Pinterest has made a significant strategic product development move, which indicate how the platforms evaluation will shape the future user experience. The rising social network has introduced over the past months the ‘promoted pins’ feature (Tnooz), and this feature will have a significant impact on how users interact with the service.
PROMOTED PINS GETTING ESTABLISHED
Promoted pins, which have first been tested a couple of months ago, are now taken to the next level. As Pinterest reported on its blog this week, the company is now working with a small group of brands to roll out a paid test in their search and category feeds. Among the testing companies are also two major tourism brands: Expedia and Walt Disney Parks and Resorts. Reportedly the test marketers have been asked for an upfront ad spending commitment of $1 million to $2 million; with an impressive-for-Pinterest price of $30 to $40 CPM.
HIGH ENGAGEMENT TOOL
The high price reflects the level of engagement that both parties expect to get from this latest digital marketing product. Pinterest pins are considered to be an effective tool that delivers a clear path to purchase, outperforming standard display advertising. The pins will appear in search and category feeds. This provides in particular an opportunity for tourism marketers to market their products and services as part of an overall destination, and subsequently drive the traffic to their own site; in order to convert customers
OPPORTUNITY FOR MARKETERS
Overall this new feature adds a useful option to the digital marketing toolbox for destinations and travel brands. Pinterest as a network is far from reaching saturation, as it is expected to grow in 2014 another 15%. The network is very target market specific (young females dominate it), and therefore makes it efficient for reaching certain segments. In addition, Pinterest opens a great opportunity to harness the rise of mobile. As eMarketer reported, a significant majority of the traffic is now coming from mobile phones, making it a unique way to establish engagement during all travel phases on mobile devices.
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