Rich Pins? Promoted Pins? Buy Pins? What should I do? Is this how you feel sometimes? I specialize in Pinterest and I get overwhelmed. I can imagine how the general public feels.
Over the past year, I developed this hypothesis:
A promoted pin should run for 4 or 5 days and stopped. Perhaps promote a different pin each week to make pinners aware of the variety of products you offer. Rich Pins move you up in the search ranking.
Recently I decided to test this hypothesis. In my test, I compared money spent to clicks. I look at clicks because that is the pinner going to your website. These are the good leads.
As an economist, I like to see what the trends are over a period of time. Using analytics from a client’s account, the graphs below were constructed. One graph contains data for the entire year to see the overall trend. The other graphs contain data in intervals to get a better picture of the micro data. I concluded that a promoted pin for this business highest bid should be $1.37 or less.
In the overall Promoted Pin graph (Graph A) from July 2015 to July 2016, you can see the trends. The number of clicks compared to money spent tends to diverge after a period.
Looking at the graph, you can see how the cost increases but the line for the clicks begin to diverge. The economist in me said, “OMG a non-parallel Keynesian graph.” (Hope that did not give anyone nightmares! I digress.)
Let’s take a look at some of the shorter time spans to get a better picture of the data.
Graph B compares money spent and clicks from July to August 2015 for the Promoted Pin. The linear lines intersect on this graph at $1.37. Of course as we say in economics, that is holding everything else constant.
The Promoted Pin Graph C has data from September 2015 to October 2015. Again at $1.38 the clicks begin to diverge in comparison to money spent. This reinforces that $1.37 is the highest bid this business should spend on a promoted pin.
Some would ask what are some other factors affecting this? However, look at Graph D for November 2015 thru April 2016. This period includes at least 2 high demand periods for this product. Spending tops out at about $2.25 and the number of clicks still declines. The data indicates the money spent on promoting this pin has reached diminishing returns.
After looking at these graphs, I was eager to compare Promoted pin results to Rich Pin results. I used one of the business’s products that was very popular to compare the Rich Pin and Promoted Pin data.
In Graph E, you will see the Rich Pin chart for August 4, 2016 to August 14, 2016. I used this period because August 4 is when we got approval for Rich Pins. In that period, this particular product received 237 clicks. This is a daily average of 23.7 for the Rich Pin. During this period, this product was not promoted. In fact, this product had not been promoted for at least a month.
Graph F shows data for this product’s clicks while being promoted. As you can see, the number of clicks never exceeded 20 and the pin trended much lower.
Studying this data confirms that a promoted pin should run for 4 or 5 days and stopped. Perhaps promote a different pin each week to make pinners aware of the variety of products you offer. Rich Pins move you up in the search ranking. Promoted Pins are great to create awareness. Rich Pins are great to create demand.
This research lead to developing a schedule for Promoted pins and Rich Pins over the next few weeks. An update will be posted.