Pinterest is a high intent platform to advertise on. People go to the site to discover ideas, products and to make plans for new projects. It’s basically a massive source of inspiration. In the third quarter of 2021, Pinterest reported 444 million monthly active users. The potential advertising audience was 233 million.
Around 60% of users are women, and people who pin spend around 80% more in retail than those who don’t. Nearly 80% of millennial women in the U.S. are on Pinterest, and 45% of people with an income of more than $100,000 use the platform.
There are different types of ad formats, and one of the best options for engagement is promoting your brand with captivating videos.
We’ll go more into those formats below and the basic things you should know about advertising on Pinterest.
The Benefits of Pinterest Advertising
Discovery is the core concept that underlies everything on Pinterest. Users go there specifically to find ideas and products, compared to other social platforms where it’s focused on connecting with people.
Pinterest ads work because they naturally fit in with why people use the platform in the first place—they want to find new things. Pinners tend to be primed and ready to shop, and as a result, ads on the platform earn two times higher returns on ad spending, and the cost per conversion is more than two times cheaper than other social media platforms.
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There are five ad objectives you can choose from as you navigate through the Ads Manager. These include:
- Brand awareness: This is so that you can either launch a product or generally get your brand in front of a larger audience. This is one of the initial goals you might have with your paid ads. You simply want to be discovered.
- Video views: This ad goal works for any type of video pin, and it’s a simple goal where you’re trying to get the most eyes on your content that your budget allows for.
- Consideration: The goal of consideration is to get people to click on your Pins, so you’re essentially trying to drive traffic. You’re moving your audience deeper into your funnel.
- Conversions: If you have something where you want a specific result, like an opt-in or making a sale, then you would use conversion campaigns. A conversion campaign will use a tracking code you place on your website, and then auto-adjustments can be made based on your past performance. You should wait several days before you make any changes, according to Pinterest. That way, the tracking code can automatically adjust your goals and targeting once enough data is gathered.
- Catalog sales: If you’re an eCommerce brand, this goal might be relevant to you. These ads are to help you get a product sale, and you can use either Collection or Shopping ads as part of this goal.
A couple of new ad types were introduced for 2022. One of these is Idea Pins. These are short video segments, or they can be a series of as many as 20 graphics. These are meant to attract pinners with educational content that’s immersive. How-tos and demonstrations are idea pins.
The format of Idea Pins is similar to Instagram Stories. You can tag users and topic hashtags, voiceovers, and both graphic and text overlays.
Something else new for 2022 is the option to use augmented reality to create the experience of a virtual fitting room. Users’ cameras can be a way for them to see how things will look on them. To take advantage of this, you need a business account and an uploaded product catalog. You also have to work with a Pinterest account manager.
The Cost of Pinterest Ads
While it’s going to vary depending on your ad format and your campaign, the average cost of an ad in 2021 was $1.50 per click. This makes them less expensive than YouTube and Instagram ads, and they also tend to be more effective.
You can set your maximum daily budget for your campaigns, or you can set up ad group bidding.
One group bidding option is custom bids. With custom bids, you set a max amount you’ll pay for each action in a campaign. The minimum bids vary depending on the competition and ad format, but you control the maximum bid.
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There’s also automatic bidding which was launched in 2020. With automatic bidding, you can lower how much you spend and increase your overall results. When you utilize automatic bidding, Pinterest will make automatic adjustments to your bids throughout the day, so you’re getting the most returns on your spending.
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Setting Up Campaigns
To run ads on Pinterest, first, you need a business account. You can convert your personal account into a business account, set one up from scratch, or you can create a business account that’s linked to your personal one. If you choose that option, you can switch between the two using the same login information.
Once you have an account, you choose a campaign objective and set your budget.
You create an ad group, which lets you group related ads in the same campaign and track them in a centralized place. You can differentiate ads within a group based on factors related to your audience, like interests.
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To create your audience, you go to Targeting Details. You choose a strategy first, which is either connect with users or find new customers. Then from there, once you make a selection, other options become available to you.
You create your ad by choosing something you have already pinned. After you choose a pin, you can add the link where you want to take people who click it, a title, and a tracking URL.
Related: Augmented Reality Ads: The Definitive Guide
You can then publish your ad and go to Ads Reporting to see how it’s going.
Retargeting on Pinterest works the same as other ad platforms, overall. It helps you reach people who’ve already visited your site or have your items in their cart. If you’re using Catalogs on Pinterest, you can use retargeting.
Collaborating With Pinterest Influencers
Collaborating with Pinterest influencers can be an effective way for brands to connect with their target audience, increase brand awareness, and drive engagement and conversions on the platform. Before searching for influencers, make sure you understand your target audience and the type of content they engage with on Pinterest. Start by searching relevant keywords and hashtags related to your niche or industry so you can discover popular content and potential influencers in your space.
There are several third-party tools you can choose from to find Pinterest influencers, allowing you to identify influencers based on criteria such as follower count, engagement rate, and niche. Also, you can explore group boards that are relevant to your industry, which are often curated by influencers who are active in a particular niche. You can identify potential collaborators by looking at the contributors to these boards.
If you have a Pinterest business account, you can use its analytics to identify top-performing pins and profiles in your niche. Look for influencers whose content aligns with your brand values and target audience. Once you’ve established a rapport with influencers, reach out to them to discuss collaboration opportunities. Be clear about your campaign objectives, compensation (if applicable), and what you can offer in return for their participation.
When negotiating with influencers, be prepared to discuss compensation, content requirements, timeline, and any other details related to the collaboration. Make sure both parties are aligned on expectations before moving forward. After launching your campaign, track the performance. Monitor key metrics like impressions, clicks, saves, and engagement to evaluate the success of the campaign.
