Pinterest is rolling out Promoted Videos, and they aren’t cheap. According to Ad Age, in order for companies to participate in Promoted Videos, they must agree to spend at minimum $500,000 and they should expect to pay between $15 and $20 per one thousand impressions. This will limit the amount of brands that will be able to afford this kind of media, making the ads less prevalent to the user. However, because 75% of the content on Pinterest comes directly from businesses, companies who have the budget to utilize Promoted Videos could find immediate success.
Focused on improving user experience, Pinterest believes that the incorporation of Promoted Videos on the site will allow the user to interact with brands like never before. Promoted Videos allow companies to showcase their products and brand personality by incorporating tutorials, projects, workouts and more into rich videos. Capturing more than just the eye, these videos will be able to incorporate sound. Like in the beauty tutorial below, companies will be able to engage with their customers and teach them how to use their product.
In addition to showcasing their products to the user, Promoted Videos on Pinterest will allow users to buy products without having to leave Pinterest. Directly under the video, companies will be able to offer up to six products for the user to purchase on the site. This is one way that Pinterest is trying to drive revenue from the videos. By streamlining purchase paths and adding convenience to the shopping experience, if a user wants to buy a product that was featured in a video, they do not have to navigate away from their current page to do so.
Pinterest says that 55% of users on their site want to find or shop for products on the site. This is vastly different from other social media platforms, where only 12% of people say that they want to find and shop for products on the platform. Because Pinterest knows that their users are actively searching for products on their site, this further validates their move to offer products directly to willing buyers via Promoted Videos.
In preliminary tests that Pinterest has run, video ads for some brands were 4x more memorable than non-video ads. Using Promoted Video on Pinterest is something that larger companies, with an already established Pinterest following, should consider to drive higher performance. That is, if they have enough in the budget to make it happen.
For more information about Pinterest Promoted Videos, click here.