Highlights from the Kenshoo Quarterly Trends Report show how this channel is surging as a top-of-funnel lead driver
Pinterest is unique in its ability to inspire consumers. From outfits and hairstyles, to home renovations and decor, to entertaining and recipes and so much more, consumers are turning to this channel to see what’s possible. What begins as casual browsing and ideation soon gains focus as consumers zero in on what they really like. And in Q4 2018, Pinterest reached new heights with both consumers and marketers.
“Marketers talk about consideration as a key phase in any purchase process, and Pinterest has been able to effectively center themselves in that phase, extending from that core both up the funnel to discovery and down the funnel to conversion. And it does it visually, which is critical in today’s digital ecosystem,” says Chris Costello, Senior Director of Marketing Research at Kenshoo.
It’s no surprise that popular digital channels had a healthy Q4, as holiday sales activity was very robust in 2018. But as we shared in our Quarterly Trends Report for Q4 2018, Pinterest saw its surge start as early as Q3, which speaks to the fact that consumers do use it for discovery and inspiration before they’re ready to buy.
Pinterest also saw amazing growth in advertising spend last year. In Q4 2018, Pinterest advertisers spent 60% more than they had in Q4 the year prior. Impressions were also up a massive 81% YoY and clicks increased 33% for that same period.
When you look at growth in individual categories, the clear winners are hardware & home improvement, home furnishing, and apparel. These three comprise 75% of Q4 2018 Pinterest advertiser spend. Rounding out the top five categories are food/beverage/drug and autos, capturing 10% of the quarter’s spend, up from just 3% in Q4 the prior year.
Because of all the consumer interest and increased competition, CPMs and CPCs did go up by 16% and 19% respectively quarter over quarter, but CPC actually went down 11% when compared to Q4 of 2017.
If you’re not already advertising on Pinterest, it’s time to explore the many ways this channel can help you be there at the point of consumer discovery. With multiple ad formats and campaign objectives to choose from, and rich targeting capabilities, it’s already a very robust platform. Kenshoo adds even more sophistication for Pinterest advertisers with a wide range of campaign management features that will save you time and increase your productivity, in-depth reporting capabilities to give you the insights you need to make informed decisions, and exclusive optimization tools to help you maximize campaign performance. Contact us for a demo today!
If you’d like to dig into more of the Q4 2018 Pinterest data, as well as key insights from across the digital landscape, be sure to check out the Kenshoo Quarterly Trends Report for Q4 2018. You can find the report in various formats at the links below:
Q4 2018 Kenshoo Quarterly Trends Repor pdf
Q4 2018 Kenshoo Quarterly Trends Report webinar
Q4 2018 Kenshoo Quarterly Trends Report webinar slides