What Opportunities Do Pinterest's new "Sponsored Pin's" hold for your Business?
30th June 2015
How using Pinterest’s “Sponsored Pins” can open new opportunities for your company.
Using the promoted pins on Pinterest is a great way to promote your company's brand and to drive traffic to your business. Promoted pins look much the same as a normal pin, however they go further than the normal pins and have much higher visibility than a normal pin. This capability to increase visibility translates into much more advertising value when compared to a normal pin.
This advancement over the normal pins allow for not only your promoted pin to get seen by more people, but it also helps to insure that these people are the right people, and that they are seeing it at the right time. Promoted pins allow you to choose what your target audience and you get to decide who sees it. From a professional standpoint this is incredibly valuable, as it allows you to control the sorts of people seeing your promoted pin. For example, if you want to sell your service as a digital marketing agency then it of course would be beneficial to target those within a certain age range and profession. These targets, and everything else about your social media campaign you can control in real time, and it allows you to track all of the statistics of your campaign in real time which is really helpful when trying to analyse the success of the campaign.
Why should I use Pinterest as part of my business campaign?
There are a few things that, from a business perspective, differentiate Pinterest from the other social networks. Firstly Pinterest is often seen as the "sophisticated" and "business" social network, and a study shows that 93% of all pinners shopped online within the last 6 months. this study also shows that customers referred through Pinterest are 10% more likely to make a purchase on e-commerce sites than users referred from other social networks and also these shoppers tend to also spend twice as much as their Facebook referred counterparts (source: sproutsocial.com) Because of this if you are including a link on a pin to a product or service that you wish to sell then it is of the utmost importance that the link is valid, takes you to a relevant page, and make sure your pins lead to a site where buyers can find out more information and take action to make a purchase directly.
Although you may not have many followers on Pinterest, it is always important to note that the number of people that see your pins is actually much higher than your number of followers. On Pinterest, having a large follower base does not play the same part that it does on Facebook or Twitter. People use Pinterest to discover new things, save money and generally inspire them. the main reason people pin a post is to remember it and save it for themselves, however at the same time if they do pin a post then all of their followers also see the post. This means that if you post interesting and unique content, even with a small follower base, you can still get a pin widely seen by a variety of different people.
Is a Pinterest campaign financially viable for my company?
On Pinterest you do not pay for having your pin seen by its users, instead you pay for users of Pinterest actually clicking your link and following it through to your website. This makes it much more likely that if you do get someone that clicks your link that you have to pay for, that they are genuinely interested in your products or services. This paired with the fact that you can tweak your campaign in real time translates to a campaign that you can assure will only be marketed to those truly interested, and that the amount you pay is directly in correlation to the amount of interested traffic that it drives to your website.
Also the benefits from a campaign on Pinterest do not end when the campaign is finished, and any promoted pins perform the same as, or sometimes even better than an organic pin. One of the key data earnings from the one year sponsored pins beta was that averagely promoted pins were repined 11 times. That caused about a 30% bump in their turnover from their media campaign, and that earned media often translated to a 5 percent bump in the month following the end of a campaign. This is the reason you must stay mindful, be sure that your promoted pins will not become out of date or irrelevant. You want to make sure that, because of the nature of Pinterest as a social network, that your posts stay fresh and have value for months at a time.
Why Pinterest is a good place to invest
Pinterest is one of the fastest growing social networks out there at the moment, and the statistics show this isn’t going to change. The best hope any company has in reaching a very successful campaign of this nature is to join the social network at a time where it shows promise. What this does for your company is it allows all of the new users to find your business quicker. As time goes on more businesses similar to yours will be using Pinterest, and it will be harder for your business to stand out above the others.
Pinterest also has a higher demographic of users with an above average household wage than many other social networks (source: expandedramblings.com) and although you may read this and think that this statistic does not hold a lot of value for a business, all it means is that on average Pinterest users have more money to spend on your products. Pinterest is the best social network to advertise for products on, and the average the Pinterest user spends twice the amount of money online than other social network users do on average.
Statistics also show that 83% of Pinterest users would rather follow a brand than a celebrity, and this alone makes this 83% of users much more valuable to businesses looking to promote their brand. This statistic shows the level that Pinterest users are at, it shows that they are more interested in discovering new products and services than they are hearing about what a celebrity has to say about their life. Also the percentage of online shoppers that bought something as a result of a Pinterest recommendation is 47%, and this is a huge number. In summary, if your product gets recommended to a user then that user on average has a 47% probability of buying the product or service they were recommended.
Some other important notes
Pinterest is a very useful social network for your advertisement needs. Although this is completely depended on the quality of the posts you make. It is of extreme importance that your posts are fresh and have the ability to stay fresh for long periods at a time, and that they will be relevant for a long period of time.