There are several really good reasons to drop the marketing initiatives that you are currently working on so you can test Pinterest Ads:
1. Pinterest Uses Search Targeting, Similar to Adwords
For 15+ years Adwords has dominated search marketing, with the unique proposition of offering ads at the moment when consumers are actively looking to purchase (i.e. exhibiting “intent”). Now Pinterest is entering the fray, and with a much-more engaged, valuable, and visual (i.e. product-focused) user base.
What does this mean for you as an advertiser? First, users with intent are more likely to buy, which means they are very attractive as an audience. Usually this also makes them expensive, but luckily that isn’t the case (see #3 below). Second, audiences based on searches are “evergreen” meaning that Pinterest audiences are constantly full of new potential customers because of the fast turnover.
Furthermore, many advertisers still don’t know that some of the targeting is search-based, which means you can get a leg up on the competition!
2. The Average Pinterest User is 2x More Likely to Buy Something Than the Average Internet User
I think this point pretty much speaks for itself? If you aren’t convinced, here is a graph:
3. Pinterest is Old Enough to be Vetted and Have a Large Audience, but New Enough to Have Extremely Cheap Advertising Inventory
The waiting list to become an advertiser on Pinterest is long, and getting longer each day. What does that mean for the brands already on the platform? Less competition! This benefit surely won’t last forever, but our clients who are on Pinterest are seeing CPMs at levels 80% cheaper than comparable audiences on other more mature platforms.
One other bonus point for Pinterest is that re-Pins from other users (similar to a “share” on Facebook) are NOT charged to you as an advertiser. So if you can create a Pin that people share over and over, you drastically lower your effective cost-per-click over time. Pinterest says you can expect a 10% reduction of CPC month-over-month and our data is consistent with that figure. We’ve seen click through rates on “earned” impressions at around 10x the rate of paid impressions.
4. Pinterest Ads are Driving Conversions
At this point you might be thinking, “Yeah yeah big deal, I can target valuable demographics on a bunch of platforms, and if I want intent I can always go to Adwords, and who cares about cheap clicks or impressions if people don’t convert…what’s the compelling reason to actually allocate resources to Pinterest?”
I had the exact same feelings 3 months ago before we had run any significant volume through Pinterest. Now at least $100k later we actually have data to show:We have multiple Pinterest campaigns running 50% lower cost-per-conversion than other channels.
These are just four of the reasons we are excited about Pinterest Ads at Social Fulcrum. The platform isn’t for everyone, and there is still only limited data, but we are recommending that you at least test the platform for now. Considering the speed at which Pinterest is developing their ads platform, there are probably still some huge advances yet to come.
If you’d like to learn more about how to win at Pinterest ads, feel free to shoot me a message. We are one of only four Pinterest Boutique Agency Partners worldwide, so I can hopefully help you avoid the pitfalls and take advantage of the more-advanced features not discussed above.
If you have any comments on the above post, please include them below in the comments!