Pinterest has finally gotten on the brand-sponsored video train. What took it so long?
This social network Pinterest is all about shopping and sharing. It’s a natural fit for branded video, with a viewership eagerly interested in discovering products and services from people in their social group.
Today, Pinterest announced Promoted Video, which lets brands put their videos in front of motivated shoppers. The Promoted Video offering includes not just the video, but featured Pins below the video that encourage viewers to engage with the brand.
The Promoted Video format offers an interesting combination of autoplay and on-demand playback: The viewer first sees an interactive preview that shows the best part of the video. That plays as the viewer scrolls backwards or forwards. The full video only plays when the viewer clicks on it.
Pinterest has already tested Promoted Videos with a handful of clients, including BareMinerals, Behr Paint, Kate Spade New York, Lionsgate, and Purina. It hired the researchers at Millward Brown to document the early results, and has released findings for Old El Paso. That brand saw strong lift in ad memorability (a 36 point rise in awareness), brand favorability (up 7.6 points), and purchase intent (up 7.9 percent). Millward Brown also found that Promoted Video ads were four times as memorable as display ads, and offered high completion rates at any length. The Old El Paso video was created by Pinterest’s in-house Pinfactory team, and was only shown to members who search for and save food-related content.
“Pinterest is the place where people go to discover things that inspire them and that they want to take action on,” notes Mike Bidgoli, product manager for monetization at Pinterest “That’s why Promoted Video on Pinterest is not just about offering views, but it’s also about inspiring action.”
A few more stats on why marketers should take a look at Pinterest:
- The platform gets 100 million visitors each month
- Video growth on the platform has risen 60 percent in the last year
- 55 percent of Pinterest users want to find or shop for products
- 75 percent of Pinterest content is from brands and businesses
- 67 percent of Pinterest users say videos on the platform inspire them
The launch of Promoted Videos coincides with the launch of Pinterest’s native video player, which makes it easier for viewers to watch video on Pinterest pages.