Pinterest Inc. is taking a page from the Google Display Network by enabling retailers and other advertisers to use an auction to bid on available cost-per-thousand impressions (CPM) ad inventory. The social network had previously sold CPM-based ads at a fixed price.
The social network is also letting retailers and other marketers set caps to specify the maximum number of times a consumer will see a brand’s campaign.
“By using this new solution, you’ll get more impressions for your campaigns at more efficient rates and drive higher results,” writes Jenny Chiu, the social networks’ partnerships lead in a blog post.
J.C. Penney Co. Inc., No. 33 in the Internet Retailer 2016 Top 500 Guide, and The Home Depot Inc. (No. 7) tested the auction-based bidding, along with General Mills, Pinterest says.
The move builds on Pinterest’s other efforts to bolster its advertising options. Frank Fumarola, Pinterest’s product manager, told Internet Retailer in June that throughout this year Pinterest plans to roll out more targeting options, ad formats and better measurement options as it attempts to capture a larger share of retailers’ marketing budgets.
All U.S., U.K. and Canadian advertisers can now use auction-based bidding either through Pinterest’s self-service Ads Manager program or via one of vendors that work with advertisers to organize their media buys.Favorite