Latest on Pinterest Marketing
A lot happened in 2014; wearable technology became mainstream, video marketing soared, the multi-screen movement came to the forefront, and email marketing in Canada hit a speed bump. Amongst all of the technology innovation, new, fancy buzzwords and marketing struggles was the introduction of Promoted Pins from Pinterest.
Pinterest, which has raised more than half a billion dollars in funding, is a crowdsourcing bulletin board network of sorts that allows users to post images of products they like, called “pins”, to their respective boards. The company has made multiple changes to the platform since its inception in 2010 and has started to ramp up revenue in 2014 with the introduction of a Promoted Pins program that invited brands to pay for pins that appear on the search and category pages.
The advertising program was only opened to specified branded partners with more than $20,000 in their monthly advertising budgets, but announced in a blog post on Sunday, by Joanne Bradford (Head of Partnerships at Pinterest) the CPM Promoted Pins program will be open to all U.S.-based partners on January 1st, 2015. (Full blog post can be viewed here)
Here are a few points from Joanne’s post that marketers may find interesting as they head into 2015 with new digital marketing options on the horizon.
- Promoted Pins perform just as good and sometimes better than organic Pins. Brand advertisers achieved about a 30% bump in earned media (free impressions!) from their campaigns. That’s from people who saw a Promoted Pin and thought it was good enough to save to one of their own boards. Engagement is strong— the average Pin is repinned 11 times, and that remains true for Promoted Pins (if not higher).
- Promoted Pins perform long after a campaign ends. Since Pins are evergreen and last forever, we often saw an extra 5% bump in earned media in the month following the end of a campaign.
- Brands both in and out of our core categories found success. From financial services to food to auto, brands from a wide array of industries saw results.
- Auction-based Promoted Pins (CPC) are seeing success, too. Many of our self-serve beta partners are seeing major gains in traffic and impressions. We’re still making tweaks to the product and want to make sure we get it just right before we roll it out to all businesses.
We have dabbled a little bit with the Promoted Pin platform, but it is yet to be determined how effective this new CPM model will be. Stay tuned in 2015 as we dive deeper into how Pinterest’s new revenue stream will benefit brands online.