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Pinterest is having a go at recreating online advertising. As of the second quarter, one of the most popular social...
Pinterest is having a go at recreating online advertising. As of the second quarter, one of the most popular social platforms wants to launch “promoted pins” in order to get advertising sales. Pinterest's ad chief, Joanne Bradford, says that Pinterest wishes to create artistically-modelled ads, that would be so compelling, you would want to frame them on your wall.
According to Pinterest's Chief Executive, Ben Silbermann, the company intends to have a few marketers who would pay for the “promoted pins” on the website. So far, advertisers have posted images to their pages that are related to their brand. Users would see a brand's pin if they follow that brand, or if it's re-pinned.
With the “promoted pins,” marketers will reach a wider audience, as the pins will pop-up across the website, and will be aimed directly towards certain searches. So, when users search for a specific idea on Pinterest, they will see a pin from a company advertiser. The pin would not be a typical ad, but a photo a user might actually post.
Pinterest's plan is to charge advertisers by cost per click, or by cost per thousand impressions. The first is more typical for e-commerce brands, while the latter for broader advertisers.
Some companies like Whole Foods Market Inc. say they could benefit from paying for advertising on Pinterest, especially during promotional periods or holidays. By paying for ads, they claim that the ad space will make them stand out from the bunch, but also promote the company in general.
Other companies, though, are not so enthusiastic about Pinterest's paid ads move, as advertisers will have to pay to promote their company, rather than doing it for free, which they have, until now.
Advertising executives claim that users tend to purchase products they see on Pinterest. They also say that huge traffic is built from the ads, adding to the organic Pinterest brand audience.
Scrapbooking obviously worked its charm: Since its launch in 2010, Pinterest has 70 million users. Its usual practice is for users to “pin” interesting images on a “board,” and to re-pin, heart, or comment on other people's pictures. Pinterest can also be a great marketing tool for business.