Benefits of Pinterest for Business in the 2023
With over 400 million active users and growth steadily increasing by 37% year-over-year, Pinterest provides incredible opportunities to grow your business by showcasing your brand to potential new customers, increasing traffic to your website, and highlighting products to drive sales.
Pinterest is unique from other platforms like Instagram and Facebook in that it is more of a visual search engine–a place where people come to look for ideas, inspiration, and information when preparing to make a purchase. Pinterest users are similarly unique in that they respond well to ads and spend twice as much money shopping when compared to non-pinners.
The results of a Pinterest marketing strategy can be astounding for your business. Pinterest offers one of the lowest CPCs in social media marketing and earns return on ad spend that is 2x higher than other social media platforms on average.
Benefits of Pinterest for Business in 2023
Still not convinced? Here are 5 benefits of adding Pinterest to your marketing strategy.
1. Increase Brand Awareness
People are here to discover new ideas and products—so they actively want to hear from you. That translates into meaningful results and strong relationships with your target audience.
People who use Pinterest are there to discover new ideas and products, which makes them extremely receptive to messages from your business and can result in strong and meaningful relationships with your target audience.
In fact, 80% of weekly pinners discover a new brand or a product on Pinterest, and users are 55% more likely to purchase a brand or product after seeing a video on Pinterest compared to other platforms. The Pins you create also have a long lifespan, unlike other social media platforms. These Pins stay on your board forever and are searchable, continuously generating engagement and growing awareness for your brand. Consumers also trust what other Pinners are saving, and are 66% more likely to give new brands a chance and buy based on the Pins of others. If your Pins are being saved actively, then sales are sure to follow. By adding Pinterest to your overall marketing strategy, you create countless new opportunities for people to discover and learn more about your brand.
When SLTC worked with The Worthington Collection, a luxury candle brand, to increase brand awareness on Pinterest by creating separate boards featuring their Luxe and Signature collections, giving users the opportunity to shop and learn more about specific products. Creating boards featuring their blog posts and inspiring scents offered users a more intimate look at the brand’s story, background, and inspiration.
2. More Website Traffic
As a visual search engine, Pinterest does more than help people discover new content–it also helps increase traffic to your website. In fact, Pinterest drives more traffic than any other social media platform. And it’s not just any traffic–85% of weekly pinners have bought something based on Pins they see from brands, illustrating the quality of traffic.
Additionally, Rich Pins automatically sync information like price, description, and availability from your website and appear in the Shop tab of search results. Rich Pins are therefore a great way to add more links to your website, drive more traffic, and convert.
3. Improve Your Reach
According to Pinterest, 97% of the top searches on Pinterest are unbranded, meaning people are using this visual search engine as a discovery tool. And when they find it, 98% of the people try these new things. Users don’t just Pin the things they love, they spend on them as well, translating into a huge opportunity to drive sales and conversions if you can get your products and services in front of your target audience.
SLTC partnered with NuFun Activities, an innovative crafting brand specializing in transfer paper and mess-free markers, to increase reach across social media platforms, including Pinterest. By revamping its creative direction, creating branded templates, and executing mindful organic and paid strategies on Pinterest, SLTC was able to increase its impressions and audience by over 700% MoM.
4. Solid Choice For Advertising
One of the benefits of having a Pinterest Business account is the ability to run targeted ads and promoted Pins.
But what makes advertising powerful on Pinterest is its targeting options. Pinterest knows what people are looking for and are interested in via the Pins people save on their boards. These metrics can be used to deliver your content while targeting the right audience and offering them the right solution at the right time, leading to higher conversions.
Besides, Pinterest users are 3x more likely to click on a Pin to learn more about the product or service than on any other social media platform. So, if you have compelling content delivered to an audience that is already looking for your products or services, then there is a high chance of driving traffic and conversions to your website.
Reports suggest Pinterest ads are also 2.3x cheaper per conversion than other social media ads, making Pinterest an effective and viable option to include in your online advertising strategy.
5. Increase Sales
Sales and conversions are quicker on Pinterest than any other upper funnel channel—40% with paid activity. It takes half as many impressions to convert someone on Pinterest than other platforms.
That’s because people turn to Pinterest when they are looking for inspiration, new ideas, and new products or services. Their intent behind this research is to buy something for their homes, offices, or loved ones. According to Pinterest, 9 out of 10 people are on Pinterest to plan their shopping. This means that they are primed to buy if they find what they are looking for, making Pinterest one of the top social platforms for sales and conversions.
The numbers support this. People on Pinterest spend nearly 80% more on retail than non-Pinners, and 50% of US users are using Pinterest to shop.
Pinterest makes shopping possible right from the platform itself, with shoppable Product Pins. These Pins are enriched with metadata and formatted to let people on Pinterest know that these are shoppable. And with the introduction of video pins, 55% of pinners are more likely to purchase a brand or a product after seeing a video pin.
Not only that, 45% of people in the U.S. with a household income of more than $100,000 a year are on Pinterest. This includes 62% of US millennials. In other words, they have the ability to spend on your products and services.
Full-Funnel Pinterest Solutions by SLTC
As you can see, Pinterest offers a unique opportunity for your business to show up and guide buying decisions by delivering meaningful content at every stage of the buying journey. People come to Pinterest to discover, research, and purchase new products and services. As reports and statistics show, Pinterest users spend more, shop more often, and are bigger brand advocates. Pinterest itself offers a robust set of tools that you can leverage to increase awareness, drive traffic, and close sales–all at affordable costs.
If you are a brand or a company looking to hire a team of category growth experts to support you as you scale, we would love to speak with you. Please contact us here to book a discovery call.