Brian Cliette

Mastering Pinterest Analytics: A Step-by-Step Guide to Tracking Average Order Value

If you’re like me, you’re always looking for ways to get the most out of your Pinterest marketing efforts. One key metric that can help you gauge your success is Average Order Value (AOV). But how do you track it on Pinterest Analytics? I’m here to guide you through it.

Pinterest Analytics is a goldmine of data. It’s a tool that can provide valuable insights into your customers’ behavior. Among these insights, tracking the AOV can be crucial. It can help you understand how much your customers are willing to spend on average, which can be a game-changer for your marketing strategy.

So, let’s dive into how you can track your AOV on Pinterest Analytics. I promise, it’s easier than you might think. And once you’ve got the hang of it, you’ll be able to make more informed decisions about your Pinterest marketing strategy.

What is Average Order Value (AOV)?

As we delve deeper into the world of Pinterest Analytics, it’s vital to understand key metrics as they lay the foundation for effective strategies. One such critical metric is the Average Order Value (AOV)

Simply put, AOV measures the average dollar amount spent each time a customer places an order on a website or through an app. To calculate it, you divide your store’s total revenue by the number of orders. A higher AOV suggests that customers are purchasing more expensive items or adding more items to their shopping carts each time they make an order.

Now that I’ve highlighted what AOV is, let’s explore why it’s significant.

Significance of AOV in Pinterest Analytics

Tracking AOV in Pinterest Analytics helps marketers get a clearer snapshot of their customers’ purchasing habits. This information can be valuable, especially when fine-tuning marketing strategies. It’s not just about understanding how much a customer spends on each order but also about recognizing the customer’s buying behavior in depth.

Knowing your AOV can assist you in setting realistic revenue goals and identifying opportunities for upselling and cross-selling. This metric gives an insight into your customer’s spending patterns and, if monitored consistently, can reveal trends and changes in consumer behavior.

For instance, if customers are buying high-priced items but the AOV is decreasing, it might suggest they are buying fewer items per transaction, which could potentially lead to a drop in total revenue.

Without knowing your AOV, you could be make decisions based on assumptions, not facts. Understandably, this is a scenario no marketer wants to be in.

That’s why AOV is an essential tool in the hands of a savvy marketer. It’s a key driver in making informed and effective marketing decisions.

Why is Tracking AOV Important for Pinterest Marketing?

Knowing the AOV has a direct impact on your Pinterest marketing strategy. It’s more than just a number – it tells you about your customer’s shopping habits, spending patterns, and their relationship with your products.

First off, it’s important to know that AOV helps set realistic revenue goals. If you’re not tracking this metric, then you’re missing out on critical data. When you understand the average amount that customers spend on each order, you can make more accurate predictions about potential revenue. This makes planning more precise and realistic.

Equally important is how AOV can identify opportunities for upselling and cross-selling. If your average order value is lagging, you may need to entice customers into adding higher-priced items or additional products to their carts. Cross-selling and upselling techniques can do wonders to boost this metric.

Constant tracking of this vital metric can also unveil the customer spending patterns. We all know that every customer is different. But what we can do is analyze the similarities in their tendencies. Tracking AOV can show whether they make frequent, small purchases or if they’re occasional big spenders.

Finally, enter the world of Pinterest Marketing without AOV at your peril. It’s not about making assumptions. It’s about making decisions based on solid data and concrete information. In a world where data is king, AOV is your trusted adviser. It doesn’t make sense to ignore such a crucial part of your strategy.

So, if you’re not tracking your AOV on Pinterest Analytics yet, it’s time to start. The benefits are clear, and the risks of ignoring it are too great to ignore.

Step 1: Setting up Pinterest Analytics

The first step in tracking AOV on Pinterest Analytics is setting up the tool. Doing this effortless task starts with creating a Pinterest business account if you don’t already have one. The beauty of Pinterest’s business account is that it comes with built-in Analytics that allows you to access a wealth of information right at your fingertips.

To create this account, just head over to Pinterest’s homepage then click on “Sign up”. From there, you’ll be guided to choose the “Business” option indicating the purpose of your account.

Enter all the necessary information:

  • Your Email address
  • Password
  • Business Name
  • Business type
  • Website

Be focused while filling out this information as it plays a pivotal role in optimizing your presence on Pinterest and allows your brand to be readily discoverable.

One you’ve set up your business account, it’s time to claim your website. This step is crucial as it makes sure that your website and all its accompanying data are connected to your Pinterest account. Head over to the settings and select the “Claim” option. You should see a prompt asking you to enter your website’s URL. Do that and click on claim. You’ll be guided through a verification process. Once verified, Pinterest acknowledges your website and begins to track its analytics.

