Pinterest has emerged as a leading social channel for visual discovery. The aim is for a user to discover some topic of interest that they like, and do a deep dive to know more about this topic/ theme of interest. It announced the unlocking of more than 5000 varied ‘interests’ that digital advertisers can target against a ‘Taste Graph’. This means a much better precision-based targeting will be made available for digital ad marketers, which in turn, is expected to boost the conversion from Pinterest substantially.
How to use Taste Graph?
If you have used Facebook ads for your digital marketing, then you would find it easy to use Pinterest’s Taste Graph within the Pinterest Ads Manager.
1. Select from one of the many Pinterest categories that will be available to you in the form of a drop-down box
2. You can target better by choosing the appropriate sub-categories within each segment
From the user’s end, it works easily. If the user is pinning a lot of visual content around bikes, he will be shown ads that revolve around motorcycles and two-wheelers. If he hasn’t pinned wedding images for quite a long time, then he will stop seeing wedding-related ads.
This development heralds a lot of convenience to ad marketers who wish to target Pinterest as a part of their social or digital marketing campaigns. The presence of more segments means that marketers can sharpen their focus on specific products to reach a wider set of target audience at the right time. This means that the targeting is better, the likelihood of a user engaging with a brand increases, and this, in turn, proves profitable for both Pinterest and the brand.
What does this development mean?
With this update, the team at Pinterest endeavours to build a strong advertising business integrated within its social media platform. It will help users travel down the customer journey to lead to a conversion eventually. More importantly, it will depict to brands and businesses that the conversion was a result of Pinterest’s initial work of building brand awareness.
In addition, the Taste Graph is expected to show how the user interests evolve over time with respect to a particular topic or theme. The potential is huge, given that Pinterest has 200 monthly active users and is home to more than 100 billion Pins.
What the future holds?
The current statistics have been very encouraging for advertisers. Pinterest has stated that initial results from these ultra-precise targeting have improved Click-through rates (CTR) by 50% and decreased the cost per click by 20%. This was reported for brands like the American luxury department store chain, Nordstrom which adopted Taste Graph for their advertising online.
In the future, Pinterest plans to make segment selection better. This will be done via a search box where marketers can begin typing in their preferred segments, and the box will be auto-populated with the available segments containing the same alphabets.