Is Pinterest worthy of your brand’s time? Yes, here’s why
Find out some important facts about Pinterest and why your brand should stick a pin in it.
Using Pinterest for business / Pete Linforth/Pixabay
Pinterest has earned the reputation as a haven for women who can browse, shop, and exchange ideas to their hearts content. And while much of that is true - women do make up over 70% of its users - it is actually a finely tuned search engine that works as both a social network and search tool. It ranks as the 10th largest site on the internet and was the fastest site in history to reach 10 million unique monthly users. Since its inception in 2010, it has become an advertising tool with a projected revenue of over 4 billion dollars by 2026. It is simply too effective to be ignored. No matter what type of product you sell or service you provide, Pinterest is one advertising powerhouse that all brands should utilize.
Pinterest facts that matter
Pinterest data is more than impressive, it’s astounding. Over the years it has morphed from simple ‘mood boards’ to an ecommerce platform that rivals even the biggest names. The user-centric search engine gives shoppers a premium, visual experience that results in high conversion rates for brands and has helped to transform online shopping. Here are some facts about Pinterest that should spark your interest:
$2.5 billion revenue in 2021
445 million monthly active users
Users watch nearly one billion videos a day on the site
Ads on Pinterest reached 226 million people
75% of users say they are ‘always’ shopping
Users spend 50% more on Pinterest than on competitor sites
Pinners (users with boards) spend 27% more for ‘click and collect’ shopping
The addition of artificial intelligence
Kudos to Pinterest for not resting on their laurels. The famous brand is always adding new tools and features to entice users to pin more and shop more. One of their more profitable ideas was adding artificial intelligence to its engine, giving users an expanded multi-faceted touchpoint, as well as adding speed and simplicity to their shopping experience.
One AI feature called Try On cleverly allows users to virtually try makeup and home décor before they purchase. This virtual tool alone has increased branded purchases by five times.
Another brilliant addition was Pinterest Lens, a feature that allows users to take photos from the Pinterest app that will aggregate products or looks similar to the ones in the photo. Utilizing a sophisticated ML learning engine, this tool identifies objects and their attributes through context and visual aids and pulls in Pin recommendations based on retailer catalogs from around the world.
What types of businesses should use Pinterest
It’s simple, all businesses can find Pinterest profitable. As evidenced by the plethora of positive statistics, Pinterest is a force to be reckoned with and can showcase your brand in creative, delightful ways that result in purchases. It also helps to create community around your brand and can easily be shared on your socials.
Considering that 97% of Pinterest searches are unbranded, you have ample opportunity to focus on the customers you need. And while women are certainly the majority when it comes to users, men and Gen Z are the fastest rising demographics. Pinterest is literally for everyone. Even the NFL (National Football League) has a Pinterest account with over 52,000 followers.
The only downsides to using Pinterest for business is its learning curve and the time it takes to properly set up and use. It’s important to remain consistent, so it does involve effort, but the results can be richly rewarding. If Pinterest is thought of as its own marketing arm and taken seriously, it can remain a consistent source of income and attention. Two things brands crave.
Pinterest tools for businesses
Pinterest doesn’t leave you hanging by any means. They have provided robust tools for marketers to optimize their selling capabilities. With most users using Pinterest to learn about and plan future purchases, its vital that brands can track, analyze, and measure consumers with hard data. Brands saw a 3x increase in sales performance when using Pinterest Shopping ads. That alone is worth investing marketing dollars. Here is a list of a few of the tools Pinterest provides to marketers:
Audience Insights – Analyzes customer behaviors based on searches, purchases, and helps you narrow in on your desired demographics.
Pinterest Analytics – Data concerning the performance of pins, user interactions, and results of earned, organic, and paid engagement.
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Advanced targeting & retargeting – Uses product information data from your catalog, in addition to your brand industry to target and retarget consumers.
Ads manager dashboard – Not unlike Facebook’s dashboard, this ad setup allows you to control your ads, ad spend, and results.
Pinterest Trends – Powerful search feature that works much like Google Trends to help advertisers focus on high performing advertorial content.
Ecommerce sites – Pinterest makes connecting ecommerce sites easy by working closely with Shopify and WooCommerce for instant purchase connections.
Product catalog – With an onsite catalog, products can be uploaded allowing Pinterest to aggregate your products for product suggestions and search results.
Regardless of its reputation as a gigantic mood board, Pinterest can be a driving force for brands looking to expand their marketing boundaries. If thought of as the powerful search engine that it is, it can grow your brand's reach and reputation, one rich pin at a time.
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