Social blogging service Pinterest has changed the way it sells CPM campaigns for its app and online platform, introducing an auction process for its ad inventory that will enable marketers to get a better deal.
Previously, CPM (cost per thousand impression) based campaigns were only available on a fixed priced basis. Now, marketers will be able to bid for this inventory, and also introduce a cap on how many times an individual sees their campaign.
The new solution promises to drive higher performance for campaigns on the social blogging platform, delivering more impressions at more efficient rates. The new bidding model has been tested by Home Depot, JCPenney and General Mills prior to its rollout.
"We've proven that Pinterest performs for a variety of businesses and drives double digit lifts in all brand metrics," said Jenny Chiu, who is in charge of partnerships at Pinterests. "In a recent study, consumer packaged goods advertised saw on average five times more in-store sales per impression than the industry average."
Pinterest has seen great success with its Buyable Pin format, and has recently invested more heavily in its visual search technology and shopping channel as it aims to encourage more users to make purchases through its platform.
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