Photo-pinning social network Pinterest is looking to expand its Promoted Pin service to include small- and medium-sized businesses.
The San Francisco-based company is now in beta mode for do-it-yourself promoted pins. They are currently testing the tool with a small group of businesses, like Shutterfly and Nicole Miller.
Similar to Google Adwords, Promoted Pins will be available on a cost-per-click basis, which will help determine placement and ranking. The SMBs also only pay when people click on their website.
This approach is slightly different than Pinterest's initial Promoted Pins rollout, one targeted towards bigger businesses, or "premium CPM advertisers." Last month, the company tested its program on bigger name companies like ABC Family, Expedia and Gap. But instead of offering a cost-per-click strategy, the businesses were paying based on impressions. It’s been reported that Pinterest wants to charge between $30 to $40 per 1,000 views.
This is good news for businesses. Pinterest shoppers generally spend more per checkout, averaging between $140 and $180 per order compared to $80 for Facebook and $60 for Twitter.
This move is also good news for Pinterest. After the most recent financing round -- a Series F at $200 million -- the social network's valuation is hovering around $5 billion. That means the company better start producing a lot of revenue -- and fast. With more than 30 billion pins (as of April), they have something to work with.
Besides the Promoted Pins expansion plans, Pinterest analytics is also getting a mini-makeover with more detailed insights. Businesses will be able to see what people are pinning from their website, how pins are doing and which pins are driving the most impressions, clicks and repins.
Only business accounts will have access to the analytics and promoted pins.