Pinterest is becoming the new go-to platform for social advertisers. With 250 million Pinterest users, advertising on Pinterest offers marketers a fresh audience to make an early impression. And the stats don’t lie — Pinterest is an effective advertising platform. According to social management giant Hootsuite, more than half of Pinterest users have made a purchase after seeing business content on the site. Plus, pinners spend 29% more than non-pinners.
How much do ads cost on Pinterest? The cost of your Pinterest ads will depend on the campaign type you choose, and the bidding method and budget you select. Pinterest does employ a minimum bid method, so you will AT LEAST be charged $0.10 per click for a web traffic campaign, $2.00 per-thousand-impressions for brand awareness and video view campaigns, and $6.00 per-thousand-impressions for a max width video view campaign.
We’ll break down the cost of Pinterest advertising with the help of Pinterest itself, and other experts like Hootsuite, Sprout Social, and Strike Social, including how campaign types, billable actions, bidding methodologies, budgets, and targeting affect the cost of your Pinterest advertising campaign.
Pinterest Advertising Campaigns
Which advertising campaign objective you choose determines, in part, how much your Pinterest ads cost. Pinterest groups their campaign objectives under two categories: building awareness and driving consideration.
Under the build awareness category, advertisers can pick from two campaign objectives in the Pinterest advertising platform: brand awareness and video views. Within the drive consideration category, you can pick traffic or app installs. Each campaign type has a different billable action.
Brand awareness campaigns are useful for new companies, or companies that are relatively unheard of. The point of a brand awareness campaign is to get users to engage with your brand, get familiar with your company, and not necessarily take an action like buying your product or visiting your website.
Video view campaigns are also a good way to familiarize Pinterest users with your brand. Pinterest is a visual platform, and the video format allows brands to tell a longer story about their company and product. Since videos are relatively new to the Pinterest platform, utilizing this campaign objective will make your brand memorable.
For awareness campaigns and video views campaign, you are billed per 1,000 impressions.
Traffic campaigns are meant to induce the viewer to take action. Traffic campaigns are useful for driving visits to new blogs, a company webpage, or even a landing page. Create an ad group for a new set of products you’ve just released, or new data you’re trying to get eyes on. Traffic campaigns are billed per click.
App install campaigns are best if you’re trying to sell your mobile game or application, you’d select this ad type as it allows users to click through to the App or Play store. App installs are either billed per install, or per click.
The type of campaign and subsequent billable action you choose greatly affects how the Pinterest advertising platform spends your budget.
Budget Options for Pinterest Advertising
Ultimately, you are in total control of how much your Pinterest ads will cost — you determine the overall cost of your Pinterest advertising campaign because you can choose to set up a daily or lifetime spend limit.
According to Pinterest, a daily spend limit specifies a max amount you’d like to spend per day, while a lifetime spend limit specifies a max amount you’d like to spend over the course of the whole ad campaign. However, this is different from your daily budget and your lifetime budget.
A daily budget allows you to specify an amount you want to spend per ad group, per day. A lifetime budget spends your budgets evenly over the course of the campaign dates you select. Your lifetime budget is tied to each specific ad group, whereas your lifetime spend limit caps the total spend for your campaign.
If you’re just starting out, Pinterest recommends spending about $50 per ad group, per day. If you have ad groups with specific start and end dates, they advise setting a lifetime budget so their system can do the work for you to help keep you on track for your goal.
The placement of your ads will also affect how much you spend. Pinterest defaults to showing your ads everywhere, allowing you to reach the maximum number of pinners. If you’d like to narrow in on where you’ll be meeting your audience, you can select between “browse” placements and “search” placements.
Browse placements will show your promoted pins to people while they browse in their home feed. Search placements show your promoted pins in search results. Search placements can be especially beneficial when targeting interests and keywords that may appear in the search bar. Regardless of which placements you choose, you should enable Pinterest’s “one-tap” feature.
If you’ve ever been on Pinterest, you know that when you click on an image, it expands. With the one tap feature turned on, users are immediately taken to a landing page following that first click, as opposed to seeing an expanded version.
This can be beneficial for traffic campaigns, as it decreases friction between seeing the ad and clicking through to the landing page. According to Sprout Social, one tap increases click-through traffic by 300%.
Bidding On Pinterest Advertising
Pinterest will prompt you to set your bid after you set your spend limits and budgets. In the Pinterest advertising platform, the bid informs Pinterest how much you’d like to pay for the desired action. Setting a bid helps businesses have more control over the overall cost of their advertising campaign, as it allows you to specify how much actions and results are worth to you.
If you’re new to the world of social media advertising, don’t worry about figuring out what a “good” bid is. Pinterest can recommend a bid for you based on targeting features you choose, such as keywords, interests, languages, devices, and genders. Pinterest bases the recommended bid on what other advertisers are bidding to reach a similar audience and ensures that you remain competitive within the platform.
