Advertisers who are deploying campaigns on Pinterest now have a couple of new conversion features to take advantage of moving forward.
Conversion Optimization
Following in the footsteps of some of its competitors, Pinterest has announced that it has now added a new conversion optimization for Promoted Pins feature that will allow advertisers – for the first time – to configure their campaigns to focus on a variety of new actions to drive goals.
Previously, Promoted Pins were only able to automate clicks as a goal setting metric, but now marketers can optimize their Pinterest campaign objectives to support new actions such as ecommerce checkouts, more user signups, and generating better quality leads.
“Advertisers who care solely about performance have been able to achieve their business goals using manual inputs, but the new conversions objective allows them to hit their goals quickly and easily without additional effort,”
Pinterest stated on its official blog.
Conversion Goals for Promoted Videos
In addition to the above feature being rolled out, the popular image-sharing platform also announced the implementation of Conversion Goals for Promoted Videos.
This new conversion ability will better support advertisers who are trying to drive more traffic to their brand by allowing users to click and open a landing page that contains the advertiser’s website as well as a closeup of the video.
Since its inception in 2016, Pinterest’s Promoted Video format has been largely successful for both its advertisers and its own internal revenue. In fact, the company states that 67% of people who view a video on its platform are inspired to take an action to purchase.
Building Up
Pinterest has made a variety of updates to its platform recently as the company seeks a valuation of up to $9 billion when it makes its debut on the public market later this spring.
Late last year, the company gave its product pin functionality a series of updates, further enhancing how pricing is displayed, product recommendations are made, and even adding new “add to cart” shortcuts to help accelerate ecommerce purchases.
There has been some fierce competitive pressure increasing lately on the platform lately - particularly from Google, which recently announced that they will be implementing a very similar style of ads to its Google Images search results section.
The two new updates above are just the latest we’ve seen in a series of utility extensions between Pinterest, Google, Facebook, and Amazon as the battle for more of the advertising market intensifies this year.
Benefits of the Platform
While Pinterest is one of the more niche networks when it comes to major advertising networks in the space, there are no shortage of statistics to motivate you into running some campaigns if you aren’t already.
For starters, of the 250 million monthly active users viewing the platform for shopping inspiration, 40% of them have a joint household income of over $100,000. 87% of those who have posted pins have made a purchase directly as a result of something they saw on the network, and 93% of them plan on using Pinterest to make a future purchase.
Interestingly, Pinterest is also a huge source of referral traffic as well. Falling behind only Facebook, Pinterest is steadily increasing its year-over-year referral growth.
Clearly, there is a lot to gain if you’re responsible for driving traffic to some of the niche verticals that Pinterest best serves, like lifestyle, beauty, and ecommerce products. And in a time where diversification is becoming more paramount for digital success, there’s little to lose and lots to gain from dipping your toes in the water.
Get the ball rolling and visit Pinterest Ads if you interested in starting a Pinterest Ad campaign. Conversely, our performance management team is always happy to help share their guidance and wisdom with you if you have any questions about how to best optimize your ads. Simply reach out to them here.