One of the most popular tool on Pinterest is video, the company notes that it has seen a 60% increase since last year in videos on Pinterest.
Now, they have rolled out a new video advertising format called "Promoted Videos". The new video ads are designed to allow businesses share their ideas with the people who are looking for them and make it easy for them to give these ideas a try.
Pinterest is hoping that Promoted Video will inspire users to take action (i.e., buy from the brand after watching their video).
Further, they notes, that an early test with 12 partners, saw a significant brand lift metrics and that Promoted Video ads were 4x more memorable than a non-video ad, revealed Pinterest study.
The businesses involved work across a wide range of products and businesses, including food, beauty, financial services and entertainment.
What are Promoted Videos? These ads brings together some of the best elements of Pinterest, and will appear in users feed.
While other platforms primarily offer video views, "we've coupled Promoted Video with featured Pins below the video," the company stated.
The compnay notes, that six featured pins appear beneath the Promoted Video ad. These video ads will appear as a Cinematic Pin (similiar to GIF). Pinterest says, advertisers are allowed to choose images that appear in it. When a user click's the Pin, they are taken to a new page, where the Promoted Videos plays in a new native video player.
Plus, people can tap to watch the video ad in full screen. And they can easily save and then choose when to watch videos on Pinterest.
Advertisers can buy Promoted Videos on a CPM basis ($15 to $20 per thousand impressions). A $500,000 minimum investment is required.
CPM buying, was introduced earlier this month on Pinterest, and get you more impressions for your campaigns at more efficient rates and drive higher results.
"Now you can bid on a CPM basis and we'll optimize how we deliver your ads to reach more people," the company stated when it launched CPM, adding, "You can also specify the maximum number of times someone sees your campaign."
Aside, back in June "Audiences" was introduced, which let businesses bring their own data to Pinterest to better reach the people they care about.
"we saw 10-30x increases in impressions in early lookalike targeting tests"—and performance—"we saw 3x increases in clickthroughs in early visitor retargeting tests," the company reported at the time of lauching.
Head over to Audiences Manager and create your first audience.
You pay anytime a Pinterest user sees your Cinematic Pin for the Promoted Video, even if that user never views your video.
Promoted Video are currently open to businesses in the U.S. and UK that works with a Pinterest account team.
And as of now, Promoted Videos are only available on mobile, but a desktop version will be released in the future.
To learn more about the availability of Promoted Video in the futurem or for a sign up, visit here.
Here are a couple of examples of how Pinterest's video ads look like: