We recently discussed how Pinterest is an untapped resource for small business marketing, as it serves as a tool for engaging your local community on social media. Wouldn't you know, just this week the company announced its latest feature: Search Ads.
The new functionality enables businesses to run ads using keywords. This is a huge development for brands of all sizes and a testament to the power of the pin.
Pinterest has integrated Search Ads as a way to give businesses large and small a way to run ads that show up among relevant content. In fact, the ads will appear immediately after a user enters a query. As Pinterest is a visual entity, ads are visually based, primarily composed of an engaging image and less text than traditional advertising methods.
This means Pinterest users are in active discovery mode, and are open to finding new brands to explore and eventually purchase from. Pinterest users also begin their purchase research months in advance, so advertising prior to peak times - such as the holidays, summer, and back to school - can help sway their buying decisions. And with so much of the search volume being unbranded, every business should jump into the Pinterest ad pool.
Beyond showing up in relevant searches, this feature also includes improved targeting and reporting options, however the details have yet to be released. Nonetheless, with better data and audience insights, brands can more successfully target their audiences with ads that represent their current wants and needs.
Pinterest has created a short video to show how ads will work within its platform - see the full clip below:
Now that we know what Search Ads are, what does that mean for your small business?
If your small business has a marketing and advertising budget, it could be a worthwhile investment. With over 2 billion monthly searches, and with more than 150 million monthly active users, Pinterest is a fantastic space to reach your target audience with a high rate of return.
Here are some additional statistics and figures which underline the legitimacy of Pinterest as an advertising platform.
Image courtesy of Pinterest
According to an Oracle Study, "CPG brands that advertised on Pinterest saw 5x more revenue per impression." Five times the revenue? That's a slam dunk. Another study found "70% of the retailers' incremental sales came from new customers, with an average 7.2x return on ad spend".
Both statistics show that utilizing Pinterest for Business - either through advertising or otherwise - can have significant benefits.
Given that Pinterest is a commercial social media platform, small businesses should engage immediately.
Consumers are flocking to Pinterest to learn about new brands, and are saving and sharing their favorite pins at incredible rates. Registering for a business account is the first step toward setting your small business up on Pinterest - easy step-by-step instructions for doing so can be found here.
Once your business page is active and optimized, it's time to decide how your business will invest in Search Ads. Ads are priced on a price-per-click model, just like Google ads. You choose how much your business can allocate to this kind of advertising and stay within budget, while reaping the benefits of this new advertising model.
Pinterest's Search Ads offer a means for small businesses to compete against advertising giants who are most prominent on Facebook, and slowly creeping into Instagram and Snapchat.
If your target audience is active on Pinterest, this is a necessary marketing resource. As Pinterest continues to rollout the complete Search Ads feature to the public, it'll become apparent just how valuable this tool is to small business marketing. The return on investment and increased brand awareness can be extraordinary, and a micro business will be hard-pressed to find another competitive advertising tool that's equally affordable and accessible.
Will you give Search Ads a try? Let us know your thoughts in the comments section below.