Social Media | 9.15.14
The fastest growing social media network also seems to be the most promising in terms of marketing and advertising. As a highly attractive and visual site, it makes a great discovery tool, allowing customers to find and develop relationships with businesses and for businesses to promote products and services.
For this reason, many advertisers waiting for the day they can take advantage of the promotional benefits this site offers, mainly in the form of advertising campaigns or as Pinterest likes to call them – promoted pins.
Why is Pinterest the Best Social Site to Advertise On?
- Pinterest has over 70 million users and 40 million monthly active users (Mediabistro)
- 80% of U.S. online consumers say they trust information and advice on Pinterest (BlogHer)
- 84% of women and 50% of men on Pinterest stay active users (Mediabistro)
- According to a study done in June 2014, Pinterest drove more referral traffic than Tumblr, Twitter, YouTube (Mediabistro)
- Per user, Pinterest gets 12-14 times the referrals that Twitter and Facebook generate. The average value of social referral (US stats): $179 Pinterest, $80 Facebook, and $69 Twitter (Southerly).
It’s no wonder that many brands are flocking to this social media goldmine to reach their target audience. Here are three things that all businesses need to know about the current status of Pinterest advertising.
1. Pinterest’s New Analytics Dashboard
At the end of Aug 2014, Pinterest introduced a new analytics dashboard to provides brands a better understanding of how users are interacting with their Pinterest content. Businesses are able to see the number of impressions and views that their content has received as well as numbers trended over time. The dashboard also keeps track of how users are interacting with the content, keeping track of the impressions, clicks, repins, and likes a piece of content receives. This includes whether the piece of content as a Rich Pin or Promoted Pin. Lastly, the dashboard keeps track of how related company content made it into the Pinterest site through third party sites and the Pin It buttons.
Why is this Important? For many advertisers who would like to see detailed ROI on social media, whether it’s paid social media posts or not, will likely find insightful information through this new analytics dashboard. Businesses have the opportunity to learn more about their followers, including their demographic and common interest data, to make better business decisions later on.
2. Pinterest’s Tasteful Approach to Ads
Advertising, especially online advertising gets a bad rep these days as being invasive and annoying. Since the beginning of Pinterest’s advertising, Pinterest has made an effort to make sure ads from brands are tasteful, transparent, and relevant on the site. The site even enacted a testing phase with select brands to ensure that ads weren’t annoying users. Just read Pinterest CEO Ben Silbermann’s post that promises what Pinterest’s promoted ads will not become.
Why is this Important? What often holds back businesses when it comes to social media advertising is budget and ROI (am I getting any value?). With Pinterest’s careful, subtle approach to advertising and focus to deliver quality ads to relevant audiences, businesses get more “bang for the buck.” Highly relevant ads at the lowest level of intrusiveness give businesses a chance to succeed.
3. Pinterest’s Visual Appeal
Unlike its main competition, Facebook and Twitter, Pinterest is a purely a visually-driven site. Copy may be king with other types of social media advertising, but Pinterest is all about sharing creative images that attract users who keep wish lists for future vacation plans and home décor.
Why is this Important? The digital age has become a more visual age in the last few years. In fact, 67% of consumers consider clear, detailed images to carry more weight than product information and customer ratings (Wishpond). Not only will businesses have the change to share images of their products and services, users and businesses can also pin videos on Pinterest, which is a great way to promote the company’s story, share interviews, customer testimonials, commercials, and more. Promoted pins can help promote powerful, visual types of content and significantly increase viewership.