Pinterest: A Brief History and Guide for Businesses
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How to use Pinterest for Business
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Pinterest: A Brief History and Guide for Businesses
- 1. For Business Rebecca DeLuca, CM737
- 2. 2009: Conceptualized Pinterest 2010: Launched to a small group 2012: Launched Pinterest for Business 2013: Worth $564 million 2013: Announce Promoted Pins 2014: Begin testing Promoted Pins
- 3. Consumer Use 40 Million active monthly users 23% use Pinterest once a day Demographics Searching and Discovering Learning, Exploring, Researching Reminders Recommending
- 4. >Pinterest users spend 2x more than Facebook Users Pinterest drove 2.5x more traffic to Sony’s Website compared to Twitter > 69% of Pinterest users found an item they’ve purchased or wanted to purchased Compared to 40% of Facebook users Business Benefits
- 6. Best and Worst Practices
- 8. Spam Copyright Lifestyle Focus Non-visual Brands Demographics Inspiration Purchase Process Intimate Interaction
Editor's Notes
- Pinterest is a social networking site with a “virtual pinboard” interface. Users collect photos and links to things they love – products, images, quotes, etc., -- and create their own pinboards that others can follow Ben Silbermann and Evan Sharp conceptualized Pinterest in 2009, and launched it to a small group of people in 2010. In 2013, Pinterest had raised $564 million in venture capital without actually making a profit. Ben Silbermann said instead of focusing on profit, they focused on the future assumption that there is a link between what people pin and what they spend money on Only in September 2013 did Pinterest announce the rollout of promoted pins, which a select number of brands began testing in May 2014 The promoted pins would fit into the normal use of Pinterest, and be “tasteful, transparent and relevant” In November, 2012, Pinterest for Business was launched. Originally, it’s only difference was that they could authenticate a website, they didn’t have to focus on last name/first name, and there were new widgets such as the “pin this” button that could be placed on the website, or a “follow us” References Black, J. (2014, May 12). Oh, how Pintersting! The Pinterest Blog. Retrieved from http://blog.pinterst.com/post/85525195764/the-next-phase-of-promoted-pins Blattberg, E. (2014, May 12). Pinterest launches its way to make money: Promoted Pins. Venture Beat. Retrieved from http://venturebeat.com/2014/05/12/pinterest-launches-its-way-to-make-money-promoted-pins/ Delo, C. (2012, November 14). Pinterest launches business pages to get cozy with brands. AdAge . Retrieved from http://adage.com/article/digital/pinterest-launches-business-pages-cozy-brands/238295/ Stone, B. (2013, August 8). Pinterest’s Ben Silbermann on male users, making money, and getting offline. Bloomberg Business Week. Retrieved from http://www.businessweek.com/articles/2013-08-08/pinterests-ben-silbermann-on-male-users-making-money-and-getting-offline Author, A. A. (Year, Month Day). Title of article. Title of Newspaper. Retrieved from http://www.someaddress.com/full/url/
- 40 million monthly active users, more than 70 million total users Of the 40 million users, 23% use it once a day 43% of Pinterest members use Pinterest to associate with retailers and brands, compared to 24% of Facebook users Express their desires, dreams, needs, likes, wants – right there for you (great for demographics – similar to focus groups) Also completing the steps of any consumer right on one platform Reminding themselves what they want to buy Recommending things Exploring, researching Discovering Ray, M. (2013, January 17). How to build online influence with Pinterest [infographic]. Social Marketing Writing. Retrieved from http://socialmarketingwriting.com/how-to-build-online-influence-with-pinterest-infographic-2/ Silver, H., Tan, E., & Mitchell, C. (2012, October 15). Online consumer pulse Pinterest vs. Facebook: Which social sharing site wins at shopping engagement? Bizrate Insights. Retrieved from http://www.bizrateinsights.com/blog/2012/10/15/online-consumer-pulse-pinterest-vs-facebook-which-social-sharing-site-wins-at-shopping-engagement/
- Social advertising is becoming a major component of brands’ budgets, climbing to 46.2% in 2013 ($4.56 billion) Pinterest users spend more than twice the amount of money as Facebook users In 2012, Sony published data showing Pinterest drives 2.5x more traffic to the homepage compared with Twitter 69% of online users who visited Pinterest found an item they’ve wanted to purchase or purchased (compared to 40% of FB users) Bennett, S. (2014, June 9). Facebook, Twitter, Instagram, Pinterest, Vine, Snapchat – Social media stats 2014 [Infographic]. Media Bistro. Retrieved from http://www.mediabistro.com/alltwitter/social-media-statistics-2014_b57746 Blattberg, E. (2014, May 12). Pinterest launches its way to make money: Promoted Pins. Venture Beat. Retrieved from http://venturebeat.com/2014/05/12/pinterest-launches-its-way-to-make-money-promoted-pins/ Silver, H., Tan, E., & Mitchell, C. (2012, October 15). Online consumer pulse Pinterest vs. Facebook: Which social sharing site wins at shopping engagement? Bizrate Insights. Retrieved from http://www.bizrateinsights.com/blog/2012/10/15/online-consumer-pulse-pinterest-vs-facebook-which-social-sharing-site-wins-at-shopping-engagement/
- Risk: On the surface, there doesn’t seem to be a lot of risk w/ Pinterest b/c it’s less about sharing feelings and thoughts directly Loss of control. This is a picture directly from Etsy posted to a board that is called “Things We Hate” with 8,750 followers Always a risk with user-generated content Viral nature of Pinterest – Old or incorrect content can continue being shared b/c many people pin for the images, without reading the content Reward: You’re with the consumer every step of the purchasing decision Pinterest can lead directly to sales, either in store or online through rich pins Rich pins contain extra information. They can be movies, recipes, articles, products, or a place. For instance, a Recipe rich pin will show ingredients, cooking times, and serving info and a product rich pin will show pricing, where it’s available, and have notices for when a price drops 43% of Pinterest members use Pinterest to associate with retailers and brands, compared to 24% of Facebook users Other rewards are the analytics Pinterest offers, which have been recently updated Track pins that originate from your webpage, from your profile, and from your boards Demographics can be split between your followers, or all Pinterest users Find what they are looking for, what they are talking about, what they like – this will help you create content that will work for them Pinterest for Business (n.d.). Rich Pins. Pinterest Blog. Retrieved from https://business.pinterest.com/en/rich-pins Silver, H., Tan, E., & Mitchell, C. (2012, October 15). Online consumer pulse Pinterest vs. Facebook: Which social sharing site wins at shopping engagement? Bizrate Insights. Retrieved from http://www.bizrateinsights.com/blog/2012/10/15/online-consumer-pulse-pinterest-vs-facebook-which-social-sharing-site-wins-at-shopping-engagement Vij, K. (2014, September 17). The new Pinterest analytics tool: How to use it for business. Social Media Examiner.
