So, first things first, what is Pinterest? Chances are if you have never used it, you could think of it as a website where your girlfriend gets ideas for her nails, I mean she does, but it’s much more than that. Actually, it’s a place where you “pin” things that “interest” you. Pinterest is a free online, visually focused search engine & social platform. It works on the concept of a pinboard for pictures & has evolved to become one of the most influential interactive image-based search share & shopping apps & websites in the world.
Nine months after it was launched in March of 2010 it already had 10,000 active users. By January of 2012, it drove more referral traffic than LinkedIn, YouTube & Google+.
Pinterest allows users to discover, collect & share their favorite pictures based on their interests. Like other social media platforms, Pinterest can be used on a personal level or for the promotion of your business.
On August 1st of 2019, Forbes announced that revenue rose by 62% beating the predicted rise by almost $30 million. If forecasts continue to be right, Pinterest is looking at generating more than $1 billion in annual revenue in 2019. If that didn’t get your attention this blog will discuss why your business needs to take advantage of Pinterest (a trendy platform that is taking the world by storm).
DECODING THE PINTEREST TERMINOLOGY
Board – It’s your “pin” board or posting page. You can make multiple boards with different headings where pinners can pin & re-pin images & links for other Pinterest users to see. It can be edited at any time or only be made available to certain users, or it can even be used as a private board for yourself.
Pins – The image, text & link you pin to a board.
To Pin or Pinning – The action of “pinning” or posting, uploading & adding a picture to your own or another board.
Pinners – Users actively pinning & creating boards.
Re-pin/ Re-pinning – Pinning another user’s pin to your own board.
Follow – Following someone’s board to see when they add pins to their boards & these become part of your own home feed. You can follow a user or just one of their many boards depending on your shared interests.
Home Feed – Collection of pins from all of the other pinners & boards you follow. It automatically gets regularly updated as pins are added.
WHY PINTEREST IS A BIG DEAL WHEN IT COMES TO YOUR SOCIAL MEDIA MARKETING
Social Media Marketing is all about brand awareness, increasing traffic to your website, widening your audience & increasing rankings to ultimately generate more leads, right? CNN Business announced that Pinterest hit 300 million monthly users in August of 2019, which is 300 million potential customers you could be missing out on, so clearly, Pinterest is the place to be.
WHO IS ON PINTEREST?
Whether you own a small or medium-size retail business, an important part of having a successful marketing strategy is knowing who your consumers are? Info like age, gender, income & interests are critical for knowing your target market, but do you know where they are hanging out online? Which social media websites do they spend time on? How are they using their preferred search engines?
Pinterest is a bit unique as it’s not technically a social media platform, but a search engine that people & businesses can use socially. So, what does their user look like & how do they utilize the platform?
With over 200 million Pinterest users, here is some insight on their demographics right from the source – Pinterest.com.
- 70 percent of the website’s users are women
- 50 percent of the users are from outside of the United States
- 60 percent of users have children under five years old
- 50 percent of the millennial users pin at least once a month
- 40 percent of pinners have a household income of at least $100,000.
- 80 percent of visitors utilize the Pinterest mobile app.
Now that you are aware of the average Pinterest user, let me drop some light on what they do while visiting the website.
- 72 percent of pinners use the website to find ideas that will help them in their everyday life.
- Pinners are more likely to purchase fashion, cosmetics, home, auto, & food items online than those who are not on the platform.
- 61 percent of people using the website have found a new brand or product from a promoted pin.
- 50 percent of pinners have made a purchase after seeing a promoted pin.
Overall, people on Pinterest use the site to increase their quality of life by finding inspiration from others & searching for new, unique ideas. From party planning home décor & more, Pinterest is the perfect place for consumers to gather, making it a prime place for retailers.
WHY PEOPLE USES PINTEREST?
In short, for anything & everything. Ben Silbermann, CEO of Pinterest, told CNN that Pinterest’s popularity is based on the way it applies to everyone’s everyday life.
As an Internet Bookmarker: It gives users a place to save & store links from all over the web and these links are visually focused.
As a Source of Inspiration: As Pinterest is filled with the bookmarked ideas & products it is thus considered as a source of Inspiration. The more a pin gets shared, the more it receives the attention.
To Promote Their Brands: Every small & large business owner uses Pinterest to promote their content as they know the true value of Pinterest marketing.
For connecting with other Peoples: Pinterest is a social network which allows users an opportunity to interact with each other through likes, comments, pins, & re-pins.
PINTEREST CONTENT HAS A LONG SHELF-LIFE
Content posted on Facebook or Twitter, however, has an average lifespan of a few hours. Reports reveal that Pinterest content can have a shelf life of 30 days or more.
Due to the non-linear way in which content is accessed on Pinterest via the search function, users can access a wider variety of content than on a more typical news-based timeline that many of the other networks use.
FUN FACTS AND STATS ABOUT PINTEREST
If you’re confused as to why a platform like Pinterest would be beneficial for your business, just take a look at some of the reasons:
- The 175 billion Pins means there is something for every industry.
- Pinterest holds an awareness reach of 72% (as of February 2019).
- Any company with a visual marketing strategy needs a presence on Pinterest.
- 55% of Pinterest users login to find products.
- The average time spent on Pinterest (per session) is a whopping 14.2 minutes.
- A great platform to provide engaging content for some of the most motivated shoppers online.
HOW PINTEREST DIFFER FROM OTHER SOCIAL MEDIA PLATFORMS
When it comes to imagery dominant content Pinterest’s biggest competitor is Instagram. The biggest difference between the two & arguably Pinterest’s greatest advantage is that it directs people to external websites to discover new content. Whereas Instagram can be considered to be based on sharing, Pinterest is focused on helping users explore & discover new content. The best part of all, you don’t just have to choose one, you can use both in your Social Media Marketing strategies!
As Pinterest’s user base has now significantly matured, the platform has grown a reputation as the ‘sleeping giant’ of social sites. It has been registered that Pinterest users have a higher purchase intent than on all other social media sites.
In a report commissioned by Business Insider, eCommerce platform Etsy revealed that Pinterest was responsible for the same amount of traffic to their website as Facebook & also drove more traffic to their website than Twitter, Instagram & YouTube combined.
Furthermore, recent research shows that Pinterest users are more engaged than Facebook users, with over 70% of users directly engaging with & saving pins regularly. This bestows Pinterest as a fresh alternative to social media marketers who have recently seen their Facebook reach plummet by up to 42%.
Perhaps, the higher engagement metrics showcased by Pinterest over more traditional social networks can be associated with the different ways in which users typically interact with the platform. Due to its nature as a discovery & bookmarking platform, Pinterest furnishes itself better in generating & converting traffic than on Facebook where outbound links are generally discouraged.
Users on Pinterest can be said to be highly active participants in the search process, with users directly searching for, bookmarking & uploading new ideas. This is a stark contrast to Facebook, where users tend to focus primarily on passively scrolling through an infinite timeline of tailored news updates.
By understanding the consumer buyer behavior of Pinterest, we can leverage that knowledge to improve & execute successful Pinterest marketing strategies that capitalize on the various benefits that the network has to offer.
As with almost all areas of marketing, when constructing your plan for utilizing Pinterest, try to think about it from the perspective of your audience. By putting yourself in their shoes, you’ll be able to come up with a plan that has the most potential for success.
Do you have any Pinterest marketing tips or advice? Post a comment with it below to share it with other readers of this blog.