In early June, Pinterest rolled out several new advertising features to its users. The visual content sharing platform is making it easier for marketers to create ads that are designed to reach specific market segments thereby increasing their effectiveness.
Targeting and re-targeting ads have proven to be essential in social media campaigns on other platforms such as Facebook. Many brands, including small and medium companies, have experienced increased return on investments (ROI) for their efforts to reach new and existing customers with their products and services.
Pinterest’s new initiative includes allowing marketers to target promoted pins based on location, search engine use, and type of device, as well as data curated by the business in question. Here are three new ways to target your ideal audience based on new updates now available in the Pinterest Ad Manager:
Target Existing Customer List
Providing that you have been collecting customer emails, you can now target your existing customer base with targeted promoted pins. Additionally, you can also target customers who had clicked on mobile ads in the past through their mobile ad IDs. The platform has formed linkages with a number of data-driven marketing companies to make it easier for businesses to make sense of their data and use it effectively for targeting purposes via the Pinterest advertising platform.
Target Mirror-Image Audiences
Pinterest’s new targeting tools will help you find new people who have similar interests and behaviors to your current audience. This will allow you to find new people who may never have heard of your products or services but may find them useful, and has the potential to exponentially increase your audience size and customer base.
Target Website Visitors
Now when people visit your website, you can still lure them back, whether they completed an action or not. In addition to giving your business a second or third chance to convert a visitor to a customer, this also makes it possible to generate repeat shoppers. For example, if a previous website visitor bought an item of clothing (you can substitute clothing for whatever product you sell here), you can create targeted promoted pins that show the customer your latest designs, possibly attracting him back to your website.
While not fully rolled out to all users as yet, the new Pinterest targeting tools for marketers have already resulted in highly positive results for a number of test companies, according to a Pinterest Marketing team blog post. Based on the findings, website visitor retargeting resulted in three times the click-through rate for several of the companies involved in the testing phase. Additionally, lookalike ad targeting increased click-through rates by almost two-thirds while increasing boosted ads reach was 30 times more effective.
There’s never been a better time to advertise on Pinterest and promising figures such as those is expected to drive even more brands to leverage the visual power of Pinterest.
Here are a few more stats outlining Pinterest’s power as a marketing platform:
- Pinterest has more than 100 million daily users
- 66% of Pinners use Pinterest to save items that inspire them
- 80% of millennial Pinterest users use the platform to find items they want to buy
- The half-life of a pin is 3.5 months, meaning each pin creates engagement for 6 -7 months
- Pins with calls to action (CTA) generate 80% more engagement than those without
- Pins that show prices are 36% more likely to receive likes