Dive Brief:
- Pinterest is rolling out a new way for marketers to target users by allowing brands to advertise directly to users who click on or save brand-related pins on the platform, according to Marketing Land.
- To reflect the change, Pinterest is renaming its “lookalike” targeting option to “actalike” targeting.
- The social media platform reports that users who click on a brand-related pin are 2.2x times more likely to buy a product within 30 days compared to users who didn’t take the same action.
Dive Insight:
Social media platforms collect a lot of behavioral data on users, and that data can have great value for targeting advertising. Facebook and Google probably have more data on internet users than any other platforms, and marketers welcome the large number of targeting options available to them as a result of this data. Some companies have more limited but unique data, which offers a different kind of value proposition to marketers.
Pinterest is intriguing for marketers precisely because users use the platform for product research and inspiration during their shopping journeys. According to the platform, 75% of the pins on the platform are brand-related. Pinterest recently started offering retargeting for brands looking to reach users who visit the brand’s website and use branded apps.