Do You Pinterest?
Last Updated on August 26, 2021
Think Pinterest is all about crafts and cooking? Don’t think it’s relevant to your business?
We’d like to challenge that notion. E-commerce on Pinterest is exploding. 80% of weekly Pinners have discovered a new brand or product on Pinterest. They are engaged and often ready to spend.
What are some of the benefits of using Pinterest? Read on to find out more about Pinterest’s ROI for your business and how to incorporate this platform into your marketing strategy.
Advantages over other platforms
With over 478 million monthly users worldwide and 45% of people in the US with a household income over $100K on Pinterest, Pinterest is the perfect place for you to showcase your brand and business to a specific, engaged marketplace that’s ready to spend. Users aren’t on Pinterest for simply entertainment or connection as with other social platforms. They’re there to save new ideas, try new things, or make their next purchase.
Instagram has started to become a popular platform to focus marketing efforts on and try to drive e-commerce interactions, but the ability to easily add links is what sets Pinterest apart from Instagram as a powerful marketing strategy.
In addition, the half-life of a Facebook post (the point at which a post hits half of its eventual organic reach) is 30 minutes. On Instagram, the half-life is 19 hours. The lifespan of a Twitter tweet is 18 minutes. However, the half-life of a Pinterest pin is three-and-a-half months! This means if a pin gets half the views it will ever get in the first 3.5 months, then views will taper off very slowly compared to other platforms (potentially getting additional views for years to come).
According to Pinterest, 85% of Pinners have made a purchase after seeing business content on their feed. Pinterest drives 3.8 times more sales than other platforms and 87% of Pinners have purchased a product because of Pinterest.
Since Pinterest is an inspirational platform, it’s no surprise that it drives a high volume of e-commerce traffic. Pinterest is geared up for brands to sell their products (and services) because while other sites hurry people to convert, Pinterest invites them to browse and consider. This helps you avoid leaving money on the table by missing slower shoppers on other platforms. And guess what? When people slow down shopping, they spend 50% more.
Small businesses in particular will start to see the benefits of using Pinterest when their products are being pinned and then re-pinned on thousands of boards.
Incorporating Pinterest into Your Marketing Strategy
Rich Pins are free types of organic Pins that add extra details to Pins from your website. If something changes on your website as the original source, the Rich Pin updates to reflect that change. You can choose how to classify Rich Pins by the extra meta-information options above and below the image and the bold title in your feed. Note that you will need to go through a short process of applying for rich pins on your Pinterest Business account and validating metadata.
There are currently three types of rich pins: Products, Recipes, and Articles.
Product Rich Pins include additional metadata and are formatted to let people on Pinterest know that they’re shoppable. Product Pins include real-time pricing, availability, product title and description, and information on where to buy your product. Using Product Pins in your marketing strategy can help boost sales and lead to more inbound traffic as Pinners explore your brand and consider purchasing your products. Some qualifying Product Pins can also be promoted as shopping ads.
Recipe Rich Pins give a snapshot of your recipe’s title, ingredients, cooking time, serving size, and ratings all in one pin. Recipe Pins can also display a recipe’s lifestyle category, such as paleo, vegetarian, vegan, or gluten-free.
Article Rich Pins enable any organization with blogs or thought leadership to provide an easy way for followers to save and share articles and posts that interest them. Each Article Pin highlights the headline or title, author, and story description underneath the Pin image. Listicles and image-heavy pages do not qualify as articles, but text-heavy pages such as news articles and blog posts do qualify. Organizations in service-based industries especially can take advantage of using Article Pins to share their thought leadership, since Product and Recipe Rich Pins may not be applicable to their business.
Pinterest gives businesses the option to create advertisements from seven different styles of pins: Promoted Pins, One-tap Pins, Promoted Carousels, Promoted Video Pins, Promoted App Pins, Buyable Pins, and Story Pins. These are great for building brand awareness, increasing in-store or online sales, and driving online traffic back to your site.
Pinterest is the only platform where ads are addictive because users are in discovery mode – they actually welcome advertisements because they’re actively searching for new ideas and new products. Compared to results from traditional social media platforms, Pinterest is 2.3x more efficient cost per conversion and has a 2x higher return on ad spend for retail brands.
Good advertising on Pinterest starts with creating quality visuals and content. Reach out to our team if you need help with this!
Pinterest has a couple of easy-to-use tools for business accounts to manage marketing efforts and track and measure success.
Pinterest Ad Manager is built into each Pinterest Business Account. It helps businesses create, manage, and report advertising campaigns on the platform.
Pinterest Analytics allows you to track post-level, account-level, and link-level metrics across all your pins.
Ready to get started with Pinterest?
Will your company add Pinterest to your social media marketing plan? Whether you’re a B2C or B2B organization, Pinterest has multiple ways to kick your marketing strategy up a notch and drive more sales and revenue. Reach out to our team if you want to get started with exploring digital advertising on Pinterest!