What Happened: Pinterest announced last week it would launch a new suite of advertising products this summer. For about a year, Pinterest has offered “promoted pins” (its ad product), to let brands and advertisers feature their products and services more prominently on the social network. With the latest updates, Pinterest will offer motion-based promoted pins for the first time. Previously, Pinterest videos have been hidden and the user experience clunky, with extra clicks involved before playing. “Cinematic pins,” as they will be called, feature a range of visuals, including movie trailers, animations and GIFs, and will jump to life as users scroll through their feeds. They will continue to play as a user zooms into the video. This new pin format is part of a broader advertising suite rollout that includes better targeting options, a revised payment model and a creative studio called the Pin Factory for client service needs.
What This Means for Brands: Studies show that Pinterest drives more e-commerce referral traffic than any other social network and customers referred from Pinterest generally spend 10% more than customers referred by other sites. Pinterest is a network where users go to save and collect ideas for the future, naming boards with plans in mind such as “summer travel ideas” or “kitchen renovation”, indicating to brands and advertisers intent to buy. With the new advertising features, brands will be able to target users based on the titles of those boards, as well as other behavior, such as interests and life stages like “parents-to-be” or “foodies.” By narrowing the advertising target, Pinterest is helping brands reach the right audience and potentially boosting purchases even higher.