Pinterest is a visual bookmarking tool that helps you discover and save creative ideas. The purpose is that simple. With a user base of 100million, backed up with a strong growth trajectory, Pinterest is poised to compete with other social media giants in the coming years. Pinterest has been more geared towards sharing rather than user interaction. This is evident in the 76% chunk of social media sharing it accounts for. I know you will be wondering where the likes of Facebook and Twitter are, but such is the power of a platform that promotes the sharing and discovery of creative contents and ideas.
Of recent, the Pinterest platform has begun to catch the attention of businesses and advertisers. Questions are being asked about the prospects of using Pinterest to grow businesses. We need not look too far. A careful analysis of the platform, tying together the prospects and opportunities that can be leveraged upon has revealed four key areas in which Pinterest can contribute to business growth.
Pinterest launched its own version of digital Ads in 2015 and it has since gained huge traction. The ads are called Promoted Pins meaning that advertisers can pay to post pins targeting a specific group of users also called pinners. One of the beauties of the platform is the personalization of ads. Advertisers can easily target users based on demographics, age, gender and other useful metrics. This is possible due to the huge volume of pins available to draw insights from. Unlike Facebook, Twitter and Google+, we have more information on user preference to aggregate on. This unique feature will ensure Pinterest is able to help advertisers get a better return on investment in the future. The fact that advertisers don’t have to rely too much on hashtags or massive data mining algorithm is something businesses would be excited about. According to comScore, 75% of Pinterest’s 100million users are women. I believe the beauty of this fact is that they (women) are also the ones doing the shopping and purchases. What better way to get access to their buying and spending habits.
The ability to engage customers in a meaningful way is something every business envisages. Pinterest has provided this with a social media platform that can be leveraged upon by businesses to reach out to existing and prospective clients. A faster way to get products, enabling greater brand awareness and the cultivation of a cult of faithful followers count as part of the numerous competitive advantages. It doesn’t stop there, some businesses can also provide customer care solutions based on pin recommendations, trend observations, and complaints. Pinterest is a platform that makes it easy to express thoughts, therefore, there is no limit to creativity in communication from businesses and their customers.
Insights and Analytics
The vast amount of data on Pinterest makes it an excellent analytic tool. Businesses looking to mine data to target customers, launch a new product or engage users on a whole new level need not look elsewhere. According to VentureBeat, Pinterest currently has 70 million monthly active users, and the total number of pins on the site is growing 75% year over year. For example, shoppers on Pinterest create pins of gifts and purchase preference before the holiday seasons. This gives businesses a leg up to act on the information provided by users on the platform. Big box retailers can easily leverage on that to stock their shelves. E-commerce sites are also huge benefactors as their business model affords them more insights than they can ever imagine. Lastly, when it comes to customer feedback, businesses can easily leverage on the output on their consumption and usage experience produced by pinners. By taking this information into consideration in their product design, they can easily improve upon their previous product portfolio and design.
Whether it’s a new or established business, Pinterest is a great media to make people aware of your brand. Through creative pins and boards, you can locate and sell your brand with ease. For any business hoping to drive traffic to its website, creating attractive pins will do the trick. The important thing though is to ensure your audiences are targeted. To ensure return on investment whether it is the time or money, businesses should take the extra effort to locate their customer segregation. As we know, only those who are willing to go the extra mile end up reaping a good return on marketing and advertisement. Aside drawing traffic to your website, Pinterest will also aid in search engine optimization to improve page rank and other important metrics to make your business more visible. The opportunities are endless.
Pinterest has come to stay as one of the best social media platforms of the 21st century. The ability to express likes and preferences in a visually stimulating yet creative way will continue to set it apart from competitors like Facebook, Twitter, and LinkedIn. In the future, this factor will play a huge role in the favor of Pinterest when businesses intend to unlock values and leverage upon the platform for growth.