On October 1, 2024, Pinterest hosted its annual Pinterest Presents where they showcased amazing new opportunities for brands and advertisers on their platform. In pure Pinterest fashion, the livestream was aesthetically pleasing, engaging, and full of positive energy.
Growing Audiences on Pinterest
Pinterest users are at an all-time high at 522 Million monthly active users and now 30 countries are available for ad targeting. Some of the new markets include South Korea. Indonesia, Turkey, United Arab Emirates, and Saudi Arabia.
Increased Popularity Among Gen Z
Because of the updates made to the platform in the last two years, people are rediscovering Pinterest. More than 40% of Pinterest users are Gen Z. They are the largest, fastest-growing, and most engaged audience on the platform.
According to a report on New York Stock Exchange TV (NYSETV), Pinterest isn’t just a place where Gen Z comes to get style and aesthetic inspiration. It’s also where they find and buy the products they love.
Source: Pinterest Presents 2024
One reason for its increased popularity is because of the “search by body type” function launched earlier this year. Users are able to find outfit inspirations for their specific body types and many of these pins are shoppable.
Another cause of Gen Z’s boom on Pinterest is collages.
This pin type was initially launched in 2023, and it continues to be saved at a higher rate than other pin types. Year to date, collages have increased by 418% and have included outfit planning, building beauty routines, mood boards, and interior design.
What does this mean for advertisers? Brands have already started leveraging it by linking products to their merchant accounts and users can buy it right then and there without leaving the platform.
Brands that have uploaded their catalog to Pinterest have seen up to 5X more impressions.
New Advertising Opportunities on Pinterest
Highlighting Promotions and Discounts
Because of the current economic state of the US, shoppers will more than likely look for discounts when holiday shopping. In Q4 2024, the global average discount was at 21%.
Here is how Pinterest can get a retailer’s products into discount-hunting users:
- Sales indicators: Automatically highlights discounts in shoppable pins
Source: Pinterest Presents
- Personalized Promotions: Serve Pinterest users promotions and sales based on what they’ve searched for and pinned.
- Deals Ads Modules: Make ads more visible for Pinterest users across the home feed.
Lower Funnel Offerings
YOY, Pinterest doubled outbound clicks.
Mobile deep links make it easier for an audience to take action and increase shopability.
Pinterest has been known as a great tool for upper funnel initiatives but they expanded their lower funnel offerings to track CPA, Checkout conversions, Total Revenue, and ROAS.
Pinterest Performance + Campaigns
What is Pinterest Performance+ Campaigns? It’s a type of campaign that utilizes AI to automate ad delivery and creative.
This can help advertisers drive lower-funnel performance by optimizing targeting, managing budgets, and bid amounts. It can also speed up campaign build times because it requires 50% less manual inputs required. The components of Pinterest Performance+ campaigns include Performance+ targeting, Performance+bidding, Performance+budgets, and Performance+ creative. Together these are known as the Performance+ suite.
Unlike Meta’s Advantage+, advertisers retain higher control because they can build certain features automatically or mix and match Pinterest Performance+ components based on their needs.
During initial testing, most advertisers saw at least a 10% improvement in CPA for conversion and catalog campaigns and at least 10% CPC improvement for consideration campaigns.
The Pinterest Performance+ suite is available to all advertisers globally for consideration, conversions, and catalog sales objectives.
Why Should Retail and E-Commerce Brands Use Pinterest
In addition to everything mentioned earlier in this blog, there are two additional reasons why it’s imperative for brands to include Pinterest in their media mix.
Target Consumers at Any Stage
Pinterest is a great platform for advertisers to meet customers who are ready to buy but are undecided on what to buy. These users are more open to getting inspired and influenced.
Malik Ducard, Chief Content Officer, said people go to Pinterest to get ideas and make them happen. Pinterest offers tools and ways to target audiences and meet audiences wherever they are on their consumer journey.
Creating a Safe Space for Pinterest Users
It has been part of Pinterest’s mission to create a safer, more inclusive space on the internet. Their community guides prohibit anything explicit, false, misleading, harmful, hateful, or violent. They will remove, limit, or block distribution of these types of content and accounts. This includes health misinformation, conspiracy theories, ‘miracle cure’ products, and civic misinformation. Two years ago, they banned weight-loss ads on the platform and saw lots of positive growth and performance.
What does this mean for advertisers? It means that users will stay on the platform longer and the positive feelings they have while on Pinterest will benefit the brand.
Other platforms don’t ban negative content, so a brand’s ads may appear near something negative. In one study, the majority of 2,000 people surveyed said that if a brand appears next to something negative, they assume a brand endorsed it.
On the other side of the coin, 6/10 US adults believe that they’re more likely to remember brands they encounter when they feel positive, feel positively about brands in positive spaces, and trust brands they see in positive spaces.
Conclusion
With all the updates in lower funnel objectives, shopability, audiences, and AI automation, it really is a no-brainer for retail brands to utilize Pinterest.
If you want to expand your marketing efforts or if you want to look for more opportunities for optimization and improvement, contact our paid social team here!
