The popular image and idea-sharing social media platform Pinterest, recently updated its software to now include helpful features for business owners promoting their products and services on the site/app.
Pinterest is now the third-largest social network in the U.S., with over one billion dollars in revenue made in 2019.
Many small businesses feature themselves on the platform due to its large number of users and high level of engagement.
Shop tab
One of Pinterest’s new features is its updated “Shop” tab displayed on businesses’ profiles, which aims to replicate the in-store shopping experience for consumers.
This tab puts more priority on presentation for browsing and shopping to simulate a window shopping-like feeling. It also allows merchants to organize the tab, so they can update when items are out of stock, feature specific products, and recommend individual things.
When users now search for a certain product, Pinterest will recommend the businesses that have those exact products in stock.
This allows businesses a better way to present their products, and in turn, encourages consumers to shop more.
Product tagging
Another feature Pinterest is set to offer is a product tagging option for businesses wanting to tag their own featured posts with the items used in the image.
While merchants have had the ability to add product tags within Collections for a while, this updated feature allows even more options for tagging, presenting more promotional opportunities within Pinterest for businesses.
Catalog ingestion
In addition to product tagging, Pinterest is now improving its catalog ingestion process as well.
This update makes it easier for brands to connect their product listings directly to the promotional pins they are advertising.
The new update streamlines the connection process even further, as it makes linking data listings a much easier process and improves the shopping experience on the platform.
Ad format for paid promotions
Pinterest is improving its paid promotions with a brand new advertising format.
This creative format advertises related products together to create a brand new shopping experience. For example, wooden spoons and ceramic mugs could be paired together under a relevant catalog or Collection.
This allows merchants to choose a specific product that is the main focus of the Collection, and then pick corresponding products that go with the main item to create an entire unique multi-image ad unit.
Video implementation
Additionally, Pinterest is now allowing video to also be used within a Collections ad so that brands can better tell a story.
Video on Pinterest has been an effective method of promotion, as video views have risen dramatically in 2020. Consumers are also 2.6x more likely to make a purchase if they see it in a brand’s video first on the platform.
By combining both still images and video content, businesses’ Collection advertisements are maximized to boost engagement, interest and profits.
Automated bidding
Merchants are now allowed to maximize their campaigns with automated bidding for sales options, which aligns businesses’ bids with their defined ad objectives.
This tool, appropriately named automated bidding, uses internal insights and data to align campaigns with the correct target audience based on user data.
This updated process is tailored around boosting and maximizing sales, so it’ll showcase brands’ advertisements to users who have an already established buying history or show signs of possible purchasing.
Conversion Analysis
Lastly, Pinterest is adding a visualization tool called “Conversion Analysis” that streamlines the process of seeing how well a business’s Pin is performing for different objectives.
This new feature provides a clearer structure of expectations about future results surrounding a brand’s Pinterest performance.
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