It is getting increasingly difficult for small to midsize businesses to match the advertising reach of big companies, especially on print or on television. In fact, the pay per click prices on search engines such as Google have also risen to a level that is almost out of reach of small and midsize businesses. Thankfully, there is a platform where the size of the company does not really matter.
Small and mid sized businesses have an equal chance of getting customers on this platform. We are talking about social media. Businesses that are searching for an older buying demographic usually focus on Facebook advertising and those looking for younger audience often turn to Twitter.
While everybody knows about Facebook and Twitter, there is one other social media platform that has seen explosive growth over the past few years. We are talking about Pinterest. Businesses are increasingly taking advantage of advertising on Pinterest as it can help them attract younger as well as older demographic. Pinterest is a unique platform as the audience under the age of 25 grew at twice the rate as compared to 2nd quarter of 2020. Also, almost 80% of moms in America are using Pinterest.
It is extremely diversified and since it is a graphic driven platform, it offers a completely unique opportunity for businesses. All kinds of businesses are taking advantage of Pinterest advertising ranging from those in e-commerce to lead generation as well as selling of services. Pinterest has been in existence for 11 years and over these 11 years, close to 240 billion pins have been saved on the platform by users.
Pinterest Advertising Offers Exceptional Return on Investment
On an average, users on Pinterest spend more than twice the amount as compared to other Internet users in the US. This is one of the main reasons for the traction Pinterest has gained in the recent years as one of the premier advertising channels. Also, advertising on Pinterest is much more cost-effective as compared to other social media platforms. It not only costs less but the payoffs can be exceptional. Research also seems to indicate that Pinterest ads are 70% more likely to convert as compared to ads on other social media platforms.
Businesses or individuals who are considering diving into Pinterest advertising should find comfort in the most recent statistics released by the platform regarding sales and users. Most of the popular social media platforms have reached maturity when it comes to user growth but Pinterest, as a platform, continues to grow exceptionally well. The user base of Pinterest is far younger as compared to other platforms. Consider the fact that they had around 320 million monthly active users at the beginning of 2020 but in just a year, their user base has gone up to 459 million. This user base is bigger than Snapchat and Twitter combined.
Pinterest advertising makes a lot of financial sense for businesses enrolled in exporting products. Statistics show that around 50% of the user base on Pinterest is outside the US.
Pinterest Advertising – Challenges
While Pinterest advertising offers an opportunity to realize exceptional gains but it is a lot different than advertising on other social media sites. The conversion cycle on Pinterest is longer as compared to other social media platforms. Also, the origin of the sales from the platform is not really clear. In simple terms, advertising on Pinterest requires careful thought and this is why, a unique approach is needed to refine advertising campaigns and to analyze data points.
Take Help of Experts
The Pinterest team is continuously rolling out new features to make it easier for users to take advantage of the advertising opportunities on the platform but the best way to leverage the power of this platform is to seek expert help. The evolution of various tools and measurement capabilities have made Pinterest one of the premier advertising platforms. Pinterest was traditionally seen as a brand building avenue but it is now seen as a viable alternative for businesses who want to use the platform directly for making sales.
Since the tools on the platform have been constantly evolving, it can be confusing for first time users and this is why, it is important to seek help from experts. There are companies such as pins4profit.com that offer help from experts such as Lindsay Shearer. Businesses who want to take advantage of Pinterest advertising can now rest assured that their marketing budget is going to be well spent. Experts such as Lindsay Shearer can also help companies measure the impact of advertising spend on their bottom line.
Lindsay Shearer is of the opinion that the Pinterest algorithms continue to evolve and this is why, a lot of planning is needed to get the most value out of this advertising platform. One of the main challenges for businesses is that it takes longer for Pinterest advertising to pay off. Take the example of beachwear for the summer season. Usually, companies in this industry will target the buyer demographic at a time close to the beach summer season. However, Pinterest audience is different as they will be evaluating purchases much before the summer season. The long lead times make tracking especially challenging for this platform.
How Is Pinterest Different
When it comes to advertising costs, the cost per million impressions on Pinterest is much lower as compared to cost of advertising on other social media platforms as well as cost per click on Google. Businesses also need to know that on an average, advertising on Pinterest is 2.3 times cheaper per conversion as compared to other social media platforms.
Data indicates that almost 98% of the user base on Pinterest has explored a service or product they found on the platform and platform is especially engaging for users in the cooking, artisanal creations and DIY niches. Having said that, close to two thirds of the user base on Pinterest is also using the platform to find products and services. What is of infinite value to small businesses is that 97% of searches made on the platform are not related to a brand. It simply means that 97% searches for specific products and services are not related to a particular brand. It opens up an excellent opportunity for small businesses.
However, taking advantage of this huge potential on Pinterest at a scale is a challenging exercise. This is why businesses should take advantage of the expert advice offered by companies such as www.pins4profit.com, and experts such as Lindsay Shearer. If businesses do not take advantage of this huge opportunity, they are leaving a lot of money on the table.