Whether you’re looking for crockpot recipes or nursery decor ideas, Pinterest has become the go-to social media platform for inspiration. In fact, 86% of millennials use Pinterest to plan for life’s special moments. Although it may not be the first platform to come to mind when thinking about social media marketing, it’s a great option for marketers looking to target specific audiences cost-effectively.
What Is Pinterest?
Pinterest is part social network, part search engine. The site allows users to discover, save, and share a range of images and videos. When users discover a “pin” that excites them, they can either save the pin to one of their “boards” or share it with a friend. While you can discover a variety of pins from every category imaginable, the most common categories are home decor, food and drink, art, and beauty.
Who Uses Pinterest?
If women are your primary target audience, consider using Pinterest. Forty-six percent of U.S women use Pinterest, and 80% of U.S moms are scrolling through the site in their free time. And unlike platforms like TikTok that attract a younger audience, people of all ages turn to Pinterest. Statista reports that 38% of Pinterest users are aged 50-64, 34% are 30-49, and 32% are 18-29. This makes Pinterest an appealing platform to brands that cater to all ages.
Why Advertise on Pinterest?
Outside of reaching your target audience, Pinterest has a plethora of additional benefits. While Facebook and Instagram are primarily used to keep up with friends and influencers, Pinterest users are on the hunt for new projects, brands, and products. Ads on other platforms may feel like an interruption on a user’s feed, but Pinterest ads are appreciated because users are already looking to make a purchase.
According to Pinterest, ads on their platform have a 2x higher return on ad spend for retail brands than other social media platforms. Furthermore, Pinterest’s precise targeting tools make it easy to get your brand in front of your target audience.
What’s the Average Pinterest CPM?
The average Pinterest CPM, or cost per thousand impressions, ranges from $2.00 to $5.00. Like most things in life, the answer depends on various factors. Pinterest has three different goals to choose from: boosting engagement, building brand awareness, and increasing web traffic. Costs will vary based on your goal.
If you’re looking to build brand awareness, advertisers should plan to pay $2.00 to $5.00 per thousand impressions (CPM). Driving web traffic will cost between $0.10 to $1.50 per click. While boosting online engagement will also cost between $0.10 and $1.50 per engagement.
Like other social media sites, Pinterest uses a bidding model for ad placements. A bidding model requires advertisers to bid against their competitors for keywords and placements. Because of this, advertising costs will depend on how much competition is out there.
As an example, let’s say you’re a women’s beauty company interested in building brand awareness. Since women’s beauty is a popular search on Pinterest, you may pay $5 CPM instead of the minimum $2. On the flip side, if you’re a brand with a small target audience advertising on less popular searches, you may pay around $2 CPM.
Let’s take a closer look at Pinterest’s bidding options for advertisers.
For custom bids, you set the maximum amount you want to pay for each action in a campaign. Minimum bids vary based on ad format and the amount of competition; however, you control the maximum bid.
Launched in 2020, automatic bids are managed by Pinterest. These bids are updated automatically several times a day, helping you get the most clicks for the lowest cost. However, there may be some cost fluctuation at the beginning of your campaign while Pinterest’s algorithm looks for potential outcomes.
Pinterest Advertising Best Practices
Before you get started advertising on Pinterest, take a look at the following best practices to help you get the most out of your campaigns.
Create Visually Appealing Ads
Pinterest is a visual platform, so your ads must be eye-catching. Make sure you’re using high-resolution images with clear branding and good lighting.
Use the Right Keywords
Creative copy is great, but if you’re not using the right keywords, no one will see your ads. Before you start advertising on Pinterest it’s a good idea to conduct keyword research. Once you know what people are searching for, you can use target keywords in your titles and descriptions so your campaign shows up when your audience searches for those terms.
Don’t Forget a CTA
Including a strong call-to-action will encourage your target audience to take the next step toward making a purchase. Simply adding “Visit Our Site” or “Learn More” can help increase conversions by up to 80%.
Lower Your Average Pinterest CPM With Our Team
For brands looking for a higher return on ad spend, Pinterest advertising is a fantastic marketing tactic. To get the most out of your Pinterest ads, you’ll need a solid Pinterest advertising strategy. We’d love to chat with you about how we can help.