Yesterday a YouTube video with the thumbnail ‘Crazy Cheap Pinterest Ads Tutorial’ caught my eye. I wondered what price the person would consider ‘Crazy’ so I watched the video. Within the first 10 seconds of the video they said “Did you know that you can get targeted visitors from Pinterest for as little as **** per click?”
What this this cost per click and was it really 'Crazy' cheap?
What was the price?
It was $0.10 CPC, which is actually the benchmark for Pinterest traffic ads, and it's not anything special. When you first start a 'traffic' campaign, you will notice that the first few clicks are usually always priced at $0.10. Pinterest actually want customers to pay this price. From there, the price will usually rise a little and settle between $0.10 - $0.20, but it can sometimes be much higher and sometimes a little lower ($0.08 - $0.09). The lowest price I have ever managed to achieve for a traffic campaign is $0.04 (for US/CA/UK/OZ targeted countries). *BUT keep reading to see my results for conversion campaigns.
Is $0.10 CPC good and is this a relevant metric?
Well firstly, the cost per click only measures when a person clicks on a pin, not if someone clicks through to your website. If someone only clicks on the pin, but doesn’t click through to your website then it is not valuable. To find out the actual cost per website visitor, you need to calculate the cost per OUTBOUND click. Find out how to set up the formula within your analytics table from my article ‘How to calculate the cost per outbound click on Pinterest’. Usually the outbound clicks will be around 33% of your pin clicks. But the results can vary a lot depending on various factors. The video tutorial did not show or even mention the cost per outbound click, so for all we know, when the CPC shows $0.10, they could actually be paying as high as $1 per click!
Is it possible to get a much lower price?
Yes, but firstly, you have to switch from 'traffic' campaigns to 'conversion' campaigns. Unlike traffic campaigns, conversion campaigns are not benchmarked at $0.10. This means that it is possible to achieve much better results! I aim for an average benchmark of $0.01 CPC and $0.03 CPOC. However, for certain niches such as home décor, it is possible to achieve a results as low as $0.001 CPC and $0.01 CPOC! Check out my campaign results below.
*Please note these particular results are shown in £ not $ (which is 38% more). However, the results are very similar because Pinterest actually round the up the numbers to 3 decimal places for CPC and 2 decimal places for CPOC).
But what if the account doesn’t allow conversion campaigns?
With new Pinterest accounts, you will always need to start with a traffic campaign. Once you have triggered at least one ‘conversion’, you should be allowed to start running conversion campaigns. If you are not selling any products on your website, but are running a blog or affiliate site, then you can still trigger a conversion if you set up a ‘LEAD’ code within your Pinterest tag. You then have to achieve at least one ‘sign-up’ to your email list for example, and then you are free to run conversion campaigns! If for any reason that doesn’t work then there are a couple of other ways round it such as running the ads from a different business account which is already set up for conversions. This way means that your conversions won’t be recorded but all of the other metrics that usually appear in your traffic campaign results will be measured as normal.
How to get results as low as $0.001 CPC?
Start by reading my article 6 hacks to get the lowest CPC on Pinterest and Pinterest Mistake: Spending your ads budget too fast. However, it does take a lot of testing and generally, lots of experience to achieve these kinds of prices.
How did I learn to achieve these results?
1. Making mistakes. I learned the hard way a few years ago by overspending and making lots of mistakes when I first started using Pinterest ads. After a few years, I managed to reduce my own figures (for my Shopify store) down to these kinds of prices (and also excellent ROAS). But I don’t rely on just ads to drive traffic, I actually primarily use ads to get viral pins which provide free traffic for YEARS! See my article How to get free traffic on Pinterest. Nowadays I get around 64,000 visitors per month just from free, organic viral pins! I only need to spend money on ads if I want to boost new pins to help them go viral; see my article How to create viral pins using paid ads. Or I use them to drive traffic to a particular product/deal such as a Black Friday offer.
2. From my first client. After growing my own successful Pinterest accounts and achieving great results with paid ads, I started freelancing to help others achieve similar results. My first client just happened to be an expert on Facebook ads (he had spent over $1M in the last year), but didn’t know much about Pinterest. He wasn’t happy with the ad agency he was using, so decided to switch to a Pinterest expert. I managed to improve the results by 10X and also learned so much during my few months of working with the client. He taught me a lot about marketing funnels, retargeting, and custom audiences for example. We also spent a lot of time working on the campaigns together, focusing on analytics, testing, and researching each individual setting and metric. After a few months, we both reached advanced/expert level in Pinterest ads!
4. Advice from a Pinterest Account Manager. I had many meetings with my Pinterest account manager. Any time I didn’t understand something, I would make a note of my questions and ask during my next meeting. It was really helpful to understand things like how Actalike audiences are formulated by Pinterest (known as lookalike audiences on Facebook) and how to scale campaigns. It was especially helpful to have an expert on hand to ask advice when working with new clients and niches.
What didn’t help?
Video tutorials and blog articles did help me understand how other people set up their campaigns, but unfortunately, I have never come across any information that is beyond basic. They are usually aimed towards beginners, and the results are usually claimed as ‘amazing’ in some way such as the video I mentioned above. Yesterday I even read a blog post that boasted about '109 earned impressions’, which is not even worth noting. If it had been ‘109,000 earned impressions', then would have been a bit more impressive! I think the people who are genuinely achieving amazing results with paid ads are too busy optimizing their campaigns and enjoying the rewards rather than trying to teach others. *There are lots of people who understand Pinterest and can create engaging pins but there are very few people who are actually experts with paid ads.
So if I am such an expert, why am I spending time writing articles?
I am not planning to sell training courses, create tutorials or gain ad revenue, but I am looking to scale my Pinterest advertising agency and gain new contracts with global brands. I am only giving away some useful tips in my articles but if you would like to speak to me about creating an integrated paid ads and organic growth strategies for your brand, then please feel free to get in touch! Alternatively, if you are running a marketing agency and would like to outsource your Pinterest marketing then feel free to contact me too! *If you are already running paid ad campaigns on Pinterest, (and I think your account has the potential to be successful), then I offer a guarantee that I will improve your results!