San Francisco, California–The social image sharing site, Pinterest, began offering new business grade services with its Promoted Pinterest Pins in April of this year. The online pinboard is seeking to make its revenue more robust through big brand advertising at the entry rate of $1 million or more for each campaign.
The super-sized fee necessarily shut out small and medium sized companies; but now, the social network is making promoted material available to a wider range of businesses. It’s an attempt to mimic, in some respect, Facebook-type advertising.
However, it initially appears the new ad offerings do not come at bargain basement prices and many businesses might not be able to afford the going rates to get their brands, products, and services noticed on the digital pinboard platform.
About Promoted Pinterest Pins
Companies with interest can go to the site’s new dashboard, which allows corporate entities to sign up for self promotion. Businesses can register, then begin their campaigns by choosing a pin to promote, which appears in the site’s search or category feeds. The next step is to select demographic targeting, putting pins in front of a chosen audience.
Rather than paying per impression, as is the model used by Facebook, Pinterest only charges when users click through to be redirected off site. Businesses which opt to advertise will be given access to analytic material, which shows which pins are generating the most engagement, such as clicks, impressions, and repins.
Companies can start the process of advertising on Pinterest by joining a waiting list. Businesses who fill out the form will no doubt take notice of the fact that one field has a two answer selection which inquires how much applicants spend per month on advertising, that choice being more or less than $20,000. This question might be an indication of the company’s intent to prioritize applicants based on the amount of money each is willing to spend.
Pinterest Promoted Pins went live in September of last year and the site’s user base has been growing steadily, making it one of the most used social networks on the internet.