Pinterest Ads emerges as a powerful platform to connect with your target audience and achieve your business goals. To get the most out of this tool, it is essential to understand the art of bidding, a crucial aspect that determines the success of your campaigns.
In this article, we will explore everything from basic concepts to advanced strategies to optimise your investments and maximise your return on investment (ROI).
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What types of bids exist on Pinterest Ads?
Let's start at the beginning: Bidding determines how you use your budget to pay for the value of different actions in your ads. On Pinterest Ads, as on other advertising platforms, there are two main types of bidding strategies: automatic bidding and custom bidding.
Automatic bidding on Pinterest Ads
Pinterest manages your bids automatically, updating them several times a day. The goal is to optimise your bids to get the best possible return within your budget. This option is ideal if you don't have the time or expertise to manage your bids manually.
The automatic bidding strategy can cause fluctuations in costs, especially at the beginning of a campaign, as Pinterest's algorithm looks for the best possible results.
There are different types of automatic bidding available, each with its own objective:
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Maximise clicks: Get as many clicks as possible on your ads within your budget.
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Maximise conversions: Get as many conversions as possible on your ads within your budget.
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Minimise cost per conversion: Get conversions at the lowest possible cost.
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Maximise reach: Show your ads to as many people as possible within your budget.
Custom bids on Pinterest Ads
With manual bidding, you set the amounts. This approach gives you more control over how much you are willing to pay per click or impression. You enter the maximum amount you are willing to pay for each action and you can update it manually throughout the day, as you see fit and as often as you like.
This option is useful if you are experienced in online advertising and know exactly what you want to achieve.
There are two main types of custom bids:
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CPC (cost per click): In the CPC (Cost Per Click) bidding model, you pay a specific amount each time a user clicks on your ad. You set the maximum bid you're willing to pay per click, and Pinterest bids on your behalf in auctions to display your ads. The advertiser with the highest bid and the most relevant ad wins the auction and their ad is shown to the user.
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CPM (cost per thousand impressions): In the CPM (Cost per thousand impressions) bidding model, you pay a fixed amount for every thousand times your ad is shown, regardless of whether the user clicks on it or not. This model is based on the visibility of your ads, which means that you pay for the exposure of your brand to a specific audience.
Which bids can you choose for your Pinterest campaigns?
The type of bidding you choose will depend on your marketing goals, your budget and your experience with online advertising.
In general, automatic bidding is a good option for beginners or those who don't have the time to manage their bids manually. Custom bids give you more control, but require more time and experience to manage effectively.
4 tips to optimise your bids on Pinterest Ads
Optimising your bids on Pinterest Ads can make a big difference to the performance of your ad campaigns. Here are four key tips to help you get the most out of your budget and reach your advertising goals.
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Set a realistic budget: Don't bid too high or too low. Your budget will help you determine your maximum bids and optimise your campaigns.
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Know your target audience: The better you know your target audience, the better you can bid on relevant keywords and interests.
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Test different types of bids: The best way to find the right bidding strategy for you is to experiment. Try different types of bids, automatic bids and bid adjustments to see what works best for your campaigns.
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Track your results: Monitor the performance of your campaigns and make adjustments to your bids as needed.
By following these tips, you'll be able to optimise your bids on Pinterest Ads, maximising the impact of your campaigns and ensuring that every ad spend gets you closer to your goals.
Bid optimisation strategies on Pinterest Ads
To maximise the performance of your Pinterest Ads campaigns, it is crucial to implement effective bid optimisation strategies. Here are some key techniques to help you define and adjust your bids to reach your goals more efficiently:
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Set clear bidding goals: Define your campaign goals (conversions, web traffic, etc.) to determine appropriate bidding strategies.
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Use historical data: Analyse past campaign performance to set informed starting bids. Identify which bids have worked best in the past and use them as a starting point to optimise your current bids.
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Segment your audience: Segmenting your audience based on factors such as location, demographic interests and online behaviour will allow you to set more accurate and relevant bids for each segment. This way, you can bid higher on higher value segments and optimise spend on less profitable ones.
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Optimise bids manually: Monitoring the performance of your ads in real time allows you to identify opportunities to optimise bids on the fly. Increase bids on ads that are performing well and reduce bids on ads that are not performing as well.
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Use automatic optimisation tools: Pinterest Ads offers several automatic optimisation tools that help you save time and effort while maximising the performance of your campaigns. These tools use intelligent algorithms to analyse data and automatically adjust bids based on your specific goals.
Main automatic optimisation tools
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Automatic bidding for conversions: This tool allows you to set a cost-per-conversion (CPA) target and the system will automatically bid to achieve it. It is ideal for campaigns focused on conversions, such as sales or registrations.
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Automatic bidding by conversion value: This tool prioritises getting the highest possible conversion value within your budget. It is suitable for campaigns with differently priced products or services.
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Bid optimiser: This tool uses machine learning to optimise your bids in real-time based on your historical performance and market conditions. It can help you improve the performance of your campaigns and get a higher ROI.
Bid optimisation is not a one-off event, but an ongoing process that allows you to achieve your marketing goals effectively. The key to success lies in constantly reviewing and adjusting your bids based on the performance of your campaigns. Ongoing analysis allows you to identify opportunities for improvement and maximise your return on investment (ROI).
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