizing reach to users who potentially never heard of them before. While M1 typically leveraged lower funnel campaigns on Facebook to drive high-quality account creations, Tinuiti’s Paid Social team wanted to focus on new channels to boost impressions and minimize CPMs.
Reddit presented an interesting opportunity to find qualified, investment-interested users, by way of Community Takeovers.
“M1 leaned into the interests of Reddit’s Business & Finance audiences by leveraging the platform’s power of community and driving success through Reddit’s new Category Takeover Product which strategically led to creating a significant amount of Brand Awareness.”
– Erica Haile, Sr. Client Partner, Reddit Inc.
Time period: 1/22/21-1/26/21 and 2/6/21-2/7/21
How We Did It
Reddit Community Takeovers allow brands to be the first content seen in top communities in a category of their choosing for 24 hours—Tinuiti and M1 worked with Reddit to leverage a takeover for five days in January and two days in February. The community takeover on Reddit assured 100% SOV across 36 unique subreddits related to business and finance, including r/Robinhood, r/churning, and r/algotrading.
Tinuiti’s Creative Team then worked on developing promotional creative and banners that would have the largest draw for Reddit users. The goal was to really highlight what makes M1 different from its competitors, and draw in users who heard of the other brands—a Community Takeover was the perfect way to find users in this particular mindset.
January’s Community Takeover was an incredible success that captured 3.1M impressions, which is 21% higher compared to Reddit’s benchmark of 2.5M. This campaign also drove a click-through rate (CTR) of 0.32%—a rate that was 3x stronger when comparing mobile takeover posts to the regular rotational posts on Reddit. The cost per action (CPA) was 10x cheaper during this Community Takeover than from regular In-Feed Reddit activations, while also driving in 97% stronger account creation volume.
The takeover in February also saw phenomenal results with over 1.6M impressions and 7x the account creation volume we drove with other upper activations. After looking at internal data from Mobius, Tinuiti’s proprietary suite of marketing technology, the takeover drove in 36 account creations while Twitter and LinkedIn accounted for five.