Advertising on Pinterest
Everyone knows the big dogs in social media, including Facebook, Instagram, YouTube, etc., but how many of you have Pinterest? Apparently, millions – more accurately, 400 million monthly active users and growing since the coronavirus pandemic started – the largest it has ever been. With everyone staying at home, the Pinterest boards and ideas started skyrocketing, with home projects becoming a popular hobby for both men and women. With that, there are rising advertising opportunities on the platform to engage your audience. In fact, 83% of U.S. Pinterest users have made purchases based on Pins from brands they saw in feed, so make sure you are utilizing the platform to the best of its ability.
The Target Audience
Well, Pinterest is widely known for being the hub of inspiration and positivity. Boards and Pins are full of perfect designs, recipes, crafts, exercises, and more. This platform is often where people go to collect ideas for their own pursuits or dreams. Unsurprisingly, the home décor category is dramatically increasing in traffic on the site, with consumers focusing on making the most of their space. Other categories increasing in traffic are people looking for information on homeschooling and keeping children engaged/entertained. Women are the ones who make up the majority (60%) of the platform, but men and younger generations, millennials and generation z, are starting to surge just as high. As usual, these differences in age mean they are looking for different needs to be met on the platform. Millennials are now adults and are looking for insight on life skills, cooking, family activities, and just tips and tricks on adjusting in the world in this new normal. Generation Z is looking for ideas to help with future growth, beauty, social good, outfits, etc. These demographics are not just U.S. based; in fact, Pinterest is even more popular internationally, with international revenue of $41 million. That is up 72% year-over-year and accounts for 15% of its total revenue. It is important to know who is on the platform and why they are there to help formulate a good advertising strategy.
Pinterest Buying Platform Enhancements
Revenue for Pinterest is rising and up 50% from this time last year, and they are committed to investing and prioritizing long-term growth and improvement. One way they are improving is through their buying platform for advertisers. New features include Dynamic Retargeting and Shopping – this is where we connect a brand’s product feed to dynamically and directly serve relevant products based on other products a user has viewed but has yet to purchase on the brand’s site. This helps push products to consumers who have previously shown interest or might have interest to look at the carefully placed product. Another enhancement is their automated bidding, which is where Pinterest manages the bid instead of you. This includes having the bid automatically updated throughout the day with the aim of low-priced clicks and low cost per result when spending your allotted budget.
Lovesac Case Study
Automatic bidding is something we have used to advertise for our very own clients, including Lovesac. In the beginning of 2020, we started to introduce Pinterest into our marketing strategy for Lovesac, and through automatic bidding we have seen success, with CPM – 68%, CPC – 82%, and CTR – +80% for our ad promotions on the platform.
Pinterest is constantly introducing new formats to better compete with Facebook. Their video collections ad, in beta testing right now, could prove to be a valuable addition to their other formats, including carousels, standard, video, and shopping ads. There is so much you can do on this platform and the ads that really perform well are those that inspire, tell a story, and give the audience something to take away.
People who go on Pinterest are looking for home, life, and self-improvement contentto really reach them, not only do you need the proper placements, but you need to be active and involved.