What makes Pinterest different from other social media platforms like Facebook, Twitter, Instagram, etc., is that its primary use is not connecting with others. On the contrary, it is a search and discovery platform. People spend hours and hours looking at things they want to do, learn, or purchase. Most of the users on the platform are looking to purchase items of interest that will somehow help them achieve a goal or complete a project.
When it comes to marketing, Pinterest is an extremely underutilized platform. According to Hootsuite, there were almost 459 million users on Pinterest in 2021 per month. In 2020, almost 100 million users were added. This shows just how many people are using the application and the potential market. Read this “getting started” guide on how you can dive into the world of Pinterest advertising and bidding.
What are Pinterest Ads?
The reason why Pinterest ads are so powerful is the fact that they are presented as normal pins. The only difference is that you will see a “Promoted by” tag on the pin that is an advertisement. These ads seamlessly mix in with normal pins and do not seem out of place like ads on other social media platforms. The ads are displayed on the home screen by an algorithm that tracks their historical activity on the platform, much like Instagram or TikTok. This means the ads target potential buyers and not just people at random. You can target different people based on the following criteria:
Pinterest allows you to choose from 5 different ad formats. The format you pick will depend on your brand and needs.
- Standard pins
- Carousel ads
- Video pin ads
- Shopping pins
- App install pins
How to Set Up an Ad Campaign
So, how can you stand out with your Pinterest ads? Setting up a new ad campaign requires following a few simple steps.
Make a business account
The first thing you need to do is to set up a business account on Pinterest. You can set it up by clicking your user profile icon which is present on the top corner of the page.
Describe your brand or business
The next step is to describe what your business or brand is. You will be given some options you can choose from. Is your business beauty, home, travel, etc.? Make sure to click the most appropriate business category as this will greatly affect how your ads are listed to users.
Create a campaign
Once done, go ahead and create your ad campaign. Simply click on “create” and then on “create campaign”.
Choose your goals
What is the aim of your business? Why are you promoting your brand on Pinterest? Even though it seems complicated, this step is easy. It’s best not to overthink it, and keep in mind you can always test multiple campaigns with different goal settings. You will need to choose from the three options given. These include awareness, consideration and conversion. Are you looking to create awareness about your brand/business only? Do you want video views or content engagement? Are you looking for increasing traffic to your website or Pinterest page? Or, do you want to promote your catalog or brand? Start with the goal you’d most like to achieve and test variants from there.
Set your budget
Choose whether you want to set a lifetime or daily budget. Go ahead and choose a start and ending date for your campaign.
The Pinterest campaign manager has two options for setting bids.
Custom Bidding: Here you will enter your maximum CPC bid amount via the Ads Manager or Bulk Editor. While you may have more control over what you are bidding at the ad auction, keep in mind this is a manual process which could be time consuming if you need to adjust your bid amounts over the course of the campaign.
Automatic Bidding: With this option, Pinterest will manage your bids for you, working to get the maximum clicks for the lowest possible cost to maximize the budget you have prescribed. There is a learning period when you begin automatic bidding as Pinterest’s algorithms work to find the best outcomes for your ads, but once Pinterest finds the sweet spot for your bids, automated bidding can help get you the most for every dollar spent, not to mention saving you loads of time.
Pinterest also partners with various third party solutions to give their advertisers more options for better results. By layering a bid optimization solution over Pinterest’s bidding tools, you can take your results even further. A few of the added benefits of using a tool like MarinOne include:
- Advanced bidding algorithms that take in over 75 signals for the best responsiveness and accuracy.
- Custom bid modifiers to adjust to external market signals that are relevant to your business.
- Forecasting to help you find the right level of marketing investment and help predict expected conversions, revenue, and profit for your entire account or specific bid strategies.
- Budget allocation that assigns spend levels to your bid strategies by setting targets and campaign budgets based on your campaign goals.
- Budget pacing which tracks your spend over the course of the month, quarter, or custom spend period, and adjusts your bidding targets to keep you on track.
- Performance insights and recommendations that scan your accounts for any and every opportunity to decrease costs and improve results.
Tips for optimizing your Pinterest ads
Get specific in how the ad is positioned
To make the ad more specific and ensure it reaches individuals who can potentially turn into customers, you need to provide details within the creative. One effective approach is to select who you are going to target and put together a “how to” or “tutorial” that directly addresses that target demos’ particular needs or problems that your product solves. It’s a good idea to use multiple keywords within the written content to make your ad impactful for many different searches.
Ensure the Pinterest tag is installed properly and firing
The Pinterest tag allows you to track conversions and optimize your Pinterest campaign budget. With the right setup, you can report conversions from nine different types of actions on your website and view them in Pinterest Ads Manager. Proper installation of the Pinterest tag is essential to get the most out of it. The tag can be installed manually on the website or through Google Tag Manager. To check that the tag is firing and fuctioning, you can utilize the Pinterest Tag Helper.
Use impactful visuals to showcase your brand
Your brand is only as good as you portray it to be. So, choose colors, imagery and videos carefully. Showcase your work and expertise through the aesthetic presence of your brand on Pinterest. Many businesses, both large and small, use Pinterest ads to create awareness about themselves. Therefore, it is important to share real-life pictures of your brand/business in action.
Make the most of your Pinterest advertising
If you have a product that you want to share with the world, Pinterest is an excellent platform to do so. The biggest advantage you will have is that it is still highly unexplored and still a fairly untapped marketing platform today. Most advertisers and marketers are not using Pinterest to its full potential, meaning the available audience is not experiencing ad fatigue. The likelihood your vertical has thousands if not millions of users ready to engage with your brand, without excessive competition, is very good. By placing Pinterest Ads, you can gain that competitive advantage that others don’t have.
In addition to the bid optimization tools mentioned above, MarinOne can also help you measure the results of your Pinterest Ads with advanced analytics that detail performance within and across Pinterest campaigns and also side-by-side with other search, social, and ecommerce publishers. Pull in your customer data from your web analytics and CRM tools for a more advanced view of conversions and LTV. And once you have all the data processed in MarinOne, you can push that out to Excel, Google Sheets, your data warehouse, or BI tool.
Now that you know what a gold mine Pinterest is for leads and conversions, reach out here to get started with MarinOne for Pinterest.