Tips for Pinterest Business Marketing
The new social network Pinterest helps you to pin your photos on the platform walls. It is expanding its promoted pin service to include both small- and medium-sized businesses (SMBs) around the globe. For this purpose, the San Francisco-based company has rolled out a beta version of a platform that lets you promote the photo pins. This tool is being currently tested with a small group of businesses like Shutterfly and Nicole Miller.
It works like Google Adwords. Along the lines of working of Google Adwords, Promoted Pins will be available on a cost-per-click basis. This functionality will determine the placement and ranking of businesses in the social networking site. As with Google Adwords, the SMBs would have to pay the site only when the people click on their website. The approach taken by this new tool is at variance with the Pinterest’s initial Promoted Pins rollout. The earlier version targeted only bigger businesses. Last month, the company tested its earlier tool on bigger names like ABC Family, Gap, and Expedia. In this version, the businesses were paying on the impressions they create, instead of the cost-per-click offering of the second and newer version. The company aims to charge $30 to $40 per 1000 views from the earlier version. This is good news for businesses. Pinterest shoppers generally spend more per checkout. It averages between $140 and $180 per order, compared to $80 for Facebook and $60 for Twitter.
What is at Stake for Pinterest?
After the most recent financing round, the social network’s valuation is hovering around $5 billion. In other words, the company has started producing a lot of revenue — and fast. With more than 30 billion pins, they have something to work with. It is also making some minor changes in its Pinterest analytics to make it give more detailed insights into the customer behavior. Businesses will be able to see what people are pinning from their website, how pins are doing and which pins are driving the most impressions, clicks, and re-pins. Only business accounts will have access to the analytics and promoted pins.