Pinterest Launches Performance+

Pinterest recently unveiled their new product, embracing new AI and automation tools for their lower-funnel campaigns. Arguably the Pinterest answer to Google’s Performance Max & Meta's Advantage+ campaigns

What is it?

Performance+ is a new feature which is available on Pinterest Ads Manager for lower-funnel objectives, such as Consideration Conversion and Catalogue Sales. By feeding the platform high quality signals and audiences, the campaign will target high-intent users who are more likely to take a specific action, such as clicking to the landing page or making a purchase. The automated ad process can provide a simplified approach to setting up campaigns, by providing assistance in elements such as targeting, budget optimisation and even ad creation.

What are the Key Features?

This new automated product uses machine learning to target users based on their behaviours and purchase habits, prioritising a simplified ad setup experience.

Pinterest Performance+ will allow the advertiser to optimise for a ROAS goal, while previously the platform optimised to clicks or conversions. This new addition will enable the advertiser to optimise their targeting to the most valuable customer.

There will be new enhancements on the Pinterest Search and Home Feeds where users will be served personalised promotions, based on what they have searched and pinned. The introduction of Deals ads modules will highlight offers and promotions, which the platform will deem relevant to the user. This feature will provide another way for advertisers to reach users during peak sales periods and the holiday season.

Performance+ will enable the advertiser to use its generative AI capabilities to create and optimise visual assets. For example, a product image with a plain white background can be  automatically updated with a "lifestyle" background. This tool may be useful to some brands who have limitations to creative asset generation.

 What are the Key Watch-Outs?

While AI-powered campaigns such as Performance+ offer a range of convenient and performance-driven capabilities, there are some concerns from experts in the industry regarding campaign control. The product relies heavily on the quality of the data that is being fed from rich signals and high-value audience lists, to be effective. However Performance+ still offers advertisers the option to control certain aspects, such as automated creative control, budget allocation and product segmentation.

Overall, Performance+ offers an effective way for brands to reach high-intent users, and capture the attention of new audiences, given that the campaign is powered by rich data and sufficient learnings from the Pinterest account. However, with the ever-growing rise of automation, brands should carefully consider some trade-offs, regarding targeting and budget control. 

Source: Social Media Today, Martec