How much does Pinterest advertising cost in 2023? Discover more about Pinterest ads and what it can do for your business.
There is nothing more satisfying than scrolling through perfectly tiled pictures on Pinterest. But did you know that besides providing aesthetic images on nearly anything, Pinterest users shop twice more than other social media apps?
The first idea that pops into your mind now is to head to Pinterest and put up your business there. We are here to help you with that. This article will take you through all that you need to know about Pinterest advertising costs and how it works.
How does Pinterest work?
Although not as popular as Facebook or Instagram, Pinterest is the go-to platform for people with an eye for detail. It carries the perfect balance between the features of a social media app and a search engine.
You can search for pins relevant to nearly any topic and can save them on your “boards” to view again later. The user base of Pinterest goes up to 433 million, which is quite a lot if you are considering the fame of the app alone.
In particular, it is a great option for businesses that want to target female customers because more than 70% of the users of Pinterest are women! If your business’s target audience has an age range between 18 and 30, then you are again lucky, as 34% of users of Pinterest are in this age range.
All in all, Pinterest advertising costs are worth it if you want to promote your ads on a social media platform that will help you create a brand image and get customers. But how much do these ads cost? Let’s find out.
Image source: searchenginejournal.com
How much does Pinterest advertising cost?
Before officially starting your campaign on Pinterest, it is essential to be familiar with how much does Pinterest advertising cost you and your business? In general, the price of the campaign depends on what the main objective of your ad campaign is.
With Pinterest, you can categorize your goals into three main sections with their estimated costs that are:
- Creating brand awareness
- Generating conversions
- Driving consideration
Let us now explore each of these categories more in-depth to have a clear insight into how exactly each one work for businesses:
1. Creating brand awareness
Pinterest ads are the preferable option for many online stores to build awareness about their brand. The purpose is to engage and introduce a larger audience to your company. The primary target audience here is people who don’t know your business exists!
For campaigns focusing on brand awareness, you will use the CPM (cost-per-mille) scale to determine the Pinterest advertising cost. This means you are paying for every hundred or thousand impressions your pin gets. The impressions are just how many people viewed your post without doing anything further.
Using the CPM scale, the Pinterest advertising cost ranges from $2 to $5, with $2 being the minimum bid. The ads not only help you gain brand recognition but also exposure to how online advertisements function.
You can also use video ads to build brand awareness on Pinterest. The video ads, however, are charged for each view, starting when someone watches it for at least two seconds.
2. Generating conversion
The main goal of most businesses when planning their ad campaigns is to convert their lead into sales. Here are Pinterest works for this:
- Your customers buy a product by clicking on your site
- The app charges you every time it redirects to your business’s website when someone clicks on it
The conversion operates on the CPA (cost-per-action) scale. The ads of your businesses are optimized for potential customers, and you are then charged every time someone clicks on your website’s link. The setup is quite similar to PPC (pay-per-click) ads if you have experience with those.
Being a small to mid-size business, you will have to pay around $5 to $10 for each conversion you get via Pinterest on your website.
3. Driving considerations
Another option is to put up your ads on Pinterest just for your business to grab the users’ attention. The main goal is to drive people towards your brand by clicking on your promoted pin.
When using these ads to promote your business, you will be paying at CPC (cost-per-click) scale. As the name says, it means every time someone clicks your ad, you pay. Considerations are a great way to get brand recognition, especially if your business is new in the market.
The cost of CPC can start from 15 cents and go as high as $1.5 per click. For small-scale businesses, this is a great option to start as this Pinterest advertising cost is less.
What makes Pinterest advertisements worth it?
The most stand-out feature of Pinterest ads is that, unlike other social media platforms, people can search for what you sell through the search engine. The users are there to search, find products and buy them if it meets their need.
Unlike Instagram, where your ad is likely to be lost among thousands of posts, pinners are looking for services and products on this app. You can optimize your ads around keywords your customers are likely to search for, and your ad will pop up right when someone searches for it.
Here are some quick facts about what will make the Pinterest advertising cost worth investing in:
- In contrast to other platforms, the conversion rates of Pinterest ads are 2.3 times more efficient
- The Pinners are generally more educated and eager to buy products, unlike other social media apps
- You can get a two times higher return than the Pinterest advertising costs
What are some Pinterest ad types for 2023?
Looking for ad ideas to start establishing your business promotion on Pinterest? Here are some ideas that you can execute in your ads:
Idea Pins
Also known as story pins, in idea pins, short videos, or a lineup of 20 pictures are put together to provide immersive content to Pinterest users. They are primarily how-to posts or videos that you can post about any of your products.
Collection ads
These ads are only visible to mobile users, which is not a disadvantage as 82% of the Pinners use the app on their phones. The collection ads consist of a single feature video or up to 3 images relevant to your business.
If the user taps on your ad, you can display about 23 images on the detail page. Collection ads are well-suited for e-commerce businesses dealing with lifestyle, fashion, or home décor. But with the right creative strategy, anyone can benefit from it.
Promoted Pins
The promoted pins boost an existing pin, so it appears on top of the home feed. It is the simplest ad type to run. The only difference between promoted and organic pins is a tiny “promoted” label on the top.
How to make the most out of your Pinterest advertising cost?
When putting in your money somewhere, you want to avail maximum benefits out of it for your business. The right ad strategy can easily help your business grow and promote the ideas/products your company sells.
Structuring a strategy can seem daunting, but it is relatively easy if your vision is clear. It is a step-by-step plan where each step takes you closer to your audience and encourages them to buy your product. The best advertising strategy will not only provide benefits to your business but also give you an edge over competitors.
Here are some ways that will help you develop the right ad strategy for your business on Pinterest:
Keyword Research
As we mentioned before, Pinterest users are likely to search for what they are looking for in the search tab instead of simply scrolling through the home feed. Make sure you conduct thorough keyword research and find the ones that precisely describe your business.
Account Optimization
Pinterest has its SEO, and optimizing your business account accordingly should be your first and foremost priority. It functions similarly to Search Engine Optimization on Google as, after all, this app is a search engine too!
Multiple ad campaigns
Instead of depending on a single ad campaign, it is better to run multiple ad campaigns where each has a separate goal and reaches a different audience.
Target audience
Your target audience also plays an essential role in your ad campaigns’ success. So, make sure your ads are reaching the right audience (the ones that are interested in your business and products).
High-quality visuals
On Pinterest, high-resolution and vibrant images/videos attract people more than regular images you can find anywhere. Since the images are the heart of your ads, ensure you put all your heart and effort into designing them before running the campaign.
It’s time to pin down your business’s vision with Pinterest!
The Pinterest advertising cost can initially seem like a hefty investment, especially if you are new in the business. But it will surely be worth it when the ads attract the right audience, and your business will be up and running with high conversion rates in no time!
