Gen-Z, Millennial Opps: Pinterest launches campaign, leaves FY 2022 digital spend in the dust YOY (Score 71)

Sales Lead: Pinterest recently launched a campaign that will run through the end of November 2023.

• Made in-house, this new installment of Pinterest's larger "It's Possible" integrated global campaign highlights how Pinterest helps people discover and experience new things.
• It rolled out across TV, cinematic, streaming TV, social, digital, and programmatic activations.
• The campaign also involves pop-up experiential activations complete with activities such as making mocktails, getting tattoos, and upcycling household products.
• Pinterest has started shifting its strategy more, having built an AR home decor tool in 2022 and doubled down on vertical video in June 2023.
• The company will likely:
  • Continue shifting its ad strategy
    • This will likely involve continued digital spend increased
  • Conduct agency reviews under a new CMO (more below)
• Target demographic: 
  • Gen-Z and millennials

Recent leadership shifts:

• These shifts followed Pinterest's 2023 hire of global consumer marketing head and VP Sara Pollack.
  • She was previously YouTube's senior global brand and media marketing director.

Additional spending insights:

• Digital and social insights (digital ad spend, effectiveness, impressions, and performance)
  • YTD spend: So far in 2023, Pinterest has spent roughly $14.3m on digital ads, already up 66% from the roughly $8.6m spent in all of 2022.
  • YTD data: The company has earned around YouTube (43%), Facebook (30%), Instagram (25%), and desktop display (2%) ads.
  • Last year: In 2022, Pinterest spent approximately $8.6m on this channel, 19% more than the roughly $7.2m spent in 2021.
• Additional channel insights  
  • The company utilizes Google Ads along with email, digital, print (newspapers), and online video (via Youtube IOS, Youtube.com, and Youtube Android) ads.
  • Pinterest sponsors podcasts such as Motley Fool Money, This American Life, Something You Should Know, The Journal, andRedHanded.

Additional agency insights:

• Opportunity: If you haven't yet done so, reach out soon to get on the radar of Andréa Mallard, Pinterest's relatively new CMO whose role has already been expanded.
• Current agency roster:
  • Mediahub Boston: Media AOR
  • 72andSunny: Creative AOR
  • Droga5: Creative agency partner
  • Twenty-First Century Brand: Creative agency partner

Insight Sources: Digital spend insights estimated by Pathmatics; email marketing insights by Bombora; additional channel insights estimated by Vivvix; podcast insights by Podchaser.