Curious about Pinterest advertising costs?
Before you jump headfirst into Pinterest marketing, make sure you have all the facts. Is this your target market? Does your audience consists mostly of females between the ages of 18 to 45?
Are your products visually appealing? Can you hook your prospective clients with an image and seven words or less? If not, this probably isn't the right social media platform for you.
If, on the other hand, your needs fit these qualifications, you're in luck. Pinterest is arguably the best, cheapest advertising platform available. Read on to find out more.
Types of Pinterest Advertising
Pinterest offers three different campaign types. It can act as a full-funnel marketing channel. In that respect, it's unique.
Marketers tend to use social media platforms for the top of the funnel. They mostly focus on creating brand awareness and sparking curiosity (for more information on brand awareness and engagement visit NGP Integrated Marketing Communications). They link their ads to a landing page which does all the bottom of the funnel work for them.
The process becomes convoluted when you add in things like email list sign-ups, product description pages, and marketing calls.
Fortunately, you can simplify it with a few easy changes. Pinterest can create awareness, build purchase intention, and make sales.
Pinterest has also created visual search tools which give users the ability to search for the products in any given photo. And they can do it all from their smartphones.
In other words, a marketer can create brand awareness by posting pics designed to create an emotional response. You don't need to brand the pics. Just shoot emotionally relevant shots.
If Pinners like your company's dress (or car, or electric blender, or gourmet pizza), they can click on it to purchase it straight away. You don't even need to sponsor the pins. They may be pins from your personal boards.
Next, we'll take a deeper look at the different types of paid promotions offered.
Note: Still uncertain whether Pinterest is your best option? Take a look at this ultimate guide to choosing the best online advertising platform.
Pinterest Advertising Options
Three different campaign types exist on Pinterest. You can build awareness. You can boost engagement. And you can drive traffic to your website. Pinterest bills each differently.
Pinterest bases awareness-building campaigns on a standard cost-per-thousand-impressions model(CPM). In other words, they charge advertisers an agreed upon amount to post a pin 1,000 times.
The pin may appear in front of the same person multiple times. It has a similar chance to appear in front of a 1,000 unique visitors. Remember, you're building recognition here. That's all.
This choice is for those of you interest in using Pinterest for the middle of your sales funnel. If you've used a marketing funnel template, you might find that this isn't necessary. Pinterest charges you for each engagement (CPE) of a given pin. Engagements include behaviors like repining or clicking.
The goal is for those Pinners to recognize your stuff, and see it as a solution to their problem. The more they share those pins, the more they're telling the world that your stuff is their solution.
Behavioral psychology tells us that each repin increases the likelihood they'll eventually buy your stuff.
Marketers interested in driving traffic through the bottom of their funnel should focus here. In this option, Pinterest charges you for per click (CPC). Each time a Pinner clicks on your sponsored pin, they are redirected to your website, landing page, or any other page you specify.
When Pinners are ready to head to the buying stage, they will click on your ad. Then they're off to your sales page. If you choose, you can just as easily send them to your Amazon, Itsy, or Shopify page.
You can design your whole campaign to bypass a traditional landing page. The choice is up to you.
Pinterest Advertising Costs
Now, let's take a look at bidding and budgeting. All digital advertising requires you to bid on your ads. Your keywords, ad location, and type of marketing determine your competition.
Lower competition means lower bids. The Pinterest platform bases your bids on your marketing purpose. That means CPC, CPE, and CPM models have different competition and different bidding strategies.
The following are the minimum bids for each type of strategy. Compared to prices with Facebook or AdWords, these are rock bottom prices.
- USD 5.00(CPM)/ 0.10(CPE)/ 0.10(CPM)
- EUR 5.50(CPM)/ 0.11(CPE)/ 0.11(CPM)
Pinterest, of course, recommends that you bid aggressively to boost campaign performance. It's in their best interest. Expert marketers disagree.
Start low. Allow your pin to run for two weeks. At the end of that time, measure your statistics with Pinterest Analytics and other webmaster tools.
Use this data to gauge your success, and adjust your bidding strategy accordingly.
When you decide your budget, you tell Pinterest your daily maximum. When you reach that limit each day, they stop posting your pins. You can edit this number based on your pin's performance.
It's worth noting that it takes 24 hours from the time you change your budget to the time Pinterest reflects those changes.
The greatest thing about Pinterest is that you can create and pin your own stuff without paying for it. Each pin is the same size and shape. Each lands in one or more particular categories.
Personal and sponsored pins take up the same real estate. They look almost identical.
If you build beautiful, emotionally engaging pins, your stuff will get repined. In so doing, other Pinners are doing your marketing for you. That's right, free marketing.
No other platform can compete with those numbers.
Did you decide this is the platform for you? Have you written down your numbers to make sure Pinterest advertising costs fit your budget? If so, it's time to figure out how best to make this platform work for you.
Take five minutes to read our ultimate guide to advertising on Pinterest. Do it now while it's fresh in your mind. You won't be disappointed.
So long and good luck!