Pinterest is quite new to the world of advertising. 2017 marks the third full year that Pinterest has offered their Promoted Pins to advertisers. Such pins allow advertisers to promote their products and services alongside of a user’s normal featured pins.
Revenues On The Rise
These sponsored pins began in 2015, and generated $100 million in revenue by the end of the year. Last year, Pinterest was able to capture a total of $300 million in revenue, according to recode.
The trend isn’t stopping there. In its current fiscal year, it has been reported by recode that Pinterest is on track to bring in at least 200 million additional dollars by the end of this year.
So how is Pinterest driving all of this incredible advertising success you may ask? The answer lies in the company’s recent ventures into digital innovation.
A recent article by Techcrunch released information on a brand new Pinterest feature called Sections.
This new tool will give users the ability to divide and categorize their board into several sub-groups that all coincide with the main board topic. For example, if the main board were titled “Entrees”, then sub-groups could include titles like “Vegetarian”, “Casseroles”, or “Seafood”.
According to Pinterest CEO and co-founder Ben Silbermann, “It’s been a really popular feature request for years.”
Sections is still making its way through the beta testing process. The new feature has not been released to all users yet, but will hopefully be appearing to the masses soon!
As Pinterest’s consumer base continues to grow, now up to an estimated 200+ million users, the company is searching for ways in which it can utilize this incredible resource.
Last year, Pinterest purchased a startup mobile ad-tech company called URX. Jack Chou, Pinterest’s head of product, explained the buyout by saying, “We can now accelerate our efforts with the URX team, who are leaders in mobile content understanding, recommendations, monetization and discovery.”
These efforts have materialized into 5,000 interest categories that advertisers can now use to help properly position their products in front of the perfect Pinterest users. For instance, many consumers are interested in the outdoors, but what about those specifically interested in hiking across the Appalachians?
Much like the new Sections feature, these interest categories will enable Pinterest users to refine their account into exactly what they want. This provides an enormous benefit to digital marketers and advertisers as they are able to easily reach out to the most specific area of their target audience.
Pinterest has also been continually promoting their service called Pin Collective to advertisers. Pin Collective is described by Pinterest as, “an external network of world-class content creators including photographers, designers, illustrators, art directors and more who are experts in creating content for Pinterest.”
Pinterest has come together with Popular Pays to build this platform. Pin Collective provides advertisers with the best of the best to ensure the creation of flawless ads.
Adidas and essie are two companies that have experienced this service first-hand. Essie utilized Pin Collective to get an edge on the nude nails trend. The results were very impressive. The top pin of the Pin Collective campaign was saved 4 times more than any previous Pinterest campaign launched by essie.
There is no slowing down for Pinterest. The platform continues to outdo itself every year with better ideas and innovations, both for their users and their advertisers. Here at Onimod Global, we can’t wait to see what they come up with next!