In this digital era, businesses are constantly seeking innovative ways to reach their target audience and maximize their marketing budgets. When it comes to visual discovery and inspiration, Pinterest has emerged as a powerful platform to showcase products and services to millions of users worldwide. As advertisers, we are always curious about the cost of running successful Pinterest ads and the impact it can have on our marketing budgets. In this article, we will unveil the future of Pinterest ads and analyze the projected costs in 2024. By understanding the potential expenses associated with advertising on this platform, we can make informed decisions about allocating our resources effectively. Whether you are a small business owner or a seasoned marketer, this insight into Pinterest’s ad costs will help you strategize and plan your marketing budget accordingly. Join us as we explore the anticipated pricing models and the factors influencing Pinterest ad costs in 2024. Learn how to optimize your campaigns and make the most out of your marketing budget, ensuring that your presence on Pinterest delivers tangible results. Stay ahead of the curve and unlock the potential of Pinterest’s advertising platform for your brand’s success.
The growth of Pinterest as an advertising platform
The growth of Pinterest as an advertising platform has been significant, with the platform’s revenue rising by 11% to $763 million in the third quarter of 2023. This growth is attributed to the platform’s ability to attract and retain advertisers effectively, as well as its increase in global monthly active users by 8% year-on-year to 482 million. Pinterest’s success in exceeding expectations for global monthly active users and average revenue per user indicates its potential as a valuable platform for advertisers looking to diversify their ad spend and reach a broad audience. The platform’s focus on visual search, discovery, and shopping has resonated well with users, leading to strong revenue performance, robust global MAU growth, and substantial margin expansion. Pinterest’s unique differentiators and user engagement have contributed to delivering better results for advertisers, making it a promising advertising platform for businesses looking to connect with their target audience effectively.
Advantages of advertising on Pinterest
Advantages of advertising on Pinterest:
- Gain Brand Awareness: Pinterest ads are an efficient way to gain brand awareness and recognition online. The platform’s visual nature allows businesses to capture the attention of users and promote their offerings effectively.
- Increase Reach, Traffic, and Sales: Advertising on Pinterest can help businesses reach a vast audience, driving traffic to their websites and ultimately increasing sales. With over 300 million users every month, Pinterest offers a significant opportunity for businesses to expand their reach.
- SEO Ranking: Popular content on Pinterest can improve a business’s SEO ranking, potentially leading to increased visibility on search engine results pages. This dual exposure on Google and Pinterest can enhance a business’s online presence and attract more visitors.
- Cost-Effective Marketing: Pinterest advertising is cost-effective, making it a suitable option for businesses with limited advertising budgets. Promoted Pins and other advertising options on Pinterest offer an affordable way to showcase products and services to a broad audience.
- Shoppable Pins: Pinterest allows businesses to create shoppable pins, enabling users to directly purchase products showcased in the pins. This feature enhances the shopping experience for users and can lead to increased sales for businesses.
- Audience Loyalty: Pinterest users who engage with a business’s content are more likely to become loyal customers. By providing valuable and engaging content on Pinterest, businesses can build a loyal following and drive customer loyalty.
- Rich Pins and Analytics: Pinterest business accounts offer access to rich pins that provide detailed information about products and services. Additionally, businesses can access analytics to track the performance of their pins, understand user engagement, and optimize their advertising strategies.
Advertising on Pinterest offers a unique opportunity for businesses to leverage the platform’s visual nature, reach a broad audience, drive traffic and sales, and build brand awareness effectively. The platform’s features, such as shoppable pins and rich pins, provide businesses with valuable tools to engage users and drive conversions.
Understanding the cost of Pinterest ads
Pinterest advertising cost varies depending on several factors, including the ad format, targeting options, and competition. On average, Pinterest ads can cost between $0.10 to $1.50 per click, $0.10 to $1.50 per engagement, and $2 to $5 per 1,000 impressions. The cost of Pinterest ads can also depend on the ad structure, audience targeting choices, bid amount, competition level, ad placement, and ad relevancy.
The cost of Pinterest ads can vary by ad format, with standard ads costing between $0.10 to $1.50 per click, $0.10 to $1.50 per engagement, and $2 to $5 per 1,000 impressions. Carousel ads, which allow users to swipe through multiple images, can cost between $0.10 to $1.50 per click, $0.10 to $1.50 per engagement, and $2 to $5 per 1,000 impressions. Collections ads, which feature a hero image or video above several smaller assets, can cost between $0.10 to $1.50 per click, $0.10 to $1.50 per engagement, and $2 to $5 per 1,000 impressions.
The cost of Pinterest ads can also depend on the ad structure, audience targeting choices, bid amount, competition level, ad placement, and ad relevancy. For example, custom bids allow businesses to set the maximum amount to pay for each action in each campaign, while automatic bidding adjusts bids throughout the day to get the most bang for the buck.
