Social media platform Pinterest has recently launched a new feature available to businesses from the United States and United Kingdom with managed accounts. The video element of Pinterest has gained growing popularity since its establishment, and this new feature called Promoted Video builds on that popularity.
Promoted video ads are video as with a Pinterest touch, as they also contain featured pins to encourage pinners to take action after watching the video.
Here’s an example from one of the initial partners, Universal Studios:
Promoted Video early results
Before the launch Pinterest conducted a study, in partnership with Millward Brown, to test the performance of Promoted Video with early partners. The results found that the Promoted Video ads became more memorable than the non-video ads, and this feature can also perform across a variety of products and businesses from financial services to food.
What is the cost to businesses?
For businesses to begin using the Promoted Video feature a minimum investment of $500,000 is required, with CPMs ranging from $15 to $20 (CPM can also be referred to as cost per thousand impressions). Therefore, business owners will pay any time users look at the pins for the businesses promoted videos, whether or not the video gets viewed.
How does this affect your business?
While Pinterest’s new Promoted Video feature is only available in the United States and United Kingdom for now, it likely won’t be long till it’s available to all users. Plus, with a hefty investment necessary, it’s likely only to attract large players, ignoring the many small businesses that use Pinterest to promote themselves.
If the cost does come down, it would certainly be an option to explore. As we have seen with other social media platforms, video drives increased engagement, both organically and in ads.
To get some ideas on how you can use video in your social media, take a read of these previous posts:
- Facebook gets a redesign and introduces Premium Video ads
- How to get the most out of Instagram’s new video feature
- Video sharing on Twitter
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Sydney Social Media and Public Relations Agency, CP Communications blends cutting edge offline and online PR and social media to help you gain a competitive advantage. Contact us today. For more great tips visit our website www.cpcommunications.com.au.