Oh, How Pinteresting!
Are you already on Pinterest? If not, the only question for you to answer is why? Not only is this visual social media tool swiftly increasing in popularity, new and exciting opportunities for businesses on Pinterest are also opening up. So, what are you waiting for?
Unless you have been living under a technology rock you will have heard of Pinterest. For the very few who may not already be familiar, it is an online tool that acts like a virtual pinboard, allowing users to ‘Pin’ images to their own ‘Boards’. These Pins can be anything that interests them, with the most popular Pins being food and DIY related. The Pins have links attached to host sites where users can find further information relating to their Pin, such as a recipe or instructions for a DIY project. This image-bookmarking craze has been growing constantly since its launch in 2010, however 2013 saw it soar in popularity. It was amongst the top 20 social media sites for number of followers, and since then has not stopped growing!
Businesses on Pinterest
Businesses can use Pinterest to build relationships with customers by creating a community of people with similar interests. Interesting Pins encourage customers to engage and event promote by repinning them to their own Boards. This serves as a form of WOM marketing which is extremely valuable. Companies can choose to either create Pins that display their products, or to create Pins with interesting content related to the products. For example, a company that sells gardening products and plants could post Pins with interesting vegetable garden ideas, or Pins showing DIY vertical gardens and steps to creating