As of 2016 Pinterest had 100 million monthly users.
93 percent of Pinners use the platform to plan purchases, and 87 percent of Pinners have already made a purchase after seeing a product on the platform.
75 percent of saved Pins come from businesses, and 2 million people pin product Pins every day.
nearly 40 percent of Pinners make more than $100,000 per year, and the average order value of a sale coming from Pinterest is $50, the highest of all major social platforms.
Pinterest ads have 40 percent greater awareness of new products and 50 percent higher purchase intent than Pinners who have not.
It is clear that Pinterest has a lot of potential as a social media marketing tool. As an introduction to the basics, Pinterest Ads or promoted pins work like regular Pinterest pins with the exception that you promote to more people through paid exposure. Pinterest offers 3 types of advertising campaign that can suit your business needs:
Awareness – You pay per 1000 impressions and this type of campaign is aimed at increasing exposure of your business/brand or products to new consumers who are unaware.
Engagement – You pay per engagement and this campaign encourages users to re-pin or click promoted pins.
Traffic – You pay per click and the way this works is that it sends people from your ads straight to your website.
Pinterest explains that to promote pins you must firstly get a business account, pick a pin to promote, choose who to target, set a budget to pay for results and track what is and isn’t working. However, as a business it is important that you identify a clear strategy and choose the right content to target the right people and that this platform is utilised in the right way to achieve your objectives. Further to this once you have implemented the advertising campaign of your choice results must be analysed effectively and content should be improved where appropriate.