Roughly 75% of Pinners say they are “very interested” in new consumer packaged goods products, compared with 55% of people on other digital platforms, but does that interest translate into sales? Yes, according to Oracle Data Cloud.
ODC analyzed more than 40 debuts of new CPG products and found that Pinterest households were 29% more likely to try new products within the first 10 months of availability than non-Pinterest households.
That gap jumped to 40% when looking at the first 30 days.
Pinterest shared the following takeaways for marketers looking to introduce new CPG products via campaigns on its platform:
- Build a strategy that takes consumers from awareness to purchase: Take advantage of key Pinterest ad formats, including promoted video for awareness and promoted carousel for consideration. Then make it seamless for people to buy by providing links to digital coupons or the ability to “quick add” your product to grocers’ digital shopping carts.
- “Heavy up” on media at the beginning of the campaign: We know from the ODC research that Pinners are more likely to purchase new products early in their lifecycle. Make sure your media plan is set up to encourage that first-time purchase, as well as the next.
- Continue to engage with your consumers beyond launch: Encouraging people to try your new product is key, but repeat purchases can help ensure long-term product viability. Use audience targeting to retarget consumers who’ve engaged with—and purchased from—your brand to turn a new product to a must-have.
ODC senior director of client analytics Megan Margraff said in a Pinterest blog post, “Our research shows that people on Pinterest are more likely to try new CPG products. This study adds to the evidence that Pinterest is a platform of exploration and inspiration, and it attracts people eager for new experiences.”