What Is Pinterest’s New Performance+ Tool?

Performance+ Features

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Pinterest announced the launch of Performance+ on October 1st 2024, stating:

“Pinterest Performance+ campaigns can help any advertiser drive lower-funnel performance by optimizing targeting, managing budgets or deciding how much to bid. Through AI and automation features, Pinterest Performance+ campaigns decrease campaign creation time significantly, with 50% less inputs required.”

The Performance+ suite aims to rival Meta’s Advantage+ and Google’s Performance Max (two similar AI-powered advertising tools). Pinterest’s Performance+ includes:

• Creative support to optimize ads, generate backgrounds, and target the right customers
• Dynamic bidding helps your business save money by focusing on low costs without sacrificing success
• ROAS (return on ad spend) prioritization to boost sales through Pinterest
• Budgeting tools to help you organize and manage your campaign spending – Performance+ doesn’t impose a budget limit on campaigns
• Visual targeting so your ads are presented to the right customers

What Impact Have We Seen So Far?

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Performance+ underwent testing before its launch, and the results are impressive. For example, Walgreens was involved in the beta testing and saw a 55% increase in clickthrough rate on showcased products that used a Pinterest-generated background, as opposed to a plain white backdrop. And, plenty of other sites have reduced their CPC (costs per click) and CPA (costs per action) by 10%+.

This is promising to see, especially if you run a small business looking to boost sales and keep costs low.

How To Use Pinterest’s Performance+

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You can find Performance+ in Pinterest’s Ad Manager dashboard and it’s accessible to all advertisers.

However, the feature is only compatible with Consideration, Conversions, and Catalog Sales objectives – these are different types of campaign objectives offered by Pinterest and they determine how you bid. As costs rise on channels like Meta and Google, it’s worth diversifying your advertising channels and pursuing results on Pinterest, particularly as the social platform grows in popularity.

You can shape Performance+ to suit your needs, meaning you can toggle select features and products on or off based on each campaign. This gives you control and flexibility over Performance+, but the new automation features and AI tools will help you get off the ground fast.