Today’s business environment is hyper-competitive and this has left many businesses struggling, especially those that are medium-sized and smaller enterprises, in their ability to match the companies that are larger than them, when they have to place traditional advertisements on television, print media, or even for a pay-per-click on Google. Even so, by using social media, it gives them a set of platforms that allow them to butt heads with the marketing budgets of larger companies. If your buying demographic is older, traditionally you turn to Facebook, while for the younger, you will go to Twitter.
Explosive Growth of Pinterest
Pinterest is a platform that is attracting more and more interest. Companies that want a platform that bridges the gap between the young and old are turning to Pinterest for ads. In Q2, 2020, users of Pinterest under 25 years of age grew twice as fast, while the usage of this platform includes 80% of America’s Moms. Pinterest has a graphic nature and after over 11 years in the business has had 240 billion pins that were saved by its users. This has led to a great number of products and gives E-commerce companies the opportunity to sell their services and facilitate lead generation.
Exceptional ROI of Pinterest Ads
On an average, every year, on the internet in the US, Pinterest users spend twice as much as users on other platforms do, and this has led, in recent years, to this platform gaining a lot of traction as a channel for advertising. Pinterest ads have proven that they are more cost-effective than ads on any other social media platform, and this reduction in cost results in enormous payoffs. Research into buying habits on the internet have revealed that Pinterest ads have a 70% greater chance of being converted into sales when compared to that on other social media platforms.
In the latest statistics regarding users and sales, there is comfort for those who have advertised on Pinterest. To start with, while most other social websites have reached a point of maturity in their growth, Pinterest continues to show exceptional growth in the number of users. It is still a young social media site that started in 2020 with 320 million active users a month. This number now stands at 459 million, which is much more than the combined user statistics of Snapchat and Twitter.
Pinterest is the right advertising medium for companies that export their products. This is because, as per the latest statistics, 50% of the users of Pinterest live outside the United States.
Pinterest advertising, however, poses a challenge that is different from advertising on other social media platforms. This arises from the fact that it has conversion cycles that are longer than those, when use is made of other social media. It has also a challenge of attributing the origin of the sales. This required that advertising campaigns on Pinterest required careful planning, thought, refinement, and measurement, all of which can be quite challenging.
Help From the Pros
There are a number of tools available on Pinterest that are aimed at making advertising simpler for users, but it is a fact that the best way of leveraging the power of advertisements on this platform, is for you to take the help of experts. These new tools and capabilities for measurement have led to rapid evolution of the advertising platform of Pinterest. While, traditionally it was seen as an avenue that facilitated brand building, it has now become a very viable option for businesses that want it to feed the sales funnel, directly.
This rapid evolution has led to first-time users being confused with the available new tools, which is why it becomes necessary to use the leverage that you can get from outside help. There are experts, like Lindsay Shearer and companies like pins4profit.com that offer advisory services. This advice from them can give companies that advertise on Pinterest a peace of mind and the feeling that their valuable marketing budget is being spent in the right way. They will also see how the spending on Pinterest ads is impacting their bottom line.
As per Shearer, the Pinterest algorithm is still maturing and this requires pinpoint planning to get the most out of the advertisements. He further points out that one of the challenges facing Pinterest ads is that they have longer lead times for paying off. Examples cited are the buying of beachwear during summer. Traditionally, these companies target their buying demographic when they are near the summer season, while typical Pinterest buyers will evaluate their purchases much before that. A delayed attribution makes tracking quite challenging.
It is a fact that when you use Pinterest, your ‘Cost Per Million’ can be far lower than what others pay for Google’s cost per click, or trying to attract consumers on other social media. Companies that advertise on Pinterest must take into consideration that, on an average, their per conversion rate will be 2.3 times cheaper than on ads on other social media like Facebook.
It is a fact that 98% of users of Pinterest will explore products or services that they see on Pinterest, and their interests, whether they are in DIY, artisanal creations, or cooking continue to be inspired by Pinterest. It is also a fact that 66% of Pinterest users search for products and services. A fact that can help small businesses is that 97% of Pinterest searches are not related to brands, and that users are not looking at big-name brands, and this gives the small business scope to increase their potential for market penetration.
All the same, if you want to leverage the potential of your Pinterest advertisements that seem to have an ever increasing reach, so that your sales are supercharged at costs lower than what you get from other avenues of advertising, it is still important that you make full use of the leveraging power of companies like pins4profit.com or/and experts like Lindsay Shearer. If you fail to do so, you risk not being able to get the advantage that can come from the potential of the rapidly growing base of Pinterest users, who turn to this platform for inspiration or for increasing engagement in their decisions on buying products and services.