tbg's guide for brands preparing to use pinterest
Post on 10-May-2015
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PINTEREST ADSGetting ready for promoted pins
The social media landscape is changing—emerging platforms are maturing
It’s no longer a straight choice between Facebook and Twitter
It’s important for brands to prepare for the launch of new social ad platforms or they may be left behind
WHY?
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It’s a social scrapbook used to collect, group and discover things
It’s built around objects not people
Users don’t vaguely like or follow brands, they specifically Pin items they like or want to buy
This makes ads on Pinterest more natural than other platforms
As they don’t need to be shoehorned into the platform
PINTEREST IS DIFFERENT
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Predominately female (around 80%)
US, UK and Australia-based
Pinterest only has 70m users, buy they are high earning decision makers (women make the budgetary decisions in most households) in primary markets
To put this into context, 20% of US females that use the internet are Pinterest users
USERS
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According to Piqora a Pin is worth 78 cents in sales—a 25% year on year increase
Each Pin drives two site visits and six page views
The average Pin is repinned ten times and is 100 times more viral than a Tweet
Brands with a rich Pin integration see an 82% increase in their repin to Pin ratio
PERFORMANCE
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1. Pinterest generates 41% of e-commerce traffic (Facebook 37%)
2. Pinterest reached 10 million users in 1/3 of the time it took Twitter
3. Pinterest generates over 400% more revenue per click than Twitter and 27% more than Facebook
4. The average order value of a Shopify Customer referred by Pinterest is $80 (It’s $40 for Facebook)
5. Over 80% of Pins are repins
SEARCH ENGINE JOURNAL REPORTS THE FOLLOWING STATS ON PINTEREST:
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81% of U.S. women online trust Pinterest for information and advice
Pinterest Pins generate traffic for days—Facebook posts generally last for hours, for tweets it’s usually minutes
As of February 1st 2013, 59 of the Interbrand Top 100 Brands were on Instagram, with 69 on Pinterest
Less than 1 percent of posts on Pinterest have a negative tone
Social media content shared on iPads: 48% for Pinterest, 17% for Facebook, and 16% for Twitter
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Pinterest recently overtook email to become the third most popular sharing channel behind Facebook and Twitter
Pinterest is responsible for 18.76% of s-commerce revenue, just behind twitter on 20.66% and Facebook on 28% (Only 2 years ago Facebook had 60% and Pinterest had nothing)
Pinterest has only 70m monthly active users, Twitter 230m, Facebook 1.2bn—and Facebook and Twitter already have fully developed ad platforms—Pinterest is punching well above its weight
SHARING & S-COMMERCE
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Pinterest has been testing Promoted Pins since October 2013 and has now opened up the test to more brands
These include ABC Family, Banana Republic, Expedia, Gap, Kraft, Nestle and Target
The new phase of testing will roll out the paid test to the search and category feeds
The plan is to open up the test to more businesses throughout 2014
PROMOTED PINS TESTING PHASE
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USING PINTEREST EFFECTIVELY
Pinterest encourages brands to add the Pin It button to their sites
This makes it easy for users to curate content and other users to find and share a brand’s products
Adding the Pin It button is easy and should be a priority for brands with a product-based offering
Bonnie Gross SVP, Marketing at Target says, “Pinterest has developed the best wish list in the history of database marketing”
GETTING STARTED
USING PINTEREST EFFECTIVELY
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Rich Pins allow information like price and availability to be displayed within the Pin, so users don’t need to visit your site for basic product information
They can also be used to show recipe details, movie ratings and reviews
Rich Pins allow users to be notified when something they have Pinned drops in price
RICH PINS
USING PINTEREST EFFECTIVELY
© 2014 TBG | Pg 11
Rich Pins
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Many brands are creating in-store displays showing customers their most popular products on Pinterest
Target has also introduced a additional online storefront called Awesome Shop displaying its top performing Pins in real-time
USING PINTEREST DATA
USING PINTEREST EFFECTIVELY
© 2014 TBG | Pg 12
Target’s Awesome Shop
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PROMOTING CONTENT ON PINTEREST
Pinterest is following the Instagram approach of vetting advertisers and pushing the idea that its ads will be beautiful creations that users will want to keep
To retain a premium feel, it’s beneficial to limit access and set fees at a level that will only draw interest from big brands
Promoted Pins are identical to normal Pins, with the addition of a ‘Promoted Pins’ label for transparency
ADVERTISING ON PINTEREST
PROMOTING CONTENT ON PINTEREST
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Non–Promoted Pins are only shown to a brand’s followers, limiting exposure
Promoted Pins can be shown to all users, in search results or targeted to categories, greatly expanding the potential audience
Ads are in-stream on both desktop and mobile (75% of Pinterest users log-in with the mobile app)
Ads displayed in search results will be sold on a CPC basis, other placements will be CPM (full details)
PROMOTED PINS
PROMOTING CONTENT ON PINTEREST
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The pre-rollout test of Promoted Pins was carried out by brands including Disney, Nordstrom, the Four Seasons hotel chain, TRESemmé and Hellmann’s mayonnaise
