Companies that are small to medium-sized have always struggled with competing with larger companies to get effective ad placements. Advertising on television, in print, and even in online ads based on pay per click, are always dominated by large companies with big ad budgets, leaving small and medium-sized companies out in the cold. However, as social media became popular with consumers, large companies are no longer necessarily the dominant players. Facebook has become a very effect tool in reaching out to the older consumers, while Twitter is seeing a lot of engagement in the younger sector.
The Rapid Ascent Of Pinterest
As social media became a dominant advertising force, Pinterest has come on the scene as the advertising bridge between the older and younger generations. During the first half of 2020, the number of Pinterest users younger than 25-years-old grew two times as fast, and eight out of ten mothers in the United States used Pinterest. Since the launch of this platform 11 years ago, Pinterest has amassed more than 240 billion pins from its user base. Companies that have products and services to sell, which rely on generating leads in order to fuel their eCommerce endeavors, see Pinterest as a golden opportunity to reach out to an enormous portion of the demographics.
Ads On Pinterest Produces Stellar ROI
The popularity of Pinterest ads are based on a couple of marketing metrics. Among consumers in the U.S. who shop on the Internet, consumers who use Pinterest spend more than two times as much as the other online shoppers on the average. On top of that, advertisers find that they do not need to spend as much when advertising on Pinterest versus advertising on another social media channel. So, with a lower ad cost and a higher ROI, it is no wonder that companies are embracing Pinterest in their advertising strategy. To sweeten the pot even more, marketing statistics show that people who look at Pinterest ads have a 70 percent higher probability to convert into a buyer when compared to the conversion rate of other social media ad channels.
Statistics also show that around half of the Pinterest user population do not live in the United States. This is good news for businesses that export products as it makes Pinterest the ideal advertising channel
The Big Pinterest Challenge
There is one particular challenge that is prevalent in Pinterest and not so much in other social media advertising platforms. The cycle of conversion of Pinterest users is longer compared to other platforms. It is a challenge to marketers to pinpoint the exact origin of the sale because the conversion takes so long. This challenges the marketer to fine-tune their ad campaign with more precise marketing so they can measure the effectiveness of their Pinterest campaigns more accurately.
Getting Assistance From The Experts
Pinterest is making its suite of marketing tools better and better with new enhancements that improve the ad experience. These tools have helped Pinterest evolve into a superpower in advertising. However, in order to maximize the power of these new tools, the advertisers should consult with experts. Pinterest started out as a place where companies could build their brand and gain recognition. It has grown to be a direct path to higher sales.
The new tools added might be hard to learn for those who have never used them before. Therefore, it is more important than ever to solicit help from the seasoned experts. For example, pins4profit.com connects advertisers to experts like Lindsay Shearer who will guide the client in using their advertising budget in the most effective way that will give them the best returns. They can see exactly how their ad dollars affect their profits.
The matrix used by Pinterest is still evolving, Shearer stated, so precise planning is needed to maximize returns from the ad expenditures. The fact that it takes longer to measure Pinterest ad payoffs makes it challenging to plan. He illustrates this issue with an example of a consumer who wants to buy beachwear for the summer. In traditional advertising, ads and promotions for beachwear launch close to the summer season and motivate the consumer to visit a store to purchase. However, for consumers who go to Pinterest for summer trends, they start researching probably some time in the spring and won’t purchase until the summer. This long conversion period creates big challenges for marketers who want to track conversion rates and other metrics.
How Is Pinterest Different
When Pinterest’s “cost per million impressions” is compared to Google’s cost per click or to cost using other social media platforms, Pinterest’s cost is still much less. For each conversion, the cost using Pinterest is averaging around 2.3 times less than ads on Facebook and other social media.
Among all the users of Pinterest, 98 percent of them go a step further to research an item or service that they saw in a pin. The most popular categories are cooking, arts and crafts, and do-it-yourself projects. 66 percent of users are actually looking for a product or service. And, small businesses are happy to know that 97% of the Pinterest searches are not targeted to brand-specific items. That gives small businesses a better chance to get their foot in the door in the marketplace.
To maximize Pinterest’s marketing potentials to such a wide audience, the advertiser should the the smart thing and seek the advice and guidance from Pinterest experts like Lindsay Shearer from pins4profit.com. Pinterest is not like other social media platforms, and one should learn from experts on how to get the most out of it. Without this guidance, it will be easy to miss opportunities to take advantage of this increasingly large consumer base who uses Pinterest in making purchase decisions.