There are several brands on Pinterest leading the way in experimenting with contests, and more appear to be launching contests every day.
Types of contests on Pinterest
Best pinboard. Users create a pinboard under the contest guidelines, and brands select the best one.
Most likes/repins. Contest entrants create pinboards and specific images for users to like and/or repin, and entrants win based on the number of likes/repins they get.
Sweepstakes entries. Random winners drawn from a pool of entries. People can enter the sweepstakes by repinning an image and/or following a brand on Pinterest.
Establishing best practices. It is still early for marketing on Pinterest, but many brands are looking to invest in the platform, and some obvious best practices are beginning to emerge for contests.
5 contest examples