New Pinterest Tools for Marketers
Welcome to this week’s edition of the Social Media Marketing Talk Show, a news show for marketers who want to stay on the leading edge of social media.
On this week’s Social Media Marketing Talk Show, we explore Pinterest’s new shopping capabilities, Verified Merchant Program, and new marketing tools with special guest, Jennifer Priest.
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Pinterest Rolls Out New Planning and Organizing Tools for Boards: Pinterest wants to “make board organization easier than ever” by introducing the ability to add planning notes within boards and automatically organize pins on a given board with the help of its own technology.
Pinterest is using a combination of machine learning and its PinSage technology to determine how pins should be grouped and suggest new sections to add to the board. All of these new board features are rolling out globally on the web, iOS, and Android.
Pinterest Introduces New Ways to Shop From Pins, Boards, and Search: At the beginning of April, Pinterest expanded its shopping capabilities with new ways to shop right from pins, on boards, and from search. This entailed the rollout of the Shop tab, a dedicated section where users can search and browse in-stock inventory from retailers.
The company also rolled out browsable style guides for home décor. According to Pinterest, “these visual recommendations make it possible to explore trending styles and taste even when you don’t have the words to describe what you’re looking for. It’s like having an interior designer right in search.”
Pinterest and Shopify Partner in Developing a New Pinterest Shopping App: Pinterest launched a new app with Shopify “that gives their more than one million merchants a quick way to upload catalogs to Pinterest and turn their products into shoppable Product Pins, in just a few clicks.” The Pinterest app on Shopify includes a suite of shopping features like tag installation, catalog ingestion, automatic daily updating of products, and an ad buying interface.
Pinterest Launches Verified Merchant Program: As part of its Q4 2019 update released in February, Pinterest announced plans to roll out a profile verification program to assure pinners that trusted businesses “had met the platform’s standards on customer service and process.” At the end of March, the company made that promise a reality with the institution of a Verified Merchant Program.
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In the same announcement, the company also introduced new conversion reporting opportunities and updates to Catalogs and dynamic retargeting.
Pinterest Highlights New Resources to Help Brands Maximize Their Pinterest Strategy: Pinterest increased the range of services available to businesses looking to improve their presence on the platform. These updates include new creative tools, educational resources, and reference materials that businesses can use to improve their pins.
Pinterest Reports Optimistic 1Q 2020 Earnings Despite Pandemic-Related Ad Declines: This week, Pinterest reported a solid Q1 amid the global pandemic but warned of a “tough road ahead” due to pandemic-related advertising declines. While the company grew its revenue 35% year-over-year to $272 million and grew its user base 26% year-over-year to 367 million, it reported a loss of 10 cents per share, versus the expected loss of 9 cents per share.
CNBC says that Pinterest’s ad revenue growth was primarily driven by video, conversion optimization, and shopping ad products. It also notes that the company has seen catalog feed uploads increase 144% sequentially in Q1, “which will give its direct shopping options increased momentum going forward.”
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May 9, 2020 at 05:05AM