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When browsing products on a brand website, sharing that product via social media buttons is a great way to express interest in that product, announce plans to buy it, or spread your liking for a product after buying it. Pinterest, the third most-popular social media platform in the U.S., has had substantial growth over its past three years. Now with over 70 million users and an estimated 50 million monthly active users, this unique and interactive virtual pin board allows brands to visually market their products like never before, with great opportunity for virality.
A recent study done by 8th Bridge, after analyzing 872 retailers, concluded that Pinterest’s ‘Pin It’ button has now overtaken Facebook’s ‘Like’ button and Twitter’s ‘Tweet’ button on brands’ product pages. According to 8th Bridge, 62% of brands have Pin It buttons, 61% have Tweet buttons, 59% have Like buttons, and 42% have Google+ buttons.
While these percentages may be close, the values of each of these social media shares is not likely equal. What are social media shares really worth? In an article on Bloomberg Businessweek, according to social media backup provider Backupify, roughly estimated values are as follows: a Foursquare check-in is worth 40¢, a LinkedIn search is worth 12.4¢, a Facebook “share” is 2.4¢, a Yelp review is worth $9.13, and that a tweet is worth 1/10th of a cent.
A 2013 Pinterest study by Piqora suggested that on average, a pin generates 78 cents in sales, a value that has increased nearly 25% from their 2012 report. This value is significantly higher than the other estimated social media share values, excluding Yelp’s.
Many brands choose to focus solely on Facebook and Twitter for their social media presence and several have admitted that they don’t see the value in Pinterest. Those brands may want to reconsider. Many people use Facebook to interact with friends, use Twitter to share their thoughts and opinions, and use Pinterest to store and save products they want to buy, find inspirations for their long term goals, curate decor inspirations, plan trips and save travel ideas, and to visualize their goals for the new year.
Facebook’s Like & Share buttons, Twitter’s Tweet button, and Pinterest’s Pin It button all make sharing products directly from a brand’s website, quick and easy, but as the estimated share values suggest, each share is not equal.
What do these stats tell us about Pinterest? Pins can be very valuable and many do lead to conversions. The main takeaway here? The average pin is likely to have a higher monetary value than the average Facebook Share or Tweet.
Is your brand taking advantage of the profitability from Pinterest? We suggest hover pin it buttons in addition to Pin It buttons on brand websites to increase the likelihood of shares via Pinterest along with Rich Pins to increase the likelihood of pin click-throughs and conversions.