Glidepath · Reddit program

Data through 16 Sep 2026

Run by Spacestation Labs. Refreshed daily at 7:00 AM ET. Reddit reporting lags a few hours, so the most recent day is partial.

Program to date

Media spend

$15,144

since 4 Jun 2026

Impressions

1.17M

11,859 clicks

Click-through

1.011%

$1.28 avg CPC

Leads

5 Reddit-attributed

Calls booked

next: 22 Sep

Cost per lead vs. payback ceiling

⚠ Watch — one week above ceiling

A lead is worth roughly $507 in year one, so ~$500 is the 12-month payback ceiling on cost per lead. The week of 9–16 Sep came in at $852 per conversion, the first week above it. The agreed rule is that two consecutive weeks above $500 pauses spend rather than iterating creative again. The week of 17–23 Sep decides it, measured against identified funnel leads.

Weekly trend

Period	Spend	CTR	CPC	CPM	Conversions	Cost / conversion
Aug 1–31	$8,038	1.085%	$1.09	$11.84	32	$251
Sep 1–8	$2,986	0.928%	$1.73	$16.03	10	$299
Sep 9–16	$3,406	0.708%	$2.05	$14.52	4	$852

Conversions above are sign-up events. From 17 Sep the campaigns optimise for lead events — meaningful interactions on the page, a far denser signal than a completed sign-up and therefore something the ad auction can actually learn from. The page tracking that makes those interactions countable is still being built, so this switch takes effect once it ships. Reported cost per lead will then drop sharply and is not comparable to the column above; the $500 payback ceiling continues to be judged on identified funnel leads.

Cost per click

Lower is better · US dollars

Click-through rate

Higher is better · percent of impressions

Where it works — click-through by community

Lifetime, core communities ad group

Bar length is click-through rate. Cost per click and per thousand impressions shown at right.

Community	CTR	CPC	CPM	Spend

What's running now

Campaign	Status	Spend (48h)	CTR	CPC
Creative Test — Core Five new	Live	$90	1.130%	$1.23
Lookalike T1 — Adjacent Audiences	Live	$168	0.725%	$1.57
Campaign 1 — Traffic	Live	$156	0.737%	$1.56
Conversions — Sign-up	Live	$133	1.027%	$2.71
Retargeting	Paused 16 Sep	$40	0.237%	$13.45
Q4 awareness · Aug traffic tests	Paused	—	—	—

Funnel

13 identified leads have reached the Reserve flow to date; 2 arrived in the last 24 hours.
6 of the first 11 stalled at the same step — after choosing investor or advisor, before entering a stock position. That step is the single biggest leak in the funnel.
1 call booked (22 Sep, advisor, $100–500M AUM). 1 lead awaiting staff eligibility verification.
Self-reported positions among recent leads range roughly $500K to $5M, most answering yes to Qualified Purchaser.
Attribution gap: several leads still arrive tagged "direct / unknown" despite coming from a tagged ad. A tracking fix is specced and pending build — until it ships, Reddit's contribution is understated.

Last 7 days — what changed

9 Sep — dedicated Reddit landing page /r went live; the site's conversion pixel, which had been silent 1–8 Sep, started reporting again.
16 Sep — Retargeting paused ($5.45 per click, no sign-ups in eight days). Campaign 1 given a hard spend ceiling.
16 Sep — Lookalike T1 launched: five adjacent audiences beyond finance, modelled on the existing lead base.
17 Sep — optimisation event switched from sign-up to lead (page interactions). Sign-ups were too rare — four in eight days — to steer the ad auction, which is a large part of why cost per click doubled. The legacy traffic and sign-up campaigns are being retired in favour of a single campaign optimised for lead events.
17 Sep — Creative Test launched across the five core finance communities: the retired top performer as control, a rebuilt comparison card, the open-books message, and the first text-format ads this account has run.

Next 7 days — recover click-through above 1%, targeting 2%. The live creative test is already at 1.130% and the strongest single variant has run far higher, so the headroom is in creative and community concentration rather than bidding.
Pending build — landing-page event tracking. This now gates everything: the lead event cannot steer a campaign until it fires on real page interactions.
On completion — launch a Max campaign optimised for lead events, and retire Campaign 1 (traffic) and the sign-up campaign. Campaign 1 reaches its spend ceiling around 25 Sep and stops itself.
23 Sep — read cost per identified lead for 17–23 Sep against the $500 ceiling. Two consecutive weeks above it pauses paid spend.
24 Sep — seven-day creative read: which of the five test ads wins on click-through and cost per click.