During testing, Four Seasons had success with a Promoted Pin advertising a $70,000 high-end package to Bora Bora
It generated over 9,000 repins and more than 500 brochure requests
This indicates that Pinterest, much like Instagram, is a platform where luxury brands can prosper
INITIAL TESTING
PROMOTING CONTENT ON PINTEREST
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If something is exclusive it will generate repins because users want to show others that they appreciate it, even if they aren’t going to buy it
The product spreads virally because of its own desirability, unlike content marketing where the product is marketed in association with other interesting information
This would work very well for high-fashion products such as watches, handbags and shoes
PREMIUM PRODUCTS
PROMOTING CONTENT ON PINTEREST
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Hellmann’s has been testing Promoted Pins for its mayonnaise
The test compares recipe images that include a packshot of the mayonnaise jar with identical images that do not include the jar
If this was a true A/B test, we could conclude that Pinterest users prefer images that don’t look like ads, with the packshot-free images gaining more that twice as many repins
CASE STUDY: HELLMANN’S
PROMOTING CONTENT ON PINTEREST
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TRESemmé has tested Promoted Pins of its products, going against the idea that Promoted Pins need to be beautiful or arty
They didn’t even include any sales, just the name of the product
This ad sparked a conversation, with users discussing the suitability of the product for different hair types and its effectiveness
For TRESemmé, this 69-comment discussion is unique to this Promoted Pin, as their similar product Pins have just one or two comments
CASE STUDY: TRESEMMÉ
PROMOTING CONTENT ON PINTEREST
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Although Pinterest has not given details on its promoted search testing, we can speculate on the product based on its new Guided Search feature
Pinterest calls Guided Search “a new way to find what you’re looking for”
The idea is to help users find specific things more easily, or explore popular things that relate to their initial search—basically sub-categorising topics
PROMOTED SEARCH
PROMOTING CONTENT ON PINTEREST
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Watch the introductory video here.
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Searching for ‘pancakes’ shows us a swipeable set of buttons along the top of the screen highlighting more detailed searches, such as ‘Recipe’, ‘Healthy’ and ‘Buttermilk’
Click on one of these and your search becomes more specific
Sometimes there are further options so ‘Pancakes’ leads to ‘Recipes’, then ‘Healthy’
GUIDED SEARCH EXPLAINNED
PROMOTING CONTENT ON PINTEREST
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Apart from helping its users search, Guided Search lends itself well to advertising
Pinterest has Promoted Pins, but search is a less obtrusive way to advertise on the platform and target users when they are in discovery mode
Guided Search will add advertising real estate without saturating the platform with Promoted Pins
MONETISING GUIDED SEARCH
PROMOTING CONTENT ON PINTEREST
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A search for Running Shoes sees Nike as the first option and Adidas in 14th position, requiring five scrolls across the width of the app before a user sees it
Pinterest could sell Adidas the No.1 spot on a keyword basis; for example ‘running shoes’, ‘Adidas’, ‘running’, ‘training’, ‘fitness’ and so on
There’s also scope for brands to put their products into Guided Search results where their products are relevant but do not show up through natural search
HOW PROMOTED SEARCH COULD WORK
PROMOTING CONTENT ON PINTEREST
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As with all social campaigns, measurement and optimisation is the key to understanding the success of your activity
Building a following on Pinterest is just as pointless as chasing likes on Facebook if you are not working towards your business goals
Pinterest has a built-in analytics tool allowing brands to track clicks, repins, impressions and reach
We can assume that we’ll be able to optimise Promoted Pins using the same metrics
MEASUREMENT OF PROMOTED PINS
PROMOTING CONTENT ON PINTEREST
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PINTEREST ANALYTICS
Pinterest’s analytics platform also helps brands to measure the performance of Pinning from their websites
Users can view the number of Pins, repins, impressions, inbound traffic to external sites and the other things people have Pinned who have Pinned their products
It’s also possible to see which of your products are most popular, a useful feature that can govern product placement online and in store
BUILT-IN ANALYTICS
ANALYTICS
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Pinterest has been working with marketing technology developers to develop new ways to track Pinterest activity that go beyond the standard Pinterest Analytics
The platform has allowed Hootsuite, Spredfast, Salesforce (no details yet), Percolate, Piqora, Curalate and Tailwind to work with its Business Insights API
Which means they can access the stream of public Pinterest data to help businesses analyse their own Pinterest activity and compare with industry benchmark performance
THE BUSINESS INSIGHTS API
ANALYTICS
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These tools are not designed to replace Pinterest’s free built-in analytics
They are a way for businesses already using popular platforms like Spreadfast or Hootsuite to manage their Pinterest activity on the same platform
They also allow those platforms to offer additional features not available through Pinterest’s standard analytics, such as conversion tracking
WHY USE OTHER TRACKING TOOLS?
