Have you ever wondered how to turn a simple freebie into a lead magnet conversion powerhouse using Pinterest Ads? It’s easier than you think, but only if your funnel is set up the right way. In this post, I’ll walk you through how to build a lead magnet funnel designed to drive Pinterest conversions and track them effectively using tools like the Pinterest tag and Google Analytics. 

Why Pinterest Ads Are Perfect for Lead Magnets

What sets Pinterest apart from other platforms is that it’s users aren’t just scrolling aimlessly—they’re actively searching for ideas, solutions, and inspiration. This makes Pinterest the perfect platform for promoting a lead magnet that solves a specific problem or adds value. Here’s why:

• Higher Intent: Pinterest users are planners and decision-makers, often in the discovery phase of a project or purchase.
• Longer Content Lifespan: Unlike other platforms, where content fades quickly, Pinterest pins can drive traffic long after being posted.
• Visually Engaging: Pinterest thrives on beautiful, eye-catching visuals. If your lead magnet has a strong visual component, it’s a natural fit.

Pro Tip: Use highly relevant keywords and targeting options to align your lead magnet with what your audience is already searching for. This ensures your pins show up at the right time for the right people.

Structuring Your Lead Magnet Funnel for Success

A seamless funnel experience is the key to converting Pinterest users into leads. From the moment your pin stops their scroll to the moment they receive your freebie, every step should be optimized to deliver a smooth and cohesive experience.

Step 1: Create High-Converting Pinterest Pins

Design Tips:

• Use bold headlines and clean, visually appealing images.
• Include a clear call-to-action, like “Get the Freebie Now.”
• Create a variety of pin styles — some with text on a solid background (think about colors that will stand out in the feed) and some that are a lifestyle image or mockup of your digital product.

Here are a few examples of effective pins showcasing a lead magnet for free Flodesk opt in forms: (Saffron Avenue)

Keyword Targeting:

• Include relevant keywords (e.g., “Flodesk templates,” “email marketing tips,” “free email resources”) in your pin title and description

Pinning to an Optimized Board:

• Be sure to pin it to the most relevant board first. An optimized board will send additional signals to Pinterest to help index your pin faster. For this example, I would pin it to a board titled “Email Marketing” for my first pin. After that, it can be pinned to additional boards like “Marketing” or “Business Tips”, etc.

Step 2: Optimize Your Landing Page

Your landing page should make it easy for users to take action. It should include:

• A Clear, Benefit-Driven Headline: For example, “Streamline Your Email Marketing with These Free Flodesk Templates.”
• Concise Copy: Highlight the pain point and how your freebie solves it.
• Simple Sign-Up Form: Stick to essential fields (name and email).
• Mobile Optimization: Over 80% of Pinterest users are on mobile—ensure your page loads quickly and looks great on small screens.

Step 3: Set Up a Thank-You Page

The thank-you page is more than just a confirmation—it’s a critical part of tracking and nurturing. Create a thank you page on YOUR OWN WEBSITE that you can redirect the form to when they hit the submit button. (Unless you have an event trigger to fire on that button, they only way to tack that conversion is to redirect it to a unique page on your website.) 

• Track Conversions: Add the Pinterest Tag to this page to measure successful sign-ups.
• Next Steps: Don’t sleep on this valuable real estate – Use the page to encourage users to visit related blog posts, follow you on Pinterest or other socials, or check out your services.

Here’s an example of Angela’s optimized thank you page:

IMPORTANT! I frequently come across pins on Pinterest that take me to a Flodesk landing page for their freebie instead of their own website with an embedded form. The problem with this is that there is no way to track that audience to retarget to later on. ALWAYS send traffic to your own site.

Measuring your Lead Magnet Conversions

Tracking conversions is essential to understanding your funnel’s performance.

Here’s how to do it:

Tracking Conversions with the Pinterest Tag

The Pinterest Tag is your best friend when running Pinterest ads. It allows you to track the actions users take on your website after interacting with your pin or ad.