But there’s a last step before you can start tracking the AOV, and that is converting your Pinterest account to rich pins. Rich pins are a type of Pinterest format that provides more context about an idea by displaying extra information directly on the Pin. The data needed for rich pins is pulled directly from your website’s metadata.

To get started with rich pins, hop over to the Pinterest Rich Pins Validator, plug in a link from your site, and hit “Validate”. It might take a short while, but Pinterest will eventually approve your website for rich pins.

Keep in mind that these steps are just a starter. There are opportunities to delve deeper where you can tailor your Pinterest Analytics tool to your specific business needs. But this gives a good base to get started with tracking the Average Order Value.

Step 2: Creating a Conversion Event in Pinterest Ads Manager

Next on our journey is the creation of a Conversion Event in Pinterest Ads Manager. For those of you steeped in digital marketing, you’ll understand just how pivotal Conversion Events can be in making the most out of any e-commerce platform. Unequivocally, Pinterest Ads Manager is a crucial hub when it comes to optimizing Overall Average Order Value (AOV) tracking. Let’s dive into it!

To get started, it’s essential that I’ve already logged into my Pinterest Ads Manager account. Now, from the menu that’s on the left side of the screen, I’ll click on ‘Ads’ and then ‘Conversions’. This will then lead me to a page where I’m able to manage all aspects of my custom conversion events. There, I’ll see the option to ‘Create Conversion’. Of course, I’ll click on that.

Next, I’ll fill in the necessary details. The name of the conversion event, its description, the rules used for setting your window of conversion, and the attribution model. Remember, the two important things I need to keep in focus are the ‘URL Host’ and ‘URL Path’. They should match the ‘thank you’ or ‘transaction complete’ page on my website. Doing this will allow me to track when a person from Pinterest has made a purchase.

When it’s all said and done, I’ll click ‘Create’, and that’s it! I’ve just set up my very own custom conversion event.

Remember, this is just the second step. In the coming sections, we’ll look at what happens after we’ve set up this conversion event, and how we can utilize the data that comes from it. From properly attribiting conversions to linking them to your Pinterest ads – we’ll cover it all!

Step 3: Implementing Conversion Tag on Your Website

After creating a conversion event, you’ll need to implement a conversion tag on your website. It’s a crucial step in keeping track of your average order value (AOV) on Pinterest. Here’s a step-by-step process of how you can do this.

Firstly, locate the conversion event you just created in your Pinterest Ads Manager. Click on it and you’ll see the tag details. This tag is a unique piece of code that you’re instructed to install on your site. Copy this tag by clicking on the clipboard icon beside it.

The next plan of action involves the back end of your website. Navigate to the webpage where you want this tag to trigger. Keep in mind, the checkout page is typically recommended for tracking AOV. That’s where the code installation happens. Paste your conversion tag between your webpage’s head tags.

For those using eCommerce platforms like Shopify or WordPress, you’ll find the procedure a breeze. Both platforms have ready-made fields in their settings where you can insert this Pinterest tag. In Shopify, you’ll find this under ‘Preferences’ in your ‘Online Store’ settings. While for WordPress users, head over to the ‘Header and Footer Scripts’ section in your site’s settings.

Your tag is set and ready to run. The conversions that happen after this point will be linked back to Pinterest by this tag. This is an important aspect for proper attribution of conversions.

Pasting the tag in the wrong place can lead to inaccurate data or it may not work at all. So, be meticulous in your approach.

Enough said about setting up conversion tags, let’s delve into interpreting this incoming data.

Step 4: Tracking AOV in Pinterest Analytics

Alright, now comes the fun part. We’ve done the groundwork – setting up the business account, enabling rich pins, creating the conversion event, and implementing the conversion tag. It’s time to start tracking the Average Order Value (AOV) on Pinterest Analytics.

So, where do we start? That’s easy. Log back into your Pinterest business account. Navigate to the “Analytics” section. Once in there, you’ll see a range of options, but the one we’re interested in is the “Conversion Insights” tab.

Before we dive too far into the data, it’s important to understand that you’re not going to see immediate results. Conversion tracking requires time and accumulated data. So don’t fret if, at first glance, you don’t see the amount of data you’re hoping for. Patience is key.

While waiting for the data to aggregate, it might be tempting to tweak and adjust. But hold off on making any radical changes to your Pinterest strategy until you’ve collected enough meaningful data.

