Pinterest is a social media platform that is often forgotten about when banks and businesses in general are looking at their digital strategy. Very often the focus tends to be on the flashier platforms like Facebook and Instagram, but disregarding other platforms that may be better tailored towards your target audience is not a good idea.
Bank of America developed a new online resource called Better Money Habits which helped people to get a better grasp of different areas of their financial lives. While this resource is great for anyone who wants to learn about these things, generally it has been tailored towards a millennial audience.
Bank of America utilized Pinterest and Promoted Pins in particular to spread this Better Money Habits resource to almost 6 million people in little less than 5 months. It saw saves of over 29,000 during this period.
This article will look at how exactly they achieved these significant results utilizing Pinterest.
Bank of America’s Plan for Better Money Habits
As millennials are the ones who are going through many new financial experiences such as buying a house, setting up their pensions and planning for their children’s futures etc. this new Better Money Habits resource was mainly targeted at them as they need this information the most.
What their marketing team decided upon in terms of strategy was smart. They went to where their target audience spends the majority of their time and didn’t worry about spending too much time with other platforms that were not used as often.
Over 33% of millennials use Pinterest on a regular basis to plan their lives, so it made complete sense to focus a lot of their attention on this platform, something that not many other banks were doing.
Why Pinterest Is a Valuable Platform for Banks
It was towards the end of 2014 that Bank of America launched their Pinterest profile. They did so mainly due to the fact that over 33% of millennials use it to plan out their future. Interestingly 81% of the users are female and there are over 1.3 billion pins that are related to money management. This is clearly a topic that people on Pinterest are interested in.
They made sure to focus on organic discovery and this was achieved by getting creative with their pins. By having a more native feel rather than a corporate feel, they were able to engage with their audience and encourage them to share this content.
Millennials like to create boards for what type of homes they want to buy, what sort of vacations to go on and to plan their weddings etc. so Bank of America developed certain boards for specific topics. By filling these up with pins that were relevant, this allowed there to be a nicely integrated and meaningfully connecting with their Better Money Habits programme.
While Bank of America aren’t going to really effect the decision making process of what car you ultimately buy or house you decide to live in, they do help you plan for the events through sound financial advice and products that have been succinctly portrayed alongside their pins.
Another great aspect that they did was to cross promote these boards across different platforms, thereby driving even more eyeballs to them. This was used in conjunction with Promoted Pins to reach as wide of an audience as possible.
How did These Strategies Pay off in the End?
So how did this heavy push towards using Pinterest work out for Bank of America?
Well after little under 5 months of employing these strategies, there content had managed to get in front of almost 6 million different people. They also have their various pins and boards saved over 29,000 times.
This drove significant traffic towards the Better Money Habits site. Their strategy of using promoted pins alongside a more organic approach yielded them an engagement factor of x2 more than the average. This is no doubt down to the creative approach they took with their pins.
People are more likely to save or share pins that are highly informative, so this is why the bank’s strategy of focusing on quality and creative content tailored for their audience worked so well.
All of these results were tracked utilizing in-built tools to see which topics and areas were being best engaged with along the way. This allowed them to pivot their content towards what was most current, trending and what had bene the most useful to the audience.
This case study really shows the importance of testing out different social media platforms and not being rigid in your approach. Online marketing is an ever evolving world that requires you to stay on top of the latest trends and identifying where people’s attention is and what sort of information they are consuming on specific platforms is.
Then it is all about focusing on personable and valuable content that gets creative, rather than relying on boring corporate jargon and advertisements which feel impersonal.
What are you waiting for?