1. Install the Pinterest Tag: The Pinterest Base Code goes in the Head section on all pages of your website, including both your landing page and thank-you page. (In Showit, this is found in the Advanced Settings of each page)
2. Set Up a Lead Event:
   • Add the event code to your thank-you page AFTER the base code so that Pinterest tracks these conversions as “Signups” or “Leads” depending which you choose.
3. Bonus Tip: Use UTM parameters in your pin URL to track which specific pin drove the conversion.

Here is an example of where you would put the code in Showit:

Tracking Conversions in GA4

For even more detailed analytics, GA4 provides powerful tracking capabilities.

1. Set Up Key Events: Create an “Event” to track when users land on your thank-you page.
2. Use UTM Parameters: Add UTM tracking codes to your pin links to attribute traffic and conversions to your Pinterest campaigns.

Measuring your Lead Magnet Conversion Rate

To measure the conversion rate of an opt-in page in GA4, follow these steps:

1. Set Up a Custom Event:
   • Go to your GA4 property and navigate to ‘Admin’ > ‘Events.’
   • Create a new event to track when users land on your thank-you page (e.g., “freebie_conversion”).
   • Ensure the event is tied to the unique URL of your thank-you page.
2. Mark the Event as a Key Event (formerly Conversion):
   • In GA4, go to ‘Key Events’ under the ‘Events’ section of your admin panel.
   • Locate your custom event (e.g., “freebie_conversion”) and toggle it to mark as a key event.
3. Add UTM Parameters to Your Campaign Links:
   • Include UTM tracking codes in your Pinterest ad links to identify the traffic source, medium, and campaign name (e.g., utm_source=pinterest&utm_medium=paid&utm_campaign=freebie_promo).
4. View Conversion Data:
   • Navigate to ‘Reports’ > ‘Acquisition’ > ‘Traffic acquisition’ in GA4.
   • Filter by the campaign name or source/medium (e.g., Pinterest) to see how many users completed the conversion event.
5. Calculate the Conversion Rate:
   • Use the formula: Conversion Rate = (Number of Conversions / Total Traffic) x 100.
   • GA4 reports can display this automatically if the setup is correct.

If you’d rather not fuss with setting up Key Events or you want to calculate the conversion rate of an existing opt-in you have, you can manually calculate this too.

Here’s how:

1. Identify Total Traffic to the Landing Page: Use Google Analytics to determine the number of visitors to your landing page during a specific period. Go to Reports > Engagement > Pages & Screens >  then find the landing page.
2. Determine the Total Number of Thank-You Page Visits: Similarly, find the number of users who landed on the thank-you page, which typically signifies a successful conversion. * If you don’t have a thank you page, you can cross check it with how many people opted in on your form for the same time window.*
3. Apply the Conversion Rate Formula: Use the formula:
   • Conversion Rate = (Number of Thank-You Page Visits / Number of Landing Page Visits) x 100.
4. Review and Optimize: Use these insights to assess your funnel’s performance and identify areas for improvement, like updating the landing page copy or design to boost conversions. 

A typical conversion rate for an opt-in freebie, like an email signup for a downloadable guide or resource, is considered to be between 5% and 15%; however, top-performing businesses may see rates closer to 20-25% or even higher depending on the quality of the offer and landing page design.

Key points to remember:

• Industry variations: Different industries will have varying average conversion rates, so it’s important to benchmark against similar businesses.
• Quality of the offer: A high-value, relevant freebie is more likely to convert at a higher rate.
• Landing page optimization: A well-designed landing page with clear calls-to-action can significantly boost conversion rates.

Why This All Matters

When you set up a lead magnet funnel with proper tracking, you’ll not only be able to calculate the conversion rate of that freebie, but you’ll gain powerful insights into your ad performance. Here’s what you’ll achieve:

• Pinpoint Top Performers: Understand which Pinterest ads drive the most leads.
• Maximize ROI: Identify areas for improvement, like tweaking your landing page or adjusting ad creative.
• Scale Successfully: Once you know your cost-per-lead (aka your CPA), you can confidently scale your campaigns without wasting your budget.

If you’re looking to launch Pinterest Ads or fine-tune your funnel for maximum conversions, let’s chat!

Check out our services that can help you optimize and promote your lead magnets on Pinterest!