If you are a regular Reddit user or spent at least a little time on the site in the last few years, you have probably noticed the Reddit Gold feature, which was a premium membership for Reddit users to purchase or gift each other.
What Was Reddit Gold?
Reddit Gold was a premium membership, which allowed Reddit users a variety of additional features, such as access to /r/lounge, a private Subreddit for Gold members, the ability to turn off ads, additional comment filters, and a nice little badge that shows you are a Reddit Gold member.
Additionally, third party companies would offer discounts and deals to Reddit Gold members through the Reddit Partners Program, which they closed down in March 2016.
A number of businesses successfully utilized buying Reddit users Gold memberships, like a virtual six pack, as a way of rewarding users for participating in their campaigns, like Toyota did as a way of saying thanks to Reddit users who helped make their Huge Amazon Box promotion an international success.
The New Reddit Premium
Over half of the people who purchased Reddit Gold in the past, did so for themselves, to be able to experience Reddit without ads, to have access to the extra features, and to help support Reddit overall.
That element of Reddit Gold was relaunched as Reddit Premium last month, which costs $3.99 per month for legacy members and increases to $5.99 a month for all new members.
Joining Reddit Premium provides the following benefits:
- Experience Reddit without the ads.
- Receive 1,000 Reddit Coins upon first becoming a member, then 700 Reddit Coins each month you are a member thereafter.
- Access the Premium member only Subreddit; /r/lounge.
- Premium Badge on your profile page.
Reddit Coins are a brand new virtual currency that allows you to reward users (also known as Gilding) for quality submissions and comments they make.
There are three award levels, which are explained below:
Silver Award - This is the lowest level award, which simply shows a Silver Award badge next to the comment or submissions and costs 100 Reddit Coins.
Gold Award - This is the middle level award and likely the most popular. In addition to showing a Gold Award badge next to the comment or submissions, it also provides the user with one free week of Reddit Premium and costs 500 Reddit Coins.
Platinum Award - This is the highest level award you can give on Reddit. It shows a Platinum Award badge next to the comment or submission, provides the user one month of Reddit Premium, as well as giving the user 700 Reddit Coins of their own to spend. This award level costs 1800 Reddit Coins.
Note that with this change, from Creddits to Coins, the cost of presenting someone an award will be significantly reduced and hopefully encourage more people to award submissions and comments by others.
All Reddit Premium members will get 700 coins each month to spend and there are multiple options to purchase Reddit Coins separately, with discounts for purchasing in bulk.
How to Use Reddit Coins for Marketing
Gilding, or spending coins on others, is a big part of Reddit and something you should factor into your Reddit marketing strategies.
Here are some ways to use those Reddit Coins:
- Give Awards to users who submit your content and get a lot of engagement. This could show them that your content is worth submitting again and they clearly have the ability for their submissions to get visibility and traction.
- Give Awards to users who participate in your campaign, whether it be providing user-generated content, answering questions, or helping provide feedback, show your appreciation in a way that says you really understand the Reddit community.
- Give Awards to moderators from Subreddits you want to participate and submit to, in the hopes they will recognize you and be a little more friendly with their moderation of your submissions.
- Give Platinum Awards through a contest, to drive more exposure to your Reddit profile. Announce the winners on your profile, encouraging people to follow your profile to see the announcements.
- Give Platinum Awards and directly connect with your critics, to resolve and smooth over any misunderstandings or issues they have with you or your brand.
The first step to having success on Reddit, a site that roughly half the US population visits monthly, is to really become a part of the community and Reddit Coins is a great start in doing just that.