- - Pinterest is visual, which I hope you’ve gotten to know from my presentation People would rather small, bite sized, visual information than long paragraphs of text Make the content visually beautiful, have a feature image that represents your information and links back to it Your goal of Pinterest is rarely to build your Pinterest profile, instead it’s to drive traffic to your blog/website Have your blog Pinterest ready – the “follow me” button, “Pin it” widget, etc. Use visuals in your blog posts that will be transferrable and interesting to Pinterest You can use various tools to create visuals, such as PicMonkey, Canva, Wordswag, etc. Pinterest is still social Have to share other’s content Share user generated content Interact through comments, hashtags, and mentions - Use analytics to measure Misuse / Bad practices: One of the biggest “misuses” is people linking to a Pinterest account that is a dead end or inactive – it isn’t enough to be on Pinterest, you have to use it Hard to find a misuse on Pinterest This example has since been fixed, Porsche started placing their Pinterest links to a Pinterest profile that wasn’t in use Timing is important on Pinterest – Your fans will follow you and will get a bulk of pins at once and then inactivity for days, so it is important to be timely and pin at various times to different boards. Not using rich pins, linking to websites, or using proper hashtags for searchability Not organizing your board – being organized will help you really understand your consumers and their demographics. “Food” may seem like an interest, but some are into food photography, some recipes, some baking, some slow-cooker recipes. The more detailed you get, the more you learn about what customers want Such as this image, there are 63 different boards about healthy living, guides, food, weight loss secrets Bad visuals Underutilized when people don’t understand it’s purpose, how it works, why it works. Bullas, J. (2012, May 8). 64 Pinterest marketing tips and tactics [Infographic]. Jeff Bullas. Retrieved from http://www.jeffbullas.com/2012/05/08/64-pinterset-marketing-tips-and-tactics-infographic/ Mortiz, D. (2012, June 5). The 10 commandments of using Pinterest for business. Amy Poterfield.com. Retrieved from http://www.amyporterfield.com/2012/06/the-10-commandments-of-using-pinterest-for-business Add a Pinterest mouse over button to your images. (2013, January 15). Kevin and Amanda. Retrieved from http://www.kevinandamanda.com/whatsnew/tutorials/add-a-pinterest-mouseover-button-to-your-blog-images.html
- Vaynermedia and Gary Vaynerchuk – featured on Pinterest’s success story page Nilla Wafers Nilla Wafers had been at a plateau with sales for over a decade, and because something else fell through they gave their entire marketing budget to Vaynermedia to use on social. Used Facebook for their Momerisims ad, but you can really see how the brand took off with Pinterest. Created timely Pinterest campaigns, such as a board for national cheesecake day and the #howtoholiday campaign Curated content – some of their pins on Pinterest don’t even use Nilla wafers, instead they were adding value for their customers Visuals – one of their boards is “Deconstructed recipes” where it visually breaks down the recipes into sharable content Created what people wanted – funny, sharable images with the brand colors but focused on the thoughts of their targets Also brought Pinterest offline, they started putting “Pinterest teasers’ on their boxes to push people to their Pinterest page Specific boards The brand sales went up 9% the next year, directly from social O’Rourke, K. (2014, June 11). Nilla Wafers: Using Pinterest to help people reconnect with a beloved brand. Pinterest Blog. Retrieved from https://business.pinterest.com/en/blog/nilla-wafers-using-pinterest-help-people-reconnect-beloved-brand
- Pinterest is still in its infancy and it’s still developing. New API just released allowing 3rd party apps to create/develop Pinterest analytics Analytics tool is still developing and changing Still testing the promoted pins, as customers want transparent, relevant pins and they don’t want their boards/experience to be disrupted Some continued concerns: How to use it? If companies aren’t necessarily visual, can they be on Pinterest? Pinterest has a focus on lifestyle, so companies outside of that may be intimated joining the conversation Spam is still very prominent on Pinterest. Many people don’t read the links/website, and repost just for visuals so they spread spam Copyright concerns, people repurpose content without attributing it, and it’s nearly impossible to remove it from Pinterest. However, Pinterest offers a new way to connect with customers in every step of their purchase – their inspiration, research, reminder, point-of-purchase, and recommendation/sharing Also gives a new way for brands to interact with clients and build stronger relationships Brands can stand out as thought leaders and inspirational leaders Perez, S. (2014, May 20). Pinterest rolls out a new “business insights” API to select marketing technology companies. Tech Crunch. Retrieved from http://techcrunch.com/2014/05/20/pinterest-rolls-out-a-new-business-insights-api-to-select-marketing-technology-companies/