There’s nothing more soothing than scrolling through Pinterest, looking at all the perfectly tailored images. But what if your brand was part of the mix?
While Pinterest isn’t the first platform you think of when you hear “social media advertising,” it can be a solid option for brands looking to reach certain audiences and showcase their products in a more elevated fashion.
Perhaps one of the biggest advantages of advertising on Pinterest is its competitive pricing. Read on to learn more about advertising on Pinterest in 2023.
Pinterest is a unique inspiration-exploration app that effectively combines the features of a social media platform with those of a search engine. Pinterest describes itself as a “visual discovery engine” that helps audiences find creative and practical inspiration, ranging from recipes and home decor, to fashion and party planning.
Pinterest allows users to search for “pins” and save them to “boards” under different categories. You browse through different pins with eye-catching visuals before clicking on the pin for more information or a link to an external website.
For example, you could have a wedding board, a baking board, and a crafting board. Saving pins to boards allows you to easily access them later on or even create an “inspiration board” chock full of beautiful pictures to inspire creativity.
While Pinterest isn’t as well-known as other platforms, it still has a huge user base with over 450 million monthly active users–more than half of them pinning away in the U.S. alone. However, Pinterest continues to expand past U.S. borders, with global figures increasing by 5% in 2022.
Pinterest is a great platform for brands to use if they’re trying to reach female customers, as over 70% of Pinterest users are women. More specifically, mothers tend to use this platform, with 80% of internet-using American mothers leveraging Pinterest. In terms of age, 34% of Pinterest users are between the ages of 18 and 29, while 35% of Pinterest users are between the ages of 35 and 49.
Based on this data, if you’re a brand looking to target high-income 30-something American mothers, Pinterest is a wonderful social media platform leverage for product discovery and growing your business.
In addition to attractive demographics, Pinterest offers myriad benefits to consider:
Pinterest is a diverse platform that offers different formats for advertisers to utilize. We’re going to break them down for you so that you can choose the right fit for your brand:
The cost of advertising on this platform depends on your campaign goal. There are four different goals to choose from: building brand awareness, boosting engagement, increasing web traffic, and sales / conversions.
You can expect to pay between $2.00 to $5.00 per thousand impressions (CPM) if you’re trying to build brand awareness. Boosting online engagement will cost you anywhere between $0.10 and $1.50 per engagement. Driving web traffic will also cost you between $0.10 and $1.50 per engagement. Finally, conversion-based campaigns command between $6.00 and $10.00.
In some cases, however, CPM costs are down YoY, as advertisers have generally been pulling back their ad spend given the uncertainty of consumer spending in 2023 and the shift in focus from growth toward profitability.
Pinterest advertising, like that of other social media platforms, utilizes a bidding model for ad placements. This means that you bid against other competitors for specific keywords and placements. As a result, your advertising costs will vary depending on how much competition you’re dealing with.
For example, say you’re a premium furniture brand looking to boost conversions. This would be a very popular search on Pinterest, and as a result, you can expect to spend around $10 CPM. On the other hand, if you’re more of a niche brand looking to advertise on less popular searches, you could end up paying around $6 CPM.
In order to take advantage of this unique platform with its visual searches and competitive advertising options, you need to follow a few best practices to ensure that your content is appropriate and effective:
If you’re looking to improve your Pinterest game in 2023, your best bet is to partner with a Pinterest ad agency. Even though Pinterest offers a relatively easy-to-use platform, the competition is heightening and more and more new features are rolling out that have not yet been mastered by brands.
That’s where a leading performance marketing agency like MuteSix comes into play. MuteSix helps brands scale with full-funnel advertising solutions, leveraging award-winning creative and media buying strategies backed by real-time data for record-breaking results.
When it comes to handling your Pinterest advertising, MuteSix helps brands leverage best practices across all of the platform’s offerings, run elevated creative, and scale profitably by leveraging the most advanced measurement solutions.
We have the dedicated experience and expertise necessary to win on this platform, and have helped our clients drive massive success. Take GDFStudio, for example. We formulated a cost-effective strategy for the homegoods website to exponentially boost revenue in the wake of stiff competition within the furniture vertical, as well as rising advertising costs across other Paid Social platforms.
By leveraging Pinterest best practices, MuteSix was able to exponentially boost revenue for GDFStudio to the tune of 1,235% in just four months. Of note, we surpassed business goals by honing in on top-performing targeting and creative to effectively scale the account, while seamlessly integrating Pinterest advertising efforts into a full-funnel, omnichannel solution.
This is just one example of how we can make Pinterest work for you. For more Pinterest success stories, check out our client case studies and testimonials.
Pinterest is an economical advertising solution that should be part of your omnichannel marketing mix in 2023. This is a more cost-efficient and highly effective solution to avoiding much of the competition found on larger platforms like Facebook and Instagram, and the higher costs of advertising that come with it.
MuteSix takes an ROI-first approach, leveraging powerful measurement solutions to unlock profitable growth with industry-leading media buying and thumb-stopping creative to scale brands profitably across Pinterest, weaving it seamlessly into your brand’s omnichannel marketing mix.
Looking to reach, convert, and retain more customers on Pinterest? Reach out to our team of Paid Social experts today.