In beta, tens of thousands of businesses used Pinterest Ads Manager, but it is now open up to all. Pinterest also announced more advanced targeting techniques, allowing businesses to reach the customers they want.
The Pinterest Ads Manager includes a bulk editor that helps manage and optimize campaigns, as well as a better conversion tag, to let businesses see the true effects of their ad campaigns.
Nipoon Malhotra, an ads product lead, told SocialTimes that companies who have used Pinterest Ads Manager (spending at least $1 per day) saw a 20 percent increase in clicks in the month following the start of a Promoted Pins campaign.
Malhotra talked with SocialTimes about why Pinterest has unique power as an advertising platform:
I think it’s important to recognize the consideration mindset that users have on the platform. When Pinners come to our platform, they’re actively in the mindset to find things to do, and this also includes things to buy. It creates an awesome canvas for businesses to connect with them.
Pinterest really began enhancing its advertising platform last year, and Malhotra told SocialTimes that the company’s revenue grew 5X in 2015, compared to 2014. Buyable Pins and Promoted Pins became more widespread throughout the year.
Now these Promoted Pins are getting more powerful, via targeting.
Pinterest’s Tim Kendall blogged about how the company is enhancing targeting in three key ways:
Interest targeting – We know more about our audience’s interests than any other platform, which is why we’re offering targeting against more than 420 interests (up from 30 previously), including healthy recipes, street style, baby gear and even sustainable architecture. These interests reflect what people want to explore now and engage with in the future—not something they happened to browse last month or a pastime they were interested in years ago.
Keyword targeting – Pinterest search is different: Pinners explore in a consideration mindset, open to new ideas for things to do in the future (compared to other search platforms, where you already know what you’re looking for). We have made keyword targeting more precise and relevant, enabling partners to reach Pinners more effectively when they search.
Customer database targeting – Database targeting enables Partners to reach their existing customers across Pinterest, while in a consideration mindset. By matching a partner’s’ customer list with our own user database, we can create a targetable audience for them to reach their customers on Pinterest. This feature is currently available through our MDP partners, and will be made available through Ads Manager later this year.
How effective have Promoted Pins been? Pinterest noted that in an internal study comparing Pinners who have seen Promoted Pins to those who haven’t, people who saw Promoted Pins had a 40 percent greater awareness of new products and a 50 percent higher purchase intent.
In an internal analysis of advertisers with conversion tracking, Pinterest found that nearly 15 percent of conversions were from earned activity on Pinterest.
Jamie Tedford, CEO of Brand Networks, commented on the newest advertising developments:
We’ve seen brands flock to Pinterest since it opened its advertising API to partners. Our Pinterest advertising business grew by 215 percent from Q3 to Q4 2015 and we expect that number will continue to increase this year. Pinterest is a natural venue to integrate advertising content and drive purchases. Users already search and save products they love, giving brands valuable insight into purchase intent. The platform provides a great venue to bridge the gap between discovery and purchase, more so than many other networks.
Readers: What do you think of these offerings from Pinterest?