Ad retargeting is not a new concept to Internet Marketing, nor is it a new one to companies who advertise on social media platforms. The ability to retarget to those who have interacted with an ad, visited a website, or engaged with a company in any other way is an important feature that sites like Facebook and Twitter have offered for a while. Pinterest has finally caught up and is now offering retargeting services among its ad services. While some advertisers may question its value, Pinterest claims their platform could be the best one for retargeting success.
Why Retargeting Is Important
The basic idea of retargeting is to continue presenting ads to audiences that have already shown interest by interacting with a company in some other way. Whether they visited a website, signed up for a newsletter, liked a social media post, made a purchase, or engaged in any other way, these users displayed a degree of interest that could mean they are convertible. By serving ads back to those same users, many companies see positive results.
New Ad Retargeting on Pinterest
Pinterest was the last of the major social media platforms to introduce advertising and until recently, retargeting was not available. Now after seeing the important benefits that retargeting can give advertisers, the site recently unveiled ad retargeting services. Pinterest currently allows advertisers to retarget anyone who has visited a brand’s website, has signed up for something with that brand, has added an item to a Pinterest shopping cart, or has completed a purchase on Pinterest.
The retargeting feature also provides the ability to exclude these same groups, in case focusing on one or two is the goal. Overall, since introducing retargeting, Pinterest claims that some businesses already using the feature are experiencing a threefold increase in their CTR and increased sales.
Is Advertising on Pinterest Better?
So far, nothing with Pinterest seems any different than retargeting on any other social media site. Yet Pinterest claims retargeting services on the site is more likely to result in conversions because a greater percentage of the people using the site are already looking to buy. According to a recent Internet Trends report, 55 percent of users on Pinterest are actually shopping with the intent to buy something, in comparison to the only 14 percent of users on Facebook and Twitter who are there to shop.
This important demographic suggests that advertisers on Pinterest who are using retargeting services have a much greater chance of actually making a sale to those who have previously shown interest. Naturally, this is a great selling point for any brand looking for a place to set up shop and advertise, especially with the addition of retargeting services.
While the unveiling of Pinterest’s retargeting services is by itself not that groundbreaking; the impressive statistics about Pinterest users themselves, combined with the feature of ad retargeting, definitely could be. Companies selling actual products who have not yet tried advertising on Pinterest may find that the added feature of retargeting makes Pinterest a more lucrative ad platform!