There are many options available for companies to utilize for advertising and promotional efforts. Some examples include the Google Display Network, Facebook, Pinterest, LinkedIn, Twitter, and Instagram among others. In order to get the best outcome from their ad campaigns, marketers must understand the promotional benefits of advertising on different social media platforms. In this post, we will be studying two separate financial service success stories from Pinterest and LinkedIn to further understand their similarities and differences in terms of advertising.
The Bank of America reported success using features offered by Pinterest such as Pinterest Analytics, Promoted Pins and a Save Button. Targeting millennials, the Bank of America created different boards for important financial moments such as Buying a Home and Travel Plans. These promoted pins link back to the company’s website BetterMoneyHabits.com. The advertisements also use Promoted Pins and Pinterest Analytics to measure traffic and engagement to determine which are considered to be most helpful, and make refinements. During a five-month time span the campaign reached around 6 million people and more than 29 thousand people were able to save the pins for future reference using Pinterest’s save button features. These promotional tools combined allowed for thousands of interactions and click throughs to the company website. The engagement rate on the Bank of America content doubles the usual average on Pinterest
The National Bank of Canada used LinkedIn to promote awareness of the brand and its involvement with the community. Using the Sponsored Content feature, the company’s advertisements highlighting their special discounts and recent charity donations appeared right in the LinkedIn news feed. Over an eight-week duration, these advertisements demonstrated how the bank aims to serve its community. This resulted in an engagement rate of three times the usual average and the company gained almost 2,000 non-employee followers. LinkedIn provided updates that showed what was working and what wasn’t so that the National Bank of Canada could make refinements.
Overall, Pinterest and LinkedIn provide similar tools to companies that wish to advertise on their sits. With the shared goal of engagement traffic, each ad was run with some type of sponsored/promotional highlight such as Promoted Pins or LinkedIn Sponsored Content. Both platforms reported analytics that allowed the advertising companies to make refinements to their ads, and both company’s increased their overall website traffic using the different platforms. Pinterest advertisers are encouraged to “create longer Pins and longer descriptions, where elsewhere [they’re] accustomed to copy and imagery constraints.” On LinkedIn, the National Bank of Canada appreciated the “flexibility of Sponsored Content, and the ability to target specific audiences.” They also stated that location, the only required parameter for marketing on LinkedIn, proved to be most useful especially because the company is stationed in Montreal and has both English and French speaking customers in the country. On Pinterest, location is less important although the ads were targeting those in North America. In summary, Pinterest advertising seems to be generally broad and less restrictive in it’s parameters and LinkedIn allows companies to narrow their target audience through specific parameters such as location.