First-Mover Advantage or Growing Your Audience With Pinterest Ads.
When we are deliberating over advertising on Social, Facebook and Instagram ads are often our default choices. While proven to work for a lot of advertisers when done right, these platforms are highly saturated with competitor brands.
Here at Postmedia, we are continually looking for new opportunities to build our client’s brand presence. In this article, we will be highlighting a platform that has quietly been building a robust advertising ecosystem with more and more brands using it to gain a market share.
Unlike other social media channels where people share content about their lives, Pinterest positions itself as less disruptive and a brand-safe escape from reality into a world of inspiration and product discovery. In a nutshell, it’s a visual search platform where users, in their research stage of the customer journey, turn to discover new ideas, products and solutions.
What demographic can I reach on Pinterest?
Let’s look at some fast statistics provided to Postmedia by our Pinterest Partner Team in Canada:
➔ High-income households are twice as likely to use Pinterest than low-income households.
➔ Pinterest reaches 86% 25 – 54 years old in North America with a household income of 75K+.
➔ 8 in 10 users identify as a parent.
➔ Shopping is a top priority for 48% who use the platform, with majority of the audience using it when actively considering a purchase. ➔ 98% of users say they’ve tried something new they found on Pinterest & 83% of users have made a purchase after seeing a brand’s content on Pinterest.
➔ 97% of top searches on Pinterest are non-brand specific.
➔ Pinterest users not only looking for home and fashion ideas, but the study also shows that users are actively engaging with many other verticals such as financial services, telecom solutions, etc.
The majority of Pinterest’s potential audience has disposable income, is still in the discovery phase, and is open to new brands. They are intent on finding a specific solution for their needs.
Why is now a good time to test Pintrest to grow your audience?
Pinterest can be a powerful tool to promote your business for several reasons. Why now is a good time to test:
Pinterest became a billion-dollar business last year, earning $1.14 billion in total revenue. This is due to growing demand from advertisers, which numbers have doubled in the past year. More and more advertisers turn their attention to the platform for full-funnel advertising solutions.
➔ Active advertisers are experiencing solid auction dynamics, with lower CPMs ($2.14 avg. eCPM ) and significantly more efficient CTRs and CPCs ($0.27 avg.) compared to other social media channels.
➔ Higher return per $1 spent compared to some other platforms.
➔ Pins that lead to relevant and useful content are being shown more to users.
➔ Pinterest’s user base has grown 26% compared to last year and is expanding.
➔ +55% increase in searches, +25% increase in new sign-ups, click-throughs on links from Pins, and Saves year-over-year.
➔ Pins that follow best practices drive up to 22% lift in sales.
Conclusion: Despite growth in popularity amongst advertisers, Pinterest is still far from reaching a point of over-saturation. This means it is the perfect time to test the platform for your business.
Some of the use-cases:
➔ Increase your brand reach & recognition
➔ Grow traffic to your website or a sponsored content story at an efficient cost
➔ Tandem your SEO strategy with Pinterest for improved results
➔ Boost sales and leads on your website
➔ Reach shopping-intended user with dynamic shopping ads
➔ Remarket to your existing audiences
Reach out to Postmedia to learn how to successfully incorporate Pinterest into your multichannel strategy.
References:
1. 28 Pinterest Statistics Marketers Should Know in 2020 2. 25 Facts You Need to Know About Pinterest 3. How to Drive 328% More Ecommerce Sales Using Pinterest’s Buyable Pins 4. Pinterest Advertisers Creative Inspiration
