Pinterest, the content sharing platform, which works by allowing users to pin online content to a virtual board, announced it will launch its ‘promoted pins’ ad platform in the UK during the first six months of 2016 at the Web Summit in Dublin this month.
The offering has been running in the US for over a year. A promoted pin is a paid ad that ensures pins appear in the most relevant places on Pinterest. Marketers can target specific consumer groups, track data and pay on an engagement or click-through basis.
Kendall, Pinterest’s general manager of monetisation, who was formerly director of monetisation at Facebook, told Marketing Week: “We are trying to do for discovery what Google has done for search and by that I mean stitching together a catalogue of ideas on your smartphone every single day.”
He says Pinterest’s UK users have more than doubled over the past year and that three million items, from clothing to food and drink, are pinned daily. Pinterest, which has 100m users, “will surpass one billion over time” according to Kendall, who says that discovery is a “universal need.”
But what exactly is the appeal to brands? Kendall says: “Our research shows that if a Pinterest user engages with a promoted pin, they are two to four times more likely to buy something. It is a natural place to put advertising.”
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