Self-serve ads, or promoted pins - to give them their more casual name - are advertisements designed to promote specific content. Pinterest has followed the likes of Twitter and Facebook in allowing every user to pay to promote content across the website.
You need to prepare for them. To start with, do they work and are they worth your money?
Does Pinterest Generate Business?
Pinterest works through the sharing of images. It’s not a text-based social media platform. The truth is Pinterest already generates a significant amount of business, especially with big brands. Currently, Pinterest is the third largest sharing platform (just behind LinkedIn and Facebook). In the second quarter of 2013, 18% of eCommerce revenue came from Pinterest.
It already works for the big brands. Self-serve ads will help to spread some of this success to other users. Before self-serve ads have even taken hold, we know how successful they can be.
Who Uses Pinterest?
To start with, you need to determine if Pinterest has the correct audience. Although you’ll find a diverse community of users, you need to reach a certain number of people to make advertising worthwhile.
Let’s look at a few statistics about the website:
- 80% of users are female.
- Most users are based in the UK, the US, and Australia.
- Users are what we call high earning decision makers. They have more disposable income than the average person and are nearly always the financial decision makers at home.
What this means for you is you’re connecting directly with the person looking to spend the money. You aren’t connecting with a young person who will go on to badger someone else to buy something. If your product or service doesn’t match this demographic, self-serve ads won’t work as well for you.
Understand Rich Pins and Store Displays
Businesses will have the ability to use both store displays and rich pins. These are what many of the advertisements send users to.
Rich pins are like normal pins, except you can add additional information you normally wouldn’t have the chance to. You can add things like short reviews and pricing information about a product. It makes your pins stronger when it comes to content and makes them more likely to have an effect on your target audience.
In-store displays are another tool previously used by big businesses. They showcase your best-selling products with small pieces of information, such as price. Users can also subscribe to find out when any of your top products drop in price.
Why are Self-Serve Ads so Powerful?
Self-serve ads will still require a basic amount of vetting. Pinterest doesn’t want its site to turn into a website filled with worthless ads users aren’t interested in. The difference is most businesses will be able to get through the vetting process. They won’t need to have the prestige of Coca-Cola, for example.
Self-serve ads will appear in normal search queries for all users. Normal pins will only appear to a brand’s followers. This expands your audience and enables you to reach a larger number of users.
What do You Need to do Now?
You can’t succeed with self-serve ads without making sure you’re doing all the right things. How you target your ad is crucial to its success. You have to make sure it appeals to your audience and you have to make sure it compels the general Pinterest audience to take action.
Think about it in terms of a conversion. Ask yourself whether your self-serve ad will encourage someone to purchase a product or visit your website.
Establish your goal from the beginning and gear every ad towards this. Make sure you implement a testing period and try out different ways of connecting with your target market.