Pinterest today is increasing its investment in the creator community by introducing new tools that will allow creators to make money from their content. Creators will now be able to tag products on their Idea Pins, a video feature that the company first released this spring, to make your content “understandable.” They will now also be able to earn commissions through affiliate links and partner with brands on sponsored content, as well as on other social platforms such as Instagram, YouTube, and TikTok.
Despite its general focus on turning product inspiration into clicks and purchases, Pinterest has taken longer to embrace the creator community, which today is responsible for generating a significant amount of interest in new products among online shoppers. In recent years, brands have increased their influencer marketing budgets from $ 1.7 billion in 2016 to now $ 13.8 billion in 2021. However, Pinterest offered few tools for creators to access that market on their own site, until his most recent Idea Pins debut In May.
These Pins are somewhat like the Pinterest version of TikTok, mixed with Stories, as they offer a way for creators to produce content that combines music, videos, and other interactive elements. Videos on Idea Pins can be up to 60 seconds per page, with up to 20 total pages per Pin. Creators can also add other features to their Pins, such as stickers or music, and tag other creators with their @username.
While similar in some ways to TikTok, videos can include “detail pages” where viewers can find associated content, such as the ingredient list and instructions for a recipe, or a list of how-to instructions for a craft project. .
Now, Pinterest explains, creators will also be able to tag products on their Pins. That means fans viewing the Pin’s content can now go from inspiration to shopping on the Pinterest app. However, the path is not as straightforward as it is on Instagram, where a tap on a tag takes you to a page where you can then add an item to a shopping cart. Instead, Pinterest product tags tend to take you to another Pinterest page for the product in question, and from there you have to click again to visit the retailer’s website and complete your order.
The company has been testing the feature before today with creators including Olive + Brown, Fall in love with DIY Y Unconventional SouthBelle They have already made some of their content available for purchase.
The new Idea Pins product tagging tool will roll out to all business accounts in the US and UK and then continue to roll out access to international creators over the next several months.
Other new monetization features that are being rolled out now include support for affiliate programs and brand sponsorships.
Creators will now be able to integrate their affiliate programs for Rakuten and ShopStyle to generate additional income from their referrals. Meanwhile, creators who come to the platform with brand associations will be able to use a new tool, still in beta, that will allow them to disseminate those associations to their followers.
When they then produce branded content on Pinterest and add the brands to their Idea Pins, the brand will be able to approve the tag, and the Idea Pin will include a tag that says “Paid Partnership.”
This paid partnerships tool is now available to select creators from the US, UK, Canada, Australia, Ireland, New Zealand, France, Spain, Italy, Germany, Switzerland, Austria, Sweden, Brazil, Argentina, Mexico, Chile , Colombia and Peru.
Most of Pinterest’s new monetization tools aren’t necessarily all that innovative or unique.
Instead, they represent a company that is trying to catch up with larger social platforms, such as Facebook, Instagram, TikTok, and YouTube, which have served creators better in recent years by allowing them to build their own businesses on their respective platforms, and expand. its scope. Instagram, in particular, has moved into Pinterest territory to such an extent that many users today start their in-app shopping inspiration searches first.
And Instagram has catered to this growing group of online shoppers by turning its platform into an online store of sorts, competing with a dedicated Store button, built-in checkout features, product outage alerts, and numerous ways for creators to generate earnings from your work.
Now that influencer buying is the norm, the race begins between big platforms and startups to bring a similar set of buying tools to live streamed video.
Given the significant competition, Pinterest’s argument to the creator community is that its user base is ready to buy.
In late 2020, the company says it saw a 20-fold increase in product searches on its platform. It also notes that Pinterest users are 89% more likely to show purchase intent on tagged products on creators’ Idea Pins than on their independent Pins. Additionally, the company says it will focus more on inspirational content than “influence and entertainment,” which seems like a hit on social media and its influential stars.
“Pinterest is the place where creators with inspiring and practical ideas are discovered. With this latest update, we are empowering creators to reach millions of shoppers on the platform and monetize their work, ”said Pinterest Director of Content and Creator Associations Aya Kanai. “Creators deserve to be rewarded for the inspiration they bring to their followers and the sales they generate for brands. Creators are central to our mission to provide everyone with the inspiration to create a life they love, and we will continue to work with them to build their businesses and achieve success on Pinterest, ”he added.