What's Hot in Small Business – Chris Crum
|Chris Crum writes for Small Business Resources about what's new for small business. Chris was a featured writer with the iEntry Network of B2B Publications where hundreds of publications linked to his articles including the Wall Street Journal, USA Today, LA Times and the New York Times.|
Pinterest Announces New Promoted Pin Types to Help Businesses Reach Customers
It's been two years since Pinterest first launched promoted pins, and now there are three new kinds. The company says the collection is designed to "bring every kind of idea to life."
The new Promoted Pin types include: Promoted App Pins, Promoted Video, and One-tap Promoted Pins. They’re all aimed at making it easier for people to take the "natural next steps" after they discover things on Pinterest.
The company began showing some users Promoted App Pins a few months ago, before officially announcing them in recent weeks. These let people on iOS discover and download apps directly from the Pin itself. Transactions can be completed without even leaving Pinterest. The company says some of its partners have seen "great results" in early testing.
Promoted Videos enable businesses to show their products in action, but the videos are also shown with related Pins that appear underneath them to make it easier for users to act. Pinterest says it has seen a 60% increase in videos over the past year.
Finally, One-tap Promoted Pins take users directly to the site the content originally came from in one tap. This should help businesses drive traffic to their websites while making it easier for users to act (such as making a purchase on the website). These pins are still in testing, but Pinterest says partners are seeing positive results here as well.
Pinterest has 150 million unique monthly users. According to the company, these users are very open to businesses on the platform because the "actionable ideas" they're after frequently come from businesses. In fact, Pinterest is so vested in businesses using its offerings that it goes out of its way to make sure what businesses share on the platform is particularly "save-worthy".
As far as the company is concerned, its ads play a significant role in the inspiration its users get from Pinterest. The thinking is that when users engage with promoted pins, they're showing that they not only like something, but are ready to act on ideas shared by the advertiser. Pinterest knows how important it is that users don't tire of its ad model, so authenticity and pride are literally part of its advertising standards.
"Since launching Promoted Pins 2 years ago, we’ve focused on making them quick and uncomplicated for Pinners to engage with, while delivering strong, measurable results for businesses," said Pinterest's Francis Larkin. "When someone finds an interesting idea on Pinterest, we want it to be easy for them to do more with it."
The company made a separate announcement to say that it has renamed its Marketing Developer Partners program to just "Marketing Partners," and that it has expanded the program globally to help advertisers get even more out of Promoted Pins. As part of the announcement, Pinterest also revealed that admeasurement firm Moat has signed on to be its preferred partner for measuring advertising viewability.
Promoted Pins drive five times more incremental in-store sales compared to campaigns on other platforms, according to the company's recent findings with Oracle Data Cloud. While this stat comes from Pinterest, it's still one businesses should consider as the platform is unique in its offering to consumers. People use Pinterest to do specific things, and these things often require making purchases.