Pinterest takes aim at Google with auction-based pricing as it shakes up ad offering
Visual bookmarking tool Pinterest has debuted an auction-based system that allows advertisers to bid on CPM campaigns.
Pinterest has introduced auction-based pricing
Pinterest previously only allowed brand partners to purchase CPM, or cost per-thousand impressions, slots at a fixed price but the latest shakeup means they will now be able to bid on inventory on a case-by-case basis.
The bidding offering is available to all US, UK and Canadian ads using Pinterest via its Ads Manager platform, and is similar to Google's Display Network.
Writing in a blog post, Pinterest's partnership lead Jenny Chiu advised brands: "By using this new solution, you'll get more impressions for your campaigns at more efficient rates and drive higher results."
The company has also announced that marketers can now add frequency capping, a function that will let them stipulate the maximum number of times a user can see their ads, on to their campaigns.
Pinterest says brands using it to advertise their services and products have noted double digit lifts in all brand metrics.
In a recent study, consumer packaged goods advertisers saw on average five-times more in-store sales per-impression than the industry average, it claims - with brands like JCPenney, The Home Depot and General Mills having already trialed the platform's latest auction CPM solution.
Pinterest has been upping the focus on its advertising model lately; as well as trying to crack the UK market it's also recently launched a global campaign with Burberry.