You don’t need me to tell you that Pinterest is an amazing tool for your business. If you are active on this visual social media platform, you will have seen how powerful it is in driving traffic to your website.
It comes as no surprise, therefore, that Pinterest is looking to help businesses make even greater use of the Pinterest network.
There are two key reasons behind this. The first is that Pinterest wants to provide businesses with tools to help them reach even greater numbers of potential clients. The second is that Pinterest needs some way to monetise its platform. These two factors have combined to create the Promoted Pin.
When announcing the development of the Promoted Pin back in October last year, Pinterest’s CEO and Co-Founder, Ben Silbermann was keen to reassure the platform’s loyal fans that they were not going to be bombarded with banner ads. However, he explained that his mission is to secure Pinterest’s future and ensure the platform is here to stay.
Silbermann has emphasised his desire to make Promoted Pins that are tasteful with no flashy banners or pop-up ads, transparent so that you will always know if someone has paid for a pin, relevant to the stuff that you are actually interested in and improved based upon feedback.
Using Darth Vader as an example he explains that: “a pin for a Darth Vader outfit from a costume shop might be promoted in a search for ‘Halloween’. Nobody’s paying for anything yet—we want to see how things go and, more than anything, hear what you think.”
Pinterest really wants to know how you feel about the idea of a Promoted Pin. Comments so far have included dispair at the very idea and warnings that this will be the end of the Pinterest world as we know it. They have warned that Pinterest risks alienating its customer base and ruining the platform's entire user experience.
However, the majority of people seem to appreciate the fact that Pinterest is a business and that businesses cannot live on love alone. They need to be able to monetise.
In this regard, Pinterest is a fantastic example of the give, give, give, ask theory of marketing. Give people enough value on a consistent basis and they won’t mind you asking for something in return at the end. As a result, the consensus about Promoted Pins, so far, seems to be characterised by cautious acceptance.
So far, Pinterest has targeted a small group of large businesses to test its Promoted Pins. These businesses include Gap, Kraft, Target and Walt Disney Parks and Resorts. When fully operational, businesses such as these will pay a fee based on impressions. It has been reported that Pinterest wants to charge between $30-40 per 1,000 views.
Pinterest has now developed another type of Promoted Pin – this one targeting small and medium sized businesses. This new initative is a do-it-yourself Promoted Pin and will be available on a cost-per-click basis through ads.pinterest.com.
The platform is currently testing this new tool out on a group of small businesses. These include clothing brand, vineyard vines, fashion designer Nicole Miller and photo gift firm Shutterfly. Pinterest is looking to collect lots of feedback from US-based companies in this test. I guess we will have to watch this space to see what develops.
However, if you fancy taking a more proactive approach you can sign up to try Promoted Pins and Pinterest will get in touch when the time is right for you to get started. Click here to sign up!
What do you think about Promoted Pins? Will you be first in the queue to test them out? Please do leave a comment in the comments section below.
Thanks for taking the time to read my blog post!
Take care, Jane x