ANALYTICS
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Hootsuite's beta will offer select Enterprise customers the ability to:Track follower growth for individual boards and aggregate totals for multiple boards; compare follower growth for multiple boards and compare to industry benchmarks; as well as measure likes, repins and comments for the top ten posts in a given date range.
Hootsuite Enterprise customers can contact their Hootsuite Account Manager to enquire about access to the beta
HOOTSUITE
ANALYTICS
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Access to the API has allowed Spredfast to: “Provide brands with previously unavailable insights about their performance. Customers can now identify the most frequently pinned content on their official website, garnering valuable information to develop and amplify content that resonates most with Pinners.”
The Spredfast Social Inbox allows users to monitor repins and compare the virality of content on Pinterest and their own website
Users can also tag and categorise pins by campaign for easy management and analysis
SPREDFAST
ANALYTICS
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Percolate’s Pinterest integration includes:
Interactive graph cards allowing users to visualise interactions, audiences and more
Custom data charts for reporting
Automated recommendations to improve performance
Detailed analysis of your top performing pins
PERCOLATE
ANALYTICS
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Piqora states that the Pinterest API gives its users access to over 50 reports and metrics and integrates with Google Analytics, Omniture and Coremetrics to track the top performing pins by clicks and revenue
Piqora has also built a custom product called Pinterest Trends, which allows marketers to: “Gather deep industry and category-level insights that benchmark a brand’s performance on Pinterest against the performance of their competitors. Our Pinterest Trends dashboard allows a marketer to create groups of brands across verticals to benchmark virality, community growth, engagement and more.”
PIQORA
ANALYTICS
© 2014 TBG | Pg 32 info@tbgdigital.com UK: +44 (0) 20 7428 6650 US: +1 917 933 7875
Curalate is a visual analytics platform, and it is the only platform of its kind included in the Pinterest Business Insights API initiative
Its image recognition software takes tracking product performance a step further by analysing and reporting on images of your products that the general public shares, as well as your own posts
Integration with the Pinterest API brings improved demographic data, pinner insights and deep insights into Pinterest’s unique viral mechanics that aim to show why pins go viral
CURALATE
ANALYTICS
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Tailwind is solely focussed on Pinterest analytics Access to the API has brought the following enhancements:
View trending Pins in a given time frame
More flexible notifications
A weekly summary dashboard
A comprehensive domain monitoring capability that helps “businesses see which of their images are trending across Pinterest, how users are discussing their brand and which pins are driving their reach.”
TAILWIND
ANALYTICS
© 2014 TBG | Pg 34 info@tbgdigital.com UK: +44 (0) 20 7428 6650 US: +1 917 933 7875
THE VERDICT
Pinterest’s paid offering has been eagerly anticipated by advertisers
Its unique product-based setup, its ability to generate high-engagement, shares, inbound traffic and sales—all prior to launching its paid services—gives it huge potential for e-commerce
We recommend that brands set up and test Pinterest as soon as possible to prepare for the full launch of paid services
To discuss how your brand can leverage Pinterest, get in touch with TBG.
CONCLUSION
THE VERDICT
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