Tesco Media and Insight Platform, the supermarket’s retail media business that is powered by its dunnhumby subsidiary, has launched an offsite partnership with visual discovery engine Pinterest.
The tie-up is aimed at allowing CPG brands to connect with Tesco’s customers who are looking for inspiration on Pinterest, using Clubcard data and dunnhumby’s analytical expertise to deliver “highly relevant and personalised ads”.
The UK is one of Pinterest’s largest communities, with 17 million monthly active users, including 1 in 3 mums and 31% of millennials. The retailer noted that the combination of a large and receptive audience means that, on average, Pinterest ads earn a 2x higher return on ad spend with a 2.3x cheaper cost per conversion when compared to other social media platforms. It is claimed that by harnessing the power of Tesco Clubcard data, brands will be able to target the right shopper at the right time as they browse.
Tesco pointed to research showing that Pinterest users are eager for inspiration and are open to new ideas from brands. So-called ‘Pinners’ are 66% more likely to give new brands a chance and stay loyal.
Stacy Gratz, Managing Director of Tesco Media, said: “We’re really excited to launch another new innovative partnership, this time with Pinterest, which will give CPG brands more opportunity to reach shoppers at the vital consideration stage.
“A winning combination of Pinterest’s audience and Tesco’s Clubcard data means brand marketing teams can reach shoppers at scale, whether they’re browsing for new recipe inspiration or looking for the latest baking trends.”
Tim Woollias, Sales Director for Pinterest UK, added: “Millions of people come to Pinterest every month to plan and shop for all life’s moments. Food and drink are huge on Pinterest, with people searching for everything from weekday lunch ideas to family BBQ inspiration and fancy dinner party dishes. They want to hear from brands, so ads actually enhance the user experience, rather than detract from it.
“This new partnership will enable thousands of brands to connect with Tesco customers who are seeking inspiration on Pinterest, serving them with the very ideas and products they’re already looking for.”
NAM Implications:
- Those in any doubt re the Present & Future of Retail Media should ask themselves how traditional media compares…
- …to the above RM access to their consumers.
- And prepare for fundamental changes…
- …in how advertising budgets are allocated and assessed.
