Performance+ Suite: Pinterest Introduces Lower-Funnel Ad Tools
After launching a wave of new product features this summer, Pinterest unveiled the launch of Performance+ Suite at the beginning of October. The suite of enhancements includes AI and automation tools that help to optimize targeting, manage budgets, and determine bidding strategies, increasing campaign effectiveness and efficiency. Social media platforms continue to evolve their AI-powered and automation capabilities as advertisers’ curiosities and expectations continue to shift toward machine learning. Pinterest’s response to this demand is their Performance+ Suite, which focuses on lower-funnel ad tools, proving they have a seat at the social media advertising table.
Performance+ Suite joins the ranks of both Google’s Performance Max and Meta’s Advantage+, all of which focus on advancing machine learning capabilities within their platforms. Both Performance Max and Advantage+ aim to enhance efficiency and effectiveness by leveraging AI to automate tasks such as targeting, bidding, and creative optimization, simplifying campaign management and optimizing campaign results. The Performance+ Suite’s added capabilities underscore how social media platforms are responding to the growing demand for tools that reduce manual input and deliver better results through machine learning and automation tools.
Advertisers can either opt in or out of a combination of the Performance+ Suite’s offerings, or bundle them together to create a completely automated campaign based on Pinterest’s recommendations. Understanding the flexibility of Pinterest’s Performance+ Suite enables advertisers to select features that align with specific campaign goals and objectives. This level of customization empowers advertisers to strategically leverage the AI-powered and automation tools available, maximizing campaign efficiency and return on investment.
Core product enhancements
Performance+ Suite features key product enhancements that aim to increase quality targeting and optimization strategies while decreasing manual input time and cost. The four enhancements included in this launch are:
- Performance+ campaigns
Enhanced campaign-level settings are now available to all advertisers globally for consideration, conversion, and catalog sales campaigns. Campaign settings feature automation tools to help optimize targeting, manage budgets, and determine bidding strategies. These tools help prioritize higher value purchases while spending budget effectively, reducing the need for constant supervision of campaigns and ultimately reducing costs. Utilizing these features reduces manual input, cutting down on campaign build time.
- Return on ad spend (ROAS) bidding
Prior to the launch of the Performance+ Suite, Performance+ Bidding enabled advertisers to optimize for clicks or conversions. With this update — which is currently in beta testing — bidding for ROAS is now applicable, maximizing conversion value. Advertisers can choose to be fully in control of bid modifications, mix and match modifications, or fully toggle on the automated bidding recommended by Pinterest. This will allow advertisers to target the most relevant shoppers, improving return on ad spend.
- Performance+ creative
Pinterest’s new generative AI tool transforms product images into more engaging lifestyle-oriented visuals, lifting user engagement and reducing cost per click. This feature takes black, white, or flat color backgrounds and uses generative AI to generate a more compelling background. Within catalog sales campaigns, advertisers can use this tool to create a more inspiring look, sparking increased action from shoppers. This tool is especially helpful for those that have smaller creative budgets or teams, making designing ads simpler and more effective.
- Performance+ promotions
A deal-focused feature was launched within the Suite, centered around personalized promotional ad formats that can promote sales or discounts directly within the Pinterest feed. Performance+ Promotions features “deal modules” for increased visibility in the home feed and leverages user search and pin history to present shoppers with the most relevant deals and promotions. Early results show that advertisers using promotions experienced a 12.7% increase in conversions compared to ads without promotions. As many advertisers gear up for the holidays, this feature can help to enhance holiday shopping campaigns, highlighting the best deals and promotions, while serving shoppers a more customized feed.
What does this mean for marketers?
Pinterest’s Performance+ Suite offers automation and AI-powered ad tools that can create sophisticated campaigns and boost performance. The collection of capabilities reduces manual input while utilizing the platform’s machine learning to scale campaign effectiveness. These product enhancements create opportunities for small or under-resourced teams to leverage a helping hand straight from Pinterest’s AI and automation tools. “Work smarter, not harder” is the theme of this product launch, highlighting a reduction in manual build time and adjustments while optimizing shopper targeting and experience.
