Pinterest has become one large collage of ideas. Starting from sports to business and from art to craft, that fortified collage is becoming more and more vibrant and diverse with the daily addition of some new interest segments. May be that’s why more than 100 million people use Pinterest every month. In front of this massive audience, it’s trying to refine and redefine its functionalities and processes with which people encounters on a daily basis. But at the same time, it is not losing its focus from germinating multiple ways of monetization. It just announced that it’s paired up with Millward Brown to help brands measure Pinterest ads and their impact. Furthermore, it’s continuing its strategy to narrow down its ad efforts to only retailers and CPG brands last December.
Millward Brown Digital is a reputed market search firm which assists clients in making big brands out of them. Pinterest’s partnership with it will let companies measure the impact of their Pinterest ads on metrics including:
- Purchase intent.
It’s a very significant occurrence, as previously Pinterest only provided metrics such as impressions, clicks and repins of images. Due to the inclusion of new and comprehensive metrics, advertisers now can keep a close eye on the full value of brand advertising across the Pinterest platform. As they will be able to measure the impact of the campaign, naturally they will also get accurate insights which in turn are helpful in making wise and informed business decisions. But, as far as Pinterest ads are concerned, it will help advertisers in answering following key questions:
- How do Promoted Pins on Pinterest shift consumers’ perceptions of my brand?
- Are people more aware of my brand after exposure to Promoted Pins on Pinterest?
The modus operandi of this measurement module is looking very robust; at least at the first glance. All these measurement surveys will be sent to the Pinterest app. It means that customers will receive those survey reports in an environment which is very much similar to the environment which they experience when they see the ads. Clearly, it will not disturb or interrupt their existing experience or coherent flow. To make it more impactful, Pinterest is also offering experimental design technology, which will identify the psychological factors such as relationships between ad exposure and change in attitudes. It will be realized by preselecting the pinners long before the campaign who have already been exposed to the campaign advertisements. Instead of a campaign ad, the control group is shown a PSA ad. Additionally, each survey will be customized according to the goal of a specific campaign.
The initial results of this survey have presented strong case studies which confirm that advertisers will have a clear cut understanding of which part of their Pinterest ads is giving them more conversions and what changes they will have to do to augment their campaigning efforts. Also, this single-minded focus on sales should come as good news for brands, as they can now receive some hands-on support from Pinterest’s ad team. Take a look at some of the results of those surveys.
- Walgreens grasped a more than 15% lift in positive brand perception, brand favorability, and purchase intent for a key beauty category among a targeted audience of females age 18-24.
- L’Oréal observed an 18% boost in new product awareness for their Lumi Highlighter product, a 27% lift in message association and a 25% increase in purchase intent.
It’s quite palpable that Pinterest has realized that online advertisement is as much about brand penetration and brand awareness as it is about final conversion. More than anything else, this move can be considered as a scientific and steady method to realize how your campaign is performing, what is lacking and what can be done to weed out those potential hindrances. But, another prism through which you can look at it is a process of securing more monetization by creating a perception that Pinterest is committed to provide advertisers with critical knowledge of their campaign’s impact. Pinterest is doing all it can to increase the revenue, as it has its eyes set on its expected and much-awaited IPO later on in 2016.
This post was written by Prasad Dhamdhere.