Since we first launched ads through the Pinterest Ads API in Q4 of 2014, total spend on the platform through Scope by 4C™ increased by a factor of 330.
Sure, that number may make your eyes roll if you consider that we only had 10 advertisers live on Pinterest in that initial quarter. So let’s fast forward to Q4 of 2016 when we had 200 advertisers live on Pinterest. Comparing that period to Q4 of 2018 we still had a 2.5x increase in spend.
Why is Pinterest advertising growing so fast? I’d point to 3 key reasons:
- Performance. Pinterest has proven to be an effective marketing tool at all stages of the customer lifecycle from initial discovery to purchase to loyalty. Given that the platform is used for inspiration, brands are a natural fit within the content and a welcome part of the overall experience. As Pinterest promotes, “more than 250 million people each month are now using Pinterest to discover and do what they love.” That’s a lot of opportunity for brands to make an impression, literally and figuratively.
- Video. Promoted Pins are just one way brands can connect with consumers on Pinterest. Promoted Videos are another great ad format and we’re seeing massive adoption. In January and February of 2019, the percent of Pinterest advertising through Scope by 4C that was used for video increased more than 30% year-over-year. Clearly the opportunity to engage Pinners with sight, sound, and motion is resonating to the max.
- Global. Pinterest continues to expand in breadth and depth. With more than 175 billion pins, the platform provides a plethora of purpose for people – ok I’m out of Ps so let’s keep it PC and go with Cs – cascading ‘cross content categories and countries. As we know, ads follow eyeballs and, just last week, Pinterest added support for advertising in Germany, Austria, Spain, and Italy.
If you’re not currently running ads on Pinterest, what are you waiting for? As I told Digiday, “Brands should be active on the platform now to take advantage of the best rates and, more importantly, learn what creative and calls to action will resonate with Pinners.” I hope you find these points persuasive – or, at the least, pinteresting.
Now it’s time to pin your hopes on the rest of 4C’s Insights.
Read 4C’s Insights Volume 150 here.