What Happened: Digital scrapbooking site Pinterest aims to reinvent online advertising with the launch of ad sales in early April. They hope to create high quality ads fashioned with a distinct artistic flair that their users would find appealing. A select group of marketers will be the first to test-run Pinterest’s native ad strategy with promoted pins appearing across the site specific to targeted searches. According to Digiday, Pinterest will seek a six-month commitment from brands interested in its advertising launch, with each brandasked to fork over about $150,000 a month, a cool $1 million for the full stint.
What This Means for Brands: After generating a following of over 40 million users, Pinterest’s landscape continues to explode. It gives brands a unique opportunity to reach their customers in a highly visual way that’s both fun and relevant to what their customers want to see. Although many brands have established a presence on Pinterest—so far for free—even the most active only claim a few hundred thousand Pinterest followers. Paid advertisements will give them a chance to extend their reach and promote their company’s overall profile and products with targeted promoted pins. Targeting capabilities will be by category, by geography, by device and eventually by age. Can Pinterest succeed in altering the face of online advertising? The brands that agree to pay that first million will certainly be hoping so.
Contributing to TRENDING items are Ephraim Cohen, Sarah Gordon, Lydia Herrera, Jeff Maldonado and Abby Ray.