Pinterest does have required minimum bids depending on what country you’re from and what campaign type you select. In the U.S., the minimum cost-per-click bid is $0.10, the minimum cost-per-impression bid is $2.00, the minimum cost-per-impression for standard width videos is $2.00, and the minimum cost-per-impression for max width video views is $6.00.
While Pinterest does require minimum bids, they utilize a second-price auction model, which means you’ll only pay what’s needed to beat the next higher bid. For example, if you bid $1.00 and the next highest bid is $0.50, Pinterest will only charge you $0.51.
How to Optimize Your Pinterest Advertising Campaign
As an advertising platform, it is Pinterest’s goal to show your ads to the most engaged audience. This means that your creative, targeting, and audience have to be in sync in order to perform well. Always keep this in mind when optimizing your advertising campaign.
How much you ultimately spend on your Pinterest advertising efforts depends on how well you optimize your campaign at these various levels. For most businesses on Pinterest, the goal is to reach the most qualified and relevant people at the lowest cost-per-action.
Pinterest suggests looking at your metrics to determine where you stand if your pins aren’t performing well. For advertisers, there are four groups you’ll normally fall into: maxing your budgets but not hitting your goals, maxing your budgets and hitting your goals, not maxing your budgets and not hitting your goals, or not maxing your budgets and hitting your goals.
Determining which camp you fall into will help you identify areas where you can improve. There are six different categories you can run tests and experiments in: your products, your landing page experience, your ad creative, your ad formats, your bids and budgets, and how you’re targeting your ads.
Always look at your creative before you adjust any of the targeting or monetary components of your campaign. Pinterest is a visual platform, and images are at the heart of those visuals. Make sure your promoted pin is mobile-optimized, vertically-oriented, has a detailed description, uses a text overlay, and has a clear call-to-action.
Next, look at the various aspects of your campaign. Are you targeting the right audience or keywords? Maybe your bids aren’t high enough to reach all of your audience. Is your placement limiting your reach? Adjust your targeting, increase your bids, and increase your overall budgets to reach more of your audience.
A unique feature of the Pinterest advertising platform is the ability to target interests and keywords. Interest targeting will affect where your ad shows up for browsing placements when users are either browsing in certain categories or on their home feeds. Keyword targeting, on the other hand, determines which searches your Promoted Pins appear in. Tweaking and optimizing your interest and keyword targets can improve your campaign performance by reaching a more relevant audience.
Once you find out what DOES work, reallocate your spend to your highest performing Promoted Pins to capitalize on conversions. Cut “low performers” so you don’t waste money on an ad that, despite adjustments and improvements, isn’t performing well.
Pinterest Advertising Best Methods
Pin Top-Performing Organic Pins:
Promote pins that already connect with your audience. This is a good method for newbies who may not be sure where to start with Pinterest advertising. You can see which organic pins have the most engagement in your analytics and create a campaign around that pin since you know your users already interact with it.
Test always! What works for one campaign or ad may not work for another, so continually test things. You can create A/B tests to measure how different factors like creative, copy, landing page, and targeting affect your performance.
Optimize Your Creative Assets:
As mentioned above, make sure your images are mobile-optimized, vertically-oriented, have detailed descriptions, use text overlays, and have clear calls-to-action.
Sprout Social also recommends using your own photographs, as opposed to stock photography. For an added bonus, photograph real people using your products — some studies show that people prefer clicking on images that show a product in use.
Understand the Pinterest Keyword Algorithm:
According to Marketing Land, many elements of the keyword algorithm are still broad match. Include broad match keywords in your targeting to help your ads perform better and reach a wider audience. You can use the related keyword suggestions from the Ads Manager and add keywords from Pinterest’s guided search.
How do I set up a Pinterest advertising campaign?
First, you’ll need to create a business account on Pinterest. Once you create a business account, you’ll see a tab pop up in the top left corner with the title “Ads.” Hover over to show the drop-down menu and select “create ad.” The Pinterest platform will the walk you through choosing a campaign objective, setting a budget, selecting placements, targeting an audience, and creating your ad groups.
What is a good CPC on a Promoted Pin?
Cost-per-clicks will vary based on a variety of factors, but in general, the lower cost-per-click, the better. For a traffic campaign, aim for a CPC lower than $0.50.
How do I access the metrics for my Pinterest advertising campaign?
You can view your advertising metrics by hovering over the “ads” tab in the top left corner of your business profile homepage and selecting “Reporting” from the drop-down menu.
What metrics does Pinterest advertising track?
Depending on your campaign objective, you’ll be able to see:
- Number of impressions
- Number of saves
- Number of clicks
- Click-through rate (CTR)
- Effective CTR
- Average CPC or CPM
- Total ad spend