Pinterest is a social media platform you just have to love – it’s the fluffy side of social media, absent of the negative posts that plague other platforms, everything about Pinterest aims to inspire users in a safe affirming manner. Regardless of ethnicity, diversity or body type, Pinterest is a place everyone can go to discover ideas to live their best life… and it’s getting even better with AI Imagery for collages and a new Pinterest Performance+ Suite of full funnel campaign tools for advertisers to bring Pinterest firmly into the the forefront of ecommerce.
It’s been noticeable that for the past two years, Pinterest have been aiming to become the industry’s leading full-funnel advertising solution. Now, they are rolling out new AI and automation campaign features to make performance advertising campaigns smarter, more efficient and more powerful. These new products were unveiled on Tuesday at Pinterest Presents, their annual global advertiser summit.
Ad innovation on Pinterest has been at an all-time high. We’re still the place for brands to drive discovery, but we’re now delivering on lower funnel and creative too. Brands are increasing Pinterest in their media mix and they no longer need to choose between awareness or lower-funnel performance. Now they can have both.
– Bill Watkins, Chief Revenue Officer, Pinterest
Introducing the Pinterest Performance+ Suite
At Pinterest Presents they unveiled their new line-up of AI and automation lower-funnel ad products, the Pinterest Performance+ Suite. Every advertiser globally now has the option to use Pinterest Performance+ campaigns for consideration, conversions or catalogue sales objectives.
Pinterest Performance+ campaigns
Pinterest Performance+ campaigns can help any advertiser to drive lower-funnel performance by optimising targeting, managing budgets or deciding how much to bid. Using AI and automation features, Pinterest Performance+ campaigns decrease campaign creation time significantly, with 50% less inputs required. You can remain in control by bundling these features automatically, or mixing and matching Pinterest Performance+ products based on your brand’s needs.
Results from alpha and beta testing show that most advertisers saw at least a 10%+ improvement in cost per acquisition (CPA) for conversion and catalogue sales campaigns or a 10%+ improvement in cost per click (CPC) for consideration campaigns.
For the launch of their new Leather Goods campaign in the US, Prada saw improvements on their Pinterest Performance+ campaigns versus business-as-usual campaigns, with a 64% decrease on cost per action and a 30% increase on the conversion rate. They also saw a 1.8x increase in return on ad spend (ROAS) for checkouts.
Pinterest Performance+ creative
For advertisers looking to easily create more engaging ads on Pinterest at scale, they can also use Pinterest Performance+ creative and automatically take product images from bland to beautiful. Through generative AI, white, blank or flat colour backgrounds can be transformed into lifestyle imagery, enriching Product Pins and deepening engagement.
Walgreens, an early tester, used Pinterest Performance+ creative to elevate its online shopping experience for around 50 products across multiple categories. By showcasing their retail products in a more Pinterest-native experience, they saw a 55% higher click-through rate and 13% lower cost per click using Pinterest-generated backgrounds compared to white backgrounds.
Pinterest Performance+ bidding for ROAS
Pinterest are also making Pinterest Performance+ bidding for ROAS available in all markets to qualified advertisers. While Pinterest Performance+ bidding historically optimised for clicks or conversion volume, we’re now adding the possibility to also optimise for the highest value with Pinterest Performance+ bidding for ROAS. Pinterest analyse thousands of signals to predict the value of a potential conversion in real time, helping you to maximise return on your investment. For advertisers who have a range of products with different price points, such as a large retailer, this can help to capture the largest shopping baskets from users that are most likely to purchase. Most advertisers in alpha testing saw at least a 15% increase in ROAS by using Pinterest Performance+ ROAS bidding.
Personalised promotions
Last year’s festive shopping season saw a global average discount rate of 21%, the highest since the start of the pandemic. Shoppers will be looking for discounts again this year, and Pinterest can now surface what’s on sale with promotions. These tools are now available upon advertiser request in the US, UK, Canada, Australia, France, Germany, Mexico, Brazil and Japan. Early results indicate that advertisers who included a promotion saw a 12.7% increase in conversions compared to the same ads that didn’t use promotions.
Through these new features, Pinterest are enhancing search and home feeds with personalised, branded shopping recommendations powered by machine learning.
- Personalised promotions serve shoppers promotions and sales based on what they’ve searched and pinned, allowing advertisers to reach Pinterest users in the shopping moments that matter most.
- Deal ads modules are making ads more visible for consumers across the home feed, helping brands to stand out during sale moments for increased visibility on their promotions and offers.
There are plenty of places online to find products and no shortage of ways to buy them, but no other platform helps you to decide what you want, like Pinterest. In my case, I’ve already started shopping for the festive season. And with Pinterest now surfacing promotions and discounts, it’s never been more effortless to find the perfect gift on Pinterest and to make the right purchase at the right time.
– Martha Welsh, Chief Strategy Officer, Pinterest
Custom haircare and skincare company Prose leveraged promotions and found that they not only drove cheaper incremental checkouts compared to the business-as-usual conversion campaigns, but they also generated a 48% higher click-through rate.
Along with promotions, Pinterest Performance+ campaigns, Pinterest Performance+ creative and Pinterest Performance+ ROAS bidding each can accomplish a campaign goal, but to truly win, the products bundled together can become your campaign superpower. With this year’s updates, Pinterest are making it easier than ever to match the right creative with the right promotion to the right customer at the right time.