When it’s finally time to pull reports and analyze the data, it’s important not to get lost in the numbers. Each metric provides a unique insight, and together they build an overall picture of your Pinterest performance.

To help you navigate through the pile of data, I’ve made a list of three crucial metrics that you should focus on:

  • Conversions: The total number of conversions you received from your sponsored and organic pins.
  • Total Spend: The amount you spent on Pinterest Ads.
  • AOV: Your average order value.

Here’s a quick snapshot of where to find these metrics in the “Conversion Insights” tab:

Metric Location
Conversions Top left of the page
Total Spend Middle of the page
AOV Bottom right of the page

So, with the fourth step done, it’s now time to move on to optimizing these numbers and boosting your Pinterest performance. But remember, exploration and experimentation are key to mastering AOV tracking on Pinterest Analytics.

Step 5: Analyzing and Interpreting AOV Data

Now that we’ve set things up and are getting data on our Pinterest Analytics dashboard, it’s time for the essential part of the process – interpreting and analyzing the AOV data.

Our focus will lie on an array of metrics deriving from the AOV data. These metrics possess unique relevance to your decision-making process as they help in understanding consumer behavior.

One key metric to keep an eye on is the Average Basket Size. It’s the average number of items your customers add to their cart in a single transaction. Analyzing this metric helps understand buyer behavior and identify potential upsells.

The next central value to consider is the Median Order Value – the middle value in a series of transaction values. We often overlook this metric, but it’s quite insightful. It curbs extremes and depicts a more accurate average realization per transaction.

Add to these, the Unique Orders vs. Repeat Orders metric is another tool in our arsenal. It helps pinpoint the proportion of customers who made only one purchase compared to those who made multiple purchases. It’s a great way to gauge customer retention and loyalty.

Let’s tabulate these metrics to make them more digestible:

Metric Data
Average Basket Size To be updated
Median Order Value To be updated
Unique Orders vs. Repeat Orders To be updated

An important thing I need to underscore here is that the data doesn’t speak for itself. It brings insights and trends to the table, but interpreting them requires vigilance and in-depth understanding of your business.

In the upcoming section, I’ll explain how to leverage these insights into meaningful actions by smartly aligning them with your business goals. We’ll also discuss their potential impact on your Pinterest strategy, but remember, every data point tells a story, and understanding that narrative holds the key to unlocking your business potential on Pinterest.

Conclusion

What is Pinterest Analytics used for?

Pinterest Analytics is a tool that helps businesses track the performance of their Pinterest content. It provides comprehensive data about user engagement, conversions, and the overall success of a Pinterest campaign.

Why do I need to create a Pinterest business account?

A Pinterest business account is necessary because it provides access to Pinterest Analytics and other features like rich pins and advertising tools, which are not available to personal accounts.

How do I set up Rich Pins on my Pinterest account?

You can set up Rich Pins by verifying your website with Pinterest and applying for Rich Pins. Upon approval, all pins from the verified website will automatically become Rich Pins showcasing more detailed information.

How do I create a conversion event in Pinterest Ads Manager?

Within Pinterest Ads Manager, you can create a conversion event by going to the ‘Conversions’ tab, selecting ‘Create Conversion’, and following the provided directions.

What are the steps to implement a conversion tag on my website?

After creating a conversion event, you’ll receive a conversion tag. This tag needs to be implemented on your website’s backend. Implementing it varies based on the website platform. Always refer to the platform-specific guides.

How do I track Average Order Value (AOV) in Pinterest Analytics?

Within Pinterest Analytics, navigate to the ‘Conversion Insights’ tab. Here you can track AOV along with other metrics like Average Basket Size, Median Order Value, and Unique Orders vs Repeat Orders.

How does analyzing AOV data help in understanding consumer behavior?

Analyzing AOV data can reveal insights into the purchasing habits of your customers, including their price sensitivity, product preferences, and the effectiveness of your marketing efforts, thereby aiding in strategic decision making.

How can I leverage these insights into meaningful actions?

Through strategic interpretations, the insights derived can influence your marketing efforts. For instance, if the AOV is less than expected, you can plan promotions or product bundles to increase it. Similarly, higher AOV can indicate opportunities for upselling or cross-selling.

How does this impact my Pinterest strategy?

Understanding and utilizing the AOV data can help refine your Pinterest strategy by creating more effective marketing campaigns, optimizing your budget, and better targeting your audience.

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About me

My name is Brian Cliette; I help brands and entrepreneurs find sustainable paths to sales growth on the social internet.

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