The Power of Pinterest for Your Brand
In a world of trends and aesthetically pleasing designs, it’s up to brands to contribute their take on new ideas and creativity to consumers. Having a Pinterest account is a great place to show this off. Many businesses overlook Pinterest as a way to further their marketing efforts and have yet to see the potential Pinterest holds for their brand – let’s change that.
Pinterest is an image-based, idea-driven social network with more than 200 million users that seek out and share inspiration for experiences, products, and tutorials. The platform boasts over 50 billion pins, 1 billion boards, and 75 billion ideas. Every day, nearly 2 million people save product-related pins to their boards. These numbers scream opportunity!
When it comes to Pinterest there’s a stereotype surrounding it that assumes only women are using it. However, 40% of new signups are men and 40% of U.S. dads are using Pinterest. Now that we have some sizable statistics to help understand why your brand could be benefitting from a Pinterest account, let’s take a look at ways it can be utilized to help build and promote your company.
Pinterest gives your brand a story
Because Pinterest is an image-driven social media platform, it allows your brand to tell its story through visuals. People go to Pinterest for inspiration, and sometimes a visual does more than any words could. Learn how to define your brand through a signature visual style and you can find yourself getting repinned.
Pinterest drives significant referral traffic
Around 5% of all referral traffic to websites comes from Pinterest, according to Shareaholic research. This is second only to Facebook, which drives almost 25% of all referral traffic on the web. If you’re creating and sharing content that your audience likes, they’re more likely to follow your links back to your website/products.
Pinterest users are ready to buy
According to research released by Millward Brown, a whopping 87% of Pinners have purchased a product because of Pinterest. They also found that 93% of Pinners have used Pinterest to plan a future purchase. Because people go to Pinterest for inspiration, when they find it they want it. Reese’s corporation is an example of a great Pinterest success story, as their senior brand manager explained: “We were able to showcase the Reese’s brand in a fun, playful and engaging way. We successfully impacted purchase intent, brand favorability, and familiarity…” This is just one example of how brands are learning to use Pinterest to increase sales.
Pinterest can help boost your brand’s performance
Pinterest can be a highly effective way to drive your brand’s performance, especially if you have a product that needs a bit of creative thinking towards how to use it or different ways to use it. For example, on Pinterest you can find a creative recipe for “Taco Cheeseburger Tatchos” on Old El Paso’s account. While the company is known for its taco kits, they utilize Pinterest to inspire new ways to use the products.
Typical product manuals and instructional videos offer pages of reading that customers often ignore or rush through. Pinterest gives you the chance to offer product training in a fun and entertaining format that people love to see.
Pinterest informs you of emerging trends
Pinterest can give you powerful signals into emerging trends and, especially in fashion; home and garden; food, and beauty. Pinterest search pulls up popular keywords and trending products in real-time. When you use Promoted Pins, you can also track which products are in style or might be losing traction in the market.
To understand what your target audience is into, you can follow your followers to see what their boards and pins look like. This allows you to understand what’s hot today and use that information to position and improve your offers and products.
Advertising on Pinterest
When it comes to advertising on Pinterest, you have your promoted pins, video ads, and carousel ads. Videos are huge on all social media platforms this year, so taking advantage of video advertising on Pinterest is a good place to start.
After deciding which type of targeted ads you think will work best for your brand, you have to set a bid. The three types of bids are as follows:
- Auction CPM (cost per mile) – bid per 1000 impressions
- CPE (cost per engagement) – You pay when people save, zoom into, or click on your pins.
- CPC (cost per click) – used to drive traffic to your website. You pay when someone clicks through to your website.
If your objective is to build brand awareness, you will likely be spending $2.00 to $5.00 for 1000 impressions. Ads with this objective are based on a cost-per-mile (CPM) pay scale. You pay for every 1000 times your pin is seen. The minimum bid for this ad is $2.00.
If your objective is to boost engagement, ads will cost $0.10 to $1.50 per engagement. These types of ads run on a cost-per-engagement (CPE) model. This means that you pay when someone engages with your ad.
There are plenty of reasons to advertise on Pinterest, which we hope you can see now after reading this blog. If you are not already on Pinterest, it’s time to get started!
- There are over 175 billion ideas on Pinterest.
- 83% of weekly Pinners have made a purchase based on the content they saw from brands on Pinterest.
- 72% of Pinners use Pinterest to decide what to buy offline.
- Six out of every ten millennials use Pinterest to discover new products.
- Over 5% of all referral traffic to websites comes from Pinterest.
- Two-thirds of pins represent brands and products.
- Food & Drink & Technology are the most popular categories for men.
- The top Category in the US is Art, Art Supplies & Hobbies.
- Recipes: There are more than 1.7 billion recipe Pins.
- Shopping: Every day nearly 2M people Pin product rich Pins.
- 50% Have Made a Purchase After Seeing a Promoted Pin.
- Promoted Pins have repinned an average of 11 times per advertisement.
- Articles: More than 14 million articles are Pinned each day.
- The average time spent on Pinterest per visit is 14.2 minutes.
- 85% of Pinterest users use the site when they want to start a new project.
- 64% of Pinterest users described the platform as a place to find ideas, products, or services they can trust.
- The average number of monthly searches on Pinterest is 2 billion.
- 98% of Pinners report trying new things they find on Pinterest
- 77% of weekly Pinners have discovered a new brand or product on Pinterest