Most local business owners have recognized that social media marketing is an essential aspect to a promotional strategy. Unfortunately, many of these budding entrepreneurs focus only on Facebook and Twitter. Other sites, such as Instagram and Pinterest, are largely ignored. A new study on the effectiveness of Promoted Pins on Pinterest, however, shows this could be a huge mistake.
Pinterest is trying to make headway in the social media world, and its focus on images certainly sets it apart from other websites. While the site comes nowhere close to Facebook’s huge reach, it did recently surpass the 100 million monthly user threshold. If that’s not enough to bring businesses to Pinterest, their newly released study could be.
While measuring in-store sales for over two dozen businesses, the site found that Promoted Pin campaigns drove “5x more incremental in-store sales per impression” when compared against other types of online advertising.
Targeting The Right Demographics
While this study undoubtedly paints Pinterest in a great light when it comes to advertising, it’s important to recognize the demographics that the site reels in. Close to 40 percent of Pinterest users make at least $100K a year.
Some business owners may see this as an opportunity to appeal to a wealthy demographic, and in some cases, it may well be. But if a product or service obviously isn’t geared to these upper-class individuals, advertising on Pinterest may be a waste.
What Comes Next?
Pinterest recently started making business relationships with analysis companies in an effort to better understand the effectiveness of Promoted Pins, so their research is far from over. Many companies may have begun to bring in revenue through online purchases, but local businesses are often still focused on converting online interest into offline sales.
Even for companies that wouldn’t do well advertising on Pinterest, this is all still great news. It’s showing just how important it’s become to measure offline success through online marketing endeavors. “Online-to-offline measurement,” as it’s called, has exploded over recent years, and businesses gain access to new tools of calculating this success every day.
So whether Pinterest is ideal for a specific business or not, their research is undoubtedly shining light on essential marketing analytics.
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