Pinterest releases new insights: A lot to watch out for advertisers!
Published: March 21, 2023
Pinterest, a visual social media platform, has recently released some new Pin ad tips based on brand lift studies and feedback from over 120,000 Pinners.
According to the data, taking a multi-format, multi-stage approach can yield higher returns. Brands approaching the platform with a focus on different stages-awareness, consideration, and conversion—see three times higher conversion rates than those focused on just one goal.
Below are a few tips provided by Pinterest to maximize reach and conversions:
Experiment with different goals:
By adopting more than one objective, advertisers have seen up to a 57% improvement in sales lift. If you only focus on conversion, you may miss out on reaching new customers further up the funnel.
Pinterest strongly emphasizes the key point that advertisers should aim to target consumers at all stages of the purchase cycle rather than just one.
Data shows that it gives them more opportunities to reach Pinterest users, which can lead to better results.
Increase your video spending:
Pinterest recommends that brands strive for video to account for 50% to 60% of their media budget in order to maximize ROI and response.
Pinterest's key format on this front is now Idea Pins, its TikTok-like full-screen vertical feed. Data shows that this is the most successful brand messaging method.
Keep the campaign fresh:
Using different ad variations in their creative mix can also improve the performance of a Pinterest campaign.
Pinterest also states that using three or more ad formats can boost awareness threefold. Hence, advertisers don't need 16 or more versions of each ad. A few variations to keep things fresh would suffice to make the promotions more engaging.
Measurement should be approached holistically:
To get a true picture of campaign performance, Pinterest suggests that brands correlate their upper funnel brand building and acquisition efforts to lower funnel performance activity.
What else can advertisers consider to strengthen their Pinterest marketing performance?
The visual approach of this platform is becoming more appealing to millennials particularly for getting inspiration. Statistics show that 25% of customers decide to purchase an item or service they discover on Pinterest, and 70% use it for inspiration.
Of late, Pinterest is also experimenting and investing in the platform, from rolling out new video ad formats to launching data clean rooms with LiveRamp.
Undoubtedly, the insights shared by Pinterest are a goldmine for brands. It helps them ensure they stay aligned with those insights so as to make the most of their marketing efforts.
Here are some of our recommendations for brands looking to maximize their reach and conversions on the platform,
Focus on keywords:
As Pinterest covers a wide range of topics, it attracts a broader audience. Primarily, the audiences that arrive at this platform are most likely in the early stages of the buying process.
Hence, to grab the brand’s target audience's attention, it is more than important to use the appropriate keywords for pins. It will increase the chance of your brand appearing in front of audiences who require the respective brand’s products or services. This way, brands can maximize their reach among high-value audiences.
Optimize visual search:
This is indeed not an easy goal to achieve. But, being a visual platform, it leaves great room for creativity. Brands must strive to understand what kinds of creative pieces resonate well with their target audiences.
Besides, they must also be in the know of current trends and approaches so as to incorporate the same in their creatives. On top of all, brands must keep an eye on how Pinterest's algorithm works. As a result, they can be able to adapt those working strategies, optimize the visual search, and improve their brand exposure on the platform.
Test and tweak videos:
It is well known that the consumption of videos on the digital landscape is on the rise. In fact, Pinterest is also suggesting brands increase their video spending on the platform. But it is important to make it intriguing, eye-catching, and scroll-stopping for audiences.
As competition heats up, every brand comes up with creative video pins. To make it distinguishable, it is important to experiment with various types of videos so as to find out the types of content that work with different personas. This way, brands can gain insights to create content that inspires their audiences to take action.
In essence, it is pivotal for brands to tweak their Pinterest marketing strategy to go hand-in-hand with the insights provided by Pinterest.
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