In general, Pinterest ads are less expensive than Instagram and YouTube ads, with an average cost of $1.50 per click in 2021. Pinterest promotions are likewise exceptionally viable, with IT Beauty care products benefiting from unbranded hunt terms with Shopping promotions that got a 5x better yield on promotion spend and was 89% more savvy than different stages they used2
To get the most out of Pinterest ads, businesses should consider setting a maximum daily budget, using custom or automatic bidding, and targeting the right audience with relevant ad content. By following these best practices, businesses can effectively reach their target audience on Pinterest and drive conversions at a cost-effective price.
Factors that impact the cost of Pinterest ads
Factors that impact the cost of Pinterest ads:
- Ad Structure: The type of ad format chosen, such as standard ads, carousel ads, or collections ads, can influence the cost of Pinterest ads. Different ad formats may have varying costs per click, engagement, or impressions.
- Audience Targeting Choices: The specificity and relevance of audience targeting choices can impact the cost of Pinterest ads. Targeting a niche audience may be more cost-effective than broad targeting, as it can lead to higher engagement rates.
- Bid Amount: The bid amount set by advertisers can affect the cost of Pinterest ads. Custom bids allow advertisers to set the maximum amount to pay for each action in each campaign, while automatic bidding adjusts bids throughout the day to optimize results.
- Competition Level: The level of competition in the advertising space on Pinterest can impact the cost of ads. Higher competition may lead to increased costs per click, engagement, or impressions as advertisers vie for visibility.
- Ad Placement: The placement of ads on Pinterest, such as in the feed, search results, or related pins section, can influence the cost of ads. Premium ad placements may come at a higher cost but offer increased visibility.
- Ad Relevancy: The relevance and quality of the ad content to the target audience can impact the cost of Pinterest ads. Highly relevant and engaging ads may perform better and cost less due to higher user interaction.
These factors interact to determine the overall cost of Pinterest ads, with advertisers needing to consider their ad structure, audience targeting, bid strategy, competition, placement, and ad relevancy to optimize their advertising campaigns effectively
Predictions for the cost of Pinterest ads in 2024
Based on the information provided in the sources, the cost of Pinterest ads in 2024 is expected to range from $0.10 to $1.50 per interaction to drive visitors to websites, with marketing focused on conversions potentially costing $6.00 to $10.00 per conversion. The cost per thousand impressions (CPM) rates for advertising aimed at raising brand awareness typically range from $2 to $5, while the cost per interaction to increase online presence may vary from $0.10 to $1.50. Additionally, Pinterest ads are reported to be 2.3 times more efficient on cost per conversion (CPC) and offer a 2 times higher return on ad spend (ROAS) compared to other social media platforms.
Considering these insights, it is anticipated that the cost of Pinterest ads in 2024 will continue to be competitive and cost-effective compared to advertising on larger platforms like Facebook. The platform’s efficiency in driving conversions and providing a higher return on ad spend may attract more advertisers and contribute to the growth of Pinterest as an advertising platform in the upcoming year.
How the cost of Pinterest ads affects your marketing budget
The cost of Pinterest ads can vary depending on the campaign goal, with building brand awareness costing between $2.00 to $5.00 per thousand impressions (CPM), boosting online engagement costing anywhere between $0.10 and $1.50 per engagement, driving web traffic also costing between $0.10 and $1.50 per engagement, and conversion-based campaigns commanding between $6.00 and $10.00. The cost of Pinterest ads is determined by an auction system, where businesses set the maximum price they want to pay to achieve a target, such as driving engagement on their website, improving CTR, or garnering more impressions. The exact price of Pinterest ad rates depends on the type of ad, size, keywords, and categories of audience being targeted.
The cost of Pinterest ads can have a significant impact on a marketing budget. For example, if a business is using Pinterest ads to drive conversions, they can expect to pay between $6.00 and $10.00 per conversion. This cost can add up quickly, especially if the business is running a large ad campaign or targeting a highly competitive audience. Therefore, it is important to carefully consider the cost of Pinterest ads and how they fit into the overall marketing budget.
To make the most of the Pinterest ad budget, it is important to follow best practices, such as determining the objective of the ad campaign, finding a niche where the goal seems achievable, setting a budget, creating an ad group, using SEO to improve ad visibility, keeping content fresh, and tracking campaign performance3. By following these best practices, businesses can optimize their Pinterest ad campaigns and ensure that they are getting the most value for their investment.
In summary, the cost of Pinterest ads can vary depending on the campaign goal and the target audience. To make the most of the Pinterest ad budget, it is important to follow best practices and carefully consider how the cost of Pinterest ads fits into the overall marketing budget. By doing so, businesses can ensure that they are getting the most value for their investment and achieving their marketing goals on Pinterest.
Strategies to optimize your Pinterest ad spend
To optimize your Pinterest ad spend, consider the following strategies:
- Targeting: Choose the target that best fits your campaign strategy. Pinterest offers various targeting options, such as brand awareness, video views, consideration, conversions, and shopping catalog. Selecting the right target will help you reach your desired audience and achieve your campaign goals.
- Visual Storytelling: Share the story you want your customers to tell themselves through your ads. High-resolution images and a clear message are crucial for successful visual storytelling.
- Video Pins: Utilize video pins to capture the attention of Pinterest’s visually-oriented user base. Show how to use your product, make people feel emotions, and convince them of your product’s unique benefits.
- Keyword Optimization: Conduct thorough keyword research to optimize your Pin descriptions and titles for enhanced searchability and discoverability.
- Ad Budget Management: Establish realistic budgets and bid strategies aligned with your campaign goals. Continuously monitor ad spend and adjust strategies based on performance data.
- CTR Optimization: Optimize your ads and ad groups based on CTR. Review your cost per click or CPM (for conversion ads) and make sure your audience is relevant.
- Landing Page Experience: Ensure a seamless transition from Pin to landing page for a smooth user experience.
- Relevancy: Make sure your relevancy is in line with your audience by ensuring your pin titles, text overlays, descriptions, board title, and board description are all related.
- magery and Point of arrival Match: Guarantee your pins and the presentation page intently match one another and the commitment on the pin is followed through on the point of arrival..
- Monitoring and Adjustments: Continuously monitor your ad performance and make adjustments as needed.
By implementing these strategies, you can optimize your Pinterest ad spend and achieve better results for your campaigns.
Case studies of successful Pinterest advertising campaigns
Case Studies of Successful Pinterest Advertising Campaigns:
- Laura Rike’s Case Study: Laura Rike’s case study highlights a client who achieved a 146% return on ad spend (ROAS) and $0.95 highly qualified leads through Pinterest ads. The client was focused on sales for long-term growth and sustainability, and they implemented conversion campaigns with blog content and sign-up forms, which converted email signups under one dollar1.
- Effective Spend’s Case Study: Effective Spend, a digital ad agency, helped an e-commerce home furnishing client scale their Pinterest shopping advertising. The agency used automated ad creative and bid management to achieve significant results3.
These case studies demonstrate the potential of Pinterest advertising to drive sales and leads for businesses. By implementing effective strategies and utilizing the platform’s targeting and customization options, businesses can achieve significant returns on their ad spend.
Conclusion and final thoughts on the future of Pinterest ads
Pinterest is an increasingly popular platform for advertising, with a large and growing user base that is particularly interested in discovering new products and brands. The platform’s visual nature and focus on inspiration and creativity make it an ideal place for businesses to showcase their products and services in an engaging and appealing way.
Pinterest’s advertising features are continually expanding and improving, with new ad formats, targeting options, and tools being introduced to help businesses reach their target audiences more effectively. For example, the platform’s quiz ads allow brands to engage directly with their customers and gather valuable insights about their preferences and interests. Additionally, Pinterest’s auto-targeting and target personas options make it easier for businesses to reach their ideal customers based on demographics, interests, and other factors.
Pinterest ads have been shown to be highly efficient in terms of cost per conversion and return on ad spend, with brands seeing significantly better results than on other social media platforms. In fact, Pinterest ads are 2.3x more efficient on cost per conversion and offer a 2x higher return on ad spend compared to ads on other social media networks.
Despite these advantages, many brands are still hesitant to invest in Pinterest advertising, with recent data showing that Pinterest ranks 10th out of 12 social media platforms in terms of brand confidence for advertising. However, with the platform’s growing popularity and expanding e-commerce integration, it is likely that more businesses will begin to recognize the potential of Pinterest as a valuable advertising channel.
In conclusion, Pinterest offers a unique and valuable opportunity for businesses to reach a large and engaged audience with visually appealing and inspiring ads. With its expanding advertising features and proven efficiency in terms of cost per conversion and return on ad spend, Pinterest is an advertising platform that businesses should consider investing in as part of their overall marketing strategy.
FAQ
How much does it cost to put an ad on Pinterest?
You can expect to pay between $2.00 to $5.00 per thousand impressions (CPM) if you’re trying to build brand awareness. Boosting online engagement will cost you anywhere between $0.10 and $1.50 per engagement. Driving web traffic will also cost you between $0.10 and $1.50 per engagement
Are paid Pinterest ads worth it?
According to AdRoll, the average cost per click on Pinterest was 10 cents to $1.50, compared with $5.26 for LinkedIn, 20 cents to $2 on Instagram, and $1 on TikTok. Facebook was less, at 44 cents, but Pinterest makes up for it in effectiveness.
Are Pinterest ads cheaper?
Advertising on Instagram has its appeal, but Pinterest ads are cheaper on average. We get why people might to-and-fro between Pinterest and Insta, because they’re both visual-heavy platforms. However, Pinterest presents you with customers who’re more primed to purchase.