At Rebel Hack we’ve been working with Pinterest Advertising for a long time! Our conclusion? We strongly believe that Pinterest Ads could help your business grow. You just need to make sure you’re doing it right. This article should help you understand a bit more about Pinterest Board Ads and also give you an idea of some of the stuff we’ve learnt on our journey.
Aricle contents – we will be going through:
1) Pinterest; What is it, Really?
Pinterest is a social media platform. It allows users to share images and videos within the Pinterest Network (you can pin videos? Yep, you can!). The pictures and images that you post are called ‘Pins’ and usually fall under one of the most popular categories of: Food, DIY, Home Decor, Fashion, Quotes, Health & Fitness, Humor, Technology and Beauty.
Here’s 4 interesting facts about Pinterest:Over 80% of Pinterest users are females Click To Tweet Pinterest has Over 175 million monthly active users Click To Tweet Over 50 billion Pins have been shared (billions!!!) Click To Tweet Pinterest users spend an average of 14 minutes per visit browsing Click To Tweet
2) Should You Advertise on Pinterest?
If you are thinking that the 4 facts listed above are interesting but useless and don’t add any value; you are wrong, my friend! All information out there is extremely important and will help you and your team make the right strategic decisions on whether it’s a good idea to invest in this specific channel or not.
At Rebel Hack we believe that it’s never a great idea to completely exclude a channel unless we can prove that the channel is not contributing to growth (some channels might not be directly generating sales but they could be indirectly contributing to driving ROI). How can you prove if a channel is worth it? With DATA! Data is what leads our decisions. But, what if you don’t have any data? What if you don’t have a benchmark? Well, in this case you will have to rely on the information you do have & a bit of gut feeling.
For some people, the decision is a lot easier than others. For example, if you are a fashion brand looking to drive traffic to your site and boost sales of a new handbag design – it’s a no-brainer. However, if it’s not so clear cut and you’re not sure Pinterest is the right channel, asking yourself some easy questions can help you decide.
- Do Pinterest users match the audience you are looking to target?
- What are your unit economics?
- Can Pinterest Ads help my business grow?
- Most Importantly, what is your goal? Are you looking to drive:
- A. Pinterest Traffic – If you are looking to drive cheap traffic to your site, then you might be a little late… As one of the very first growth marketing agencies to jump into Pinterest Ads in the UK we can confirm that Pinterest was VERY cheap when it launched paid ads in the UK back in April 2016. Traffic was coming in at about £0.05-£0.15 per click. Now competition has increased and costs have gone up. Roughly you will be looking at a CPC of around £0.6-£1.5 (we know it’s a broad range but as you might know it all comes down to the interests, keywords and niches you are targeting).
- B. Sales from Pinterest – If you are looking to generate sales by driving traffic to an e-commerce or if you are selling a service, then we can confirm that Pinterest traffic has quite a high bounce rate (it can easily reach 70%-80%). So, unless you are confident your website is smooth, user friendly and optimised for mobile traffic then you might want to stay away from it.
- C. Leads from Pinterest – Are you trying to improve lead acquisition? Do you have a solid email marketing campaign triggering after a lead is acquired to push it down into the funnel? If your answer is yes, then this might be the channel for you. It’s all down to your target CPL. As mentioned in point 1, your average CPC (in a traffic campaign) might be around £1 or higher (if you want to have a competitive bid).
- Do you have a tailored landing page with an acquisition form on it?
- What is your target CPL (cost per lead)?
- Will lead acquisition help your business grow?
- What’s your expected CR (conversion rate)? (we built landing pages that converted at over 30% at a CPL of £3 or lower).
* Bid & targeting will have a huge impact on the CTR. However, by creating a tailored landing page you might be able to acquire leads at a high Conversion Rate. Raising the bid will probably help you increase CTR, this could result into a higher CPA.
i.e the picture above. If the landing page has a 30% conversion rate (email lead acquisition), you will be looking at a CPL (cost per lead) of around £3.7:
- Sessions = 81 (clicks)
- Leads = Sessions * CR = 81 * 0.3 = 24.3
- Cost = Average CPC * Clicks = 81 * 1.22 = £98 circa
- CPL = Cost / Leads = £98 / 24.3 = £4
|Clicks (Sessions)||CTR||Cost||CPC||Leads (Google Analytics)||CR||CPL|
|Date||Spend||Impressions||Clicks||CTR||Leads (approx)||CR (approx)||CPL (approx)|
Find below 3 graphs that correlate to spend:
We tested Pinterest for various businesses and we’ve achieved great results in lead acquisition. Here is where it gets tricky… Pinterest will decline your ads if you are driving traffic directly to a page with an acquisition form. But there is a hack around it, something that we won’t be able to share with you here though 🙂 – That’s why they call us ‘Rebel Hack’!
We are currently managing multiple accounts and Pinterest really has been a great source of lead acquisition at a relatively low CPL (cost per lead – lead being name + email). It’s still fairly new in the UK having launched in April 2016 and is still a great, relatively cheap opportunity for businesses.
3)What can you expect from Pinterest Advertising?
If you never ran a Pinterest Campaign before but you want to give it a try, follow the steps below to get started:
What Do You Need to Create a Pinterest Campaign?
- Billing information #dosh
- 1 or more pins (with a url attached), create a Pin and assign it to a board, the pin needs to have a destination url if you want to sponsor it.
- A clear idea of who you want to target (interest, keywords, audience, location etc)
So, if you can get all of that together, this is what you need to do next, step by step…
1) Set up Your Billing Information (this will only take a couple of minutes)
- Log-in to your account
- Click on the top right icon
- Click on billing
- Follow the steps and add your billing details
2 – Create Your Pinterest Ad
- Click on the Ads tab and select “Traffic” (we will be creating an ad to drive traffic to an external website)
3) Choose the Campaign Type
There is a list of campaign options (in this example we will go for the traffic to website campaign)
Choose your campaign depending on your goals
4) Campaign setup and Targeting Options
Add more details
Give a name to your campaign, assign a daily budget and select your audience. You can target by saved audience, by interest or by keywords. As you can see from the screenshot below you can also target by location, languages, devices and gender.
Depending on the audience and targeting settings, the bid cost will vary but it’s usually around £1 / £1.50. Once the campaign is launched, results will show up within 24 hours from launch.
The most common reasons of ad disapproval:
- Landing page cannot have a lead acquisition form on it
- On the pin there are words that are too salesy like: “save 70%”, “discount”, “free”
So, Are Pinterest Ads worth it?
At the moment Pinterest are still relatively inexpensive compared to some other channels, however, as they gain in popularity the cost is going up. Some businesses will find a natural affiliation to Pinterest, especially if they’re in the fashion industry or selling a product that a large section of the Pinterest user demographic are interested in.
Creating campaigns are relatively easy as long as you stick to the guidelines and you should see results quickly – just ensure you have a solid idea of what you want to try and achieve with your campaign. Keeping all this in mind and drawing from our experience, Pinterest Advertising is totally worth it.
Give me a shout and tell me what you think; has Pinterest advertising worked for you or are you about to try it?
Please contact us if you would like to discuss how we could help you grow your business. Love, Giovanni at the Rebel Hackers.