As part of its Pinterest Performance+ offering, Pinterest unveiled a set of AI-driven tools that include new automation and AI tools for lower-funnel ad performance. Its objectives are to increase the inventiveness of advertisers, target Pinterest users more effectively, and simplify budgeting and campaign management. In addition, ROAS bidding will be used to optimize spend levels, Performance+ will improve ad creative, and A/B testing will be streamlined for improved campaign performance. Because Performance+ requires half the input required for standard campaigns, using it also reduces the creation time.
Pinterest is making this change as part of a larger initiative to transform from a platform for discovery into a full-funnel advertising solution. Currently, Pinterest Performance+ campaigns can be used by any advertiser in the world to achieve consideration, conversion, or catalog sales goals. Any advertiser can drive lower-funnel performance with the aid of Pinterest Performance+ campaigns. Pinterest Performance+ campaigns dramatically reduce campaign creation time with 50% fewer inputs needed thanks to AI and automation features. By automatically bundling these features or combining and matching Pinterest Performance+ products according to the requirements of the brand, advertisers can maintain control.
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From a creative perspective, Pinterest is now facilitating the process for advertisers to quickly alter product images into lifestyle imagery. For example, adding appropriate “lifestyle” imagery to a product image with a blank or monochromatic background can make the image look more appealing and contextualize the product shot. With other big tech companies releasing similar features in the last year, Pinterest’s update brings it up to date with industry trends. Using Pinterest AI-generated backgrounds, Walgreens, an early tester, saw a 55% higher click-through rate and a 13% lower cost-per-click when using the creative tool from the Performance+ ad suite for nearly 50 products.
The Performance+ suite also includes AI-powered campaign optimization tools, which aim to streamline the ad creation process. According to Pinterest, during the initial testing phase, the majority of advertisers observed a minimum of 10% increase in cost per acquisition (CPA) for campaigns aimed at conversion and catalog sales, and a comparable percentage increase in cost-per-click (CPC) for campaigns focused on consideration. To meet their needs, advertisers can choose to use Performance+’s tools collectively or separately. Naturally, Pinterest thinks that combining automation and AI to accomplish several objectives yields the best outcomes.
Pinterest is also rolling out Performance+ bidding for ROAS (Return on Ad Spend) to qualified advertisers worldwide. With the use of artificial intelligence (AI), this system evaluates thousands of signals to forecast conversion values in real-time, which could assist advertisers in capturing more shopping carts.
Pinterest also revealed updates to their home feeds and Pinterest Search. Based on user searches and pins, these features offer branded shopping recommendations driven by machine learning. Users’ Home Feeds are advertised with discounts and sales events through the deal’s ads module.
522 million people use Pinterest every month, and the social media site hosts 1.5 billion pins saved each week. These AI-enhanced tools could be useful for advertisers trying to stand out in a crowded digital marketplace as the holiday shopping season draws near. With these new features, marketers will have appealing tools at their disposal to scale and optimize campaigns. Marketers require data to support the channel’s claims in order to increase their investment in that particular ad channel. Given that price is a major consideration for this year’s holiday shoppers, promoting discounts will also be a useful tool for holiday campaigns.
Bill Watkins, Pinterest Chief Revenue Officer said,
“Ad innovation on Pinterest has been at an all-time high. We’re still the place for brands to drive discovery, but we’re now delivering on lower funnel and creative too. Brands are increasing Pinterest in their media mix and they no longer need to choose between awareness or lower funnel performance. Now they can have both.”
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