Why You Should be Utilizing Pinterest as a New Growth Channel
Many people were surprised when we picked Pinterest as one of our top new growth channels to watch. We backed this up with some impressive facts, not least the industry expert consensus around the power and potential of the platform. In Pinterest there is a proven channel, with a highly engaged audience, that is one of the few new channels that can stand proudly in the company of the likes of Google and Facebook (and by extension, Instagram). We’ll take a deeper look at the channel itself, and why you should be utilizing Pinterest as a new growth channel.
Pinterest Background
It’s important to start with some context and background. Pinterest was launched in 2010, when by their first year they had 10,000 users. Fast forward to October 2018, and the platform has 250m active users. As mentioned, some of the best things about this growing Pinterest audience is how engaged they are, including when it comes to ads. This is proven by the stats: 61% of Pinterest users have made a purchase after seeing business content on Pinterest. While the majority of Pinterest users are women, 50% of new signups are men, and over 50% of new signups are from outside the US. so there is a wide audience to target (more about how to target this audience below).
Compelling Reasons To Use Pinterest
There are a number of compelling reasons to use Pinterest to achieve your growth goals, but chief amongst these is the “Promoted App Pins” offered by the platform. With more traditional growth channels becoming increasingly competitive (often leading to increasing costs and decreasing ROI), a newer channel like Pinterest is a breath of fresh air. It’s also worth noting that users installing from Pinterest have, on average, a healthier lifetime value – with users spending more time and money in the apps they’ve purchased through the platform. Excitingly, 80% of Pinterest traffic comes from mobile, meaning it’s the perfect place to promote your app. Installs occur directly through Pinterest, (iOS and Android), where Promoted App Pins include an easy to recognize app icon and an install button. We all know “you can’t manage what you can’t measure”, so Pinterest has a number of partners for measurement, analysis, and Business Intelligence purposes. Bidding is CPC, and you can target based on interests, keywords, customer list or device. You’ll need to start off by creating a business account and setting up a consideration campaign.
Case Study
Take the case of the 8fit app, for example. The app, which is built around workouts and meal plans, used Promoted App Pins to drive signups directly from Pinterest. The results were compelling: 5% higher signup rates compared to other platforms, and incredibly, up to 90% lower CPM. They also saw up to 50% higher subscription rates, compared to other platforms. Campaign targeting was segmented by gender and country, where customized content was created for each audience. Just like any other growth channel, testing and optimization were key: 8fit constantly optimized their ad creative, and broadened their campaign once they found what worked best. In a similar vein, the Runtastic app leveraged Pinterest to achieve 5x more daily installs than their original campaign goals, a 2.2x return on investment, and a tripling of month-on-month revenues.
Pin For The Win
Pinterest is a great platform to be utilized as a new growth channel. It’s engaged and open audience, high LTV, Promoted App Pins, and relative “undiscovered-ness” compared to other channels make it a winner in our book. To find out more about leveraging Pinterest, and other growth channels, get in touch!
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