Pinterest, which claims to host "the world's largest collection of human-curated links", is now putting its ever-expanding dataset to use by introducing the 'Pinterest Taste Graph' for improved ad targeting.
Essentially, Pinterest's Taste Graph will give you more options for targeting your ads to the exact right people. A lot more - Taste Graph will increase Pinterest's ad targeting categories from around 400 to more than 5,000, a huge expansion in potential qualifiers.
The process will be similar to how you can target ads on Facebook - the new Pinterest categories will be available via a drop-down menu within Pinterest Ads Manager, with sub-categories listed in each segment. Pinterest's also looking to add a search bar which will auto-populate as you type in order to help advertisers find relevant interests to target, though that element hasn't been developed as yet.
A key benefit of Pinterest ads is that Pinterest's audience is more commerce-focused, and as such, enabling marketers to hone in their focus based on specific products and product categories could help them reach potential customers at just the right time. The more refined, specific criteria could be provide a huge boost in this capacity.
And more than that, Taste Graph will also be able to detect changes in user interests over time in order to improve relevance.
As Pinterest's John Milinovich explained to TechCrunch:
"One of the biggest difference with the Taste Graph compared to what we were doing before was really diving into understanding the nuances of how we relate Pinners to Interests based on the recency and frequency of their engagement. We're much smarter about how we decay interests from a user's taste profile so that we can better personalize their recommendations - so if you haven't pinned about your wedding in a while, you'll stop seeing wedding content."
It's a significant expansion of Pinterest's ad options, and with the platform now serving 200 million monthly active users - and hosting more than 100 billion Pins - the potential is great. If you're not considering Pinterest in your social media marketing strategy, it may be worth giving it another look.
In addition to this, Pinterest is also expanding its Pin Collective program - which connects businesses with Pinterest creative experts - by adding a new self-serve interface, which will help smaller businesses utilize the same options and connect with platform creators.
As explained by Pinterest:
"We partnered with Popular Pays to build a custom platform that helps brands of all sizes develop content for Pinterest in as little as 10-14 days. Brands submit a creative brief, then review "applications" from creators who want to work on the project. "
The option could make it easier for more businesses to build better, more effective Pinterest campaigns, which, in combination with the new targeting options, could provide major benefit.
Pinterest's been working hard to evolve the revenue potential of its platform, adding in a range of new tools and features to help businesses tap into the app's audience and establish it as a key eCommerce space. A few years back, Pinterest had a plan to increase it's annual revenue to $2.8 billion by 2018, and while that's been tempered somewhat in more recent projections (Pinterest says it's on track to generate $500 million in ad revenue this year), the numbers reflect the company's wider ambition.
With innovative tools like Lens, and a pathway that's at least somewhat out of the way of the major players, Pinterest definitely offers a lot of potential. Worth considering in your process.