Pinterest’s new beta feature—called One-tap promoted pins—makes a good thing even better, especially for app install campaigns. While this feature is in its early days, we’re not only hearing reports of drastic improvements in click through rate (CTR) and commensurate decreases in cost per click (CPC)—we’re seeing it ourselves.
Traditionally on Pinterest, when you see a pin that interests you, you click to expand it, and if you want to go to the vendor’s site, you have to click again to get there. Now, One-tap automatically directs you to the vendor’s site, removing a step from the conversion funnel.
Generally, Pinterest charges by click and not by impression, ensuring that only engaging, interesting promoted pins achieve consistent delivery (and by extension, spend). The greatest lever for improving CTR, then, is your creative.
For app-install campaigns, however, CTR has been a significant hurdle to clear, even with the most compelling imagery. App installs tend to get very low click-through rates, and we (as well as some of our partners at Pinterest) believe it is because they tend not to get engagement clicks. Downloading an app is an impulse decision—we either do it or we don’t.
But does it work?
One of our clients, a major media organization, was hovering at a 0.1% CTR. We’ve found that the ideal rate for Pinterest is 0.2% to 0.5%—which is lower than we’d consider ideal on other platforms, but here’s why. At less than 0.2%, it’s very difficult to optimize: there is not enough data to meaningfully understand where to look for improvement. Above 0.5%, the Pinterest placement algorithms are going to make sure budget is spent quickly. If your CTR is high, you can bring your cost-per-click (CPC) bid down, with the goal of making your ad last throughout the day and using the savings to scale.
Using One-tap, our client saw performance improve more than 400% in CTR, while their CPC dropped from over $2.00 to $0.38 cents. Obviously, this has had a huge effect on our client’s down-funnel cost. They are seeing much cheaper installs, and they are exploring new opportunities for expansion on Pinterest because it is working so well.
Long story short
If you have avoided Pinterest because you haven’t been able to drive cost-effective traffic, One-tap could make a huge difference for you when it becomes available to the public. If you’re marketing apps, and you have not explored Pinterest, you are missing out.
Pinterest is one of the most exciting platform opportunities available to digital marketers, partly because it is new—the company only started selling ads in 2015. Yes, it works differently than other platforms. Yes, it tracks data differently too. But compared to other platforms, Pinterest is the New World, where fortunes stand to be made by those willing to explore it.
Of course, the smartest explorers use guides who know the territory. If you’re interested in learning what Pinterest can do for your app-install program, let us know.