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Should Luxury Brand Invest in Pinterest?

Ecommerce Strategy, Paid Social

Pinterest has 518 million monthly users. Which in itself could be a good enough reason to sit up and start thinking about adding the platform to your paid social channel mix.


But as a luxury brand, you are often caught with 2 questions.


  • Is my audience actually using the platform?

  • Will being present on this platform harm our reputation?


Well we have the answers. Yes, your audience is on the platform. And no, your presence on Pinterest will not be harmful. In fact, it could be extremely beneficial.


Luxury audiences on Pinterest.


Did you know that


Pinterest reaches 28% of US High Income Earners with a 3rd of luxury shoppers on the platform in the US exceeding and income of $100,000.


And these are not just passive users of the platform. Unlike social networks such as Facebook and Instagram, users of Pinterest are actively seeking inspiration. It is the nature of the platform. User's building boards are seeking and curating their own style; generating look books and heading out to discover new brands that align with their existing or aspired style. And that is not just for fashion. Interior design, landscaping, travel, event design, carpentry, art, DIY, to name a few, all have a place on Pinterest and have active followers searching for new ways to be inspired.


According to studies by Pinterest and PA Consulting, Pinterest luxury users are also 30% more likely to buy a premium product and half of those are buying the items for themselves.


Pinterest users spend 87% more on luxury goods and are more likely to buy premium products than those consumers not using the platform.


Now that's a pretty good use case for at least testing paid activity on the platform don't you think?


Search on Pinterest.


96% of top searches on Pinterest are unbranded. This further confirms that users are in a discovery frame of mind rather than searching for anything really specific.


This leaves ample opportunity for new brand discovery and almost levels the playing field amongst brands and designers.


If we couple this with Pinterest's native ad targeting feature whereby you can target by topics, interests and keywords, you can begin reaching new audiences who may have never heard of your brand but are looking for products which sit within your catalogue.


And these targeted topics don't have to be product specific either. If you've just released a new collection of luxury basics, like tailored trousers, cashmere sweaters and button down shirts, why not try topics such as "preppy aesthetic" or "quiet luxury" rather that the category of product.


Searchers on Pinterest are often not looking for specific products but an overall aesthetic and inspiration as to how to curate that aesthetic.


As a brand, you will need to be hyper aware of how you and your products fall within these different categories. So this means keeping on top of moving trends within the industry vertical that you operate in as well as search term popularity and volume. Publications like Vogue, Harpers Bazaar and Architectural Digest will often pin point emerging trends.


Ad options within Pinterest.


There's nothing revolutionary about Pinterest ad options and formats. Its a very similar sight to the formats that we're used to seeing on Meta.


Video, Collection, Carousel ad formats allow brands to cherry pick content to reach users at every stage of their unique Pinterest funnel with the ability to navigate away to your own PD Pages or Landing pages.


With regards to targeting, we have the topic, interest and keyword as mentioned above but also the following:

  • Actalikes - much like Google's sunsetted similar audiences

  • Demographic

  • Pinterest Personas

  • Automated - AI and automated targeting working in a similar fashion to PMax and Google's advantage+. The targeting will actively seek those users most likely to convert based on behaviours.


We'd suggest building a funnel with a variety of video, lifestyle/lookbook/ugc/styling creative and product imagery to build out a funnel specific for the platform. Test different levels of targeting to find a sweet spot where you can reach new audiences at scale with minimal wasted spend. Targeting best practise will ultimately differ by brand and industry but test, learn, fail fast and keep optimising to find out what works best for you.


CPMs, generally, tend to be lower on Pinterest than that of other platforms with a higher CVR and AOV. Data from Northbeam conforms the positive trend that we are seeing across the platform.



Measurement and Reporting.


Pinterest Analytics will not be alien to anyone working in digital marketing. We see all the metrics that we are used to. Plus a few extra like


  • Close-ups - how many times a pin is tapped

  • Saves

  • Save rate


When integrated with your ecommerce platform you can also track sales but we'd urge you not to solely focus on ROAS immediately.


Remember, Pinterest is about inspiration and therefore some users will spend months building out boards before making any purchases. Your collection ads are the most likely to convert users but please don't forget that you also need to be aiming for awareness in order to build your affinity with that audience.



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Looking for

Support?

If you or your brand are looking for support with a particular service or have a question about what you've just read, get in touch and we'll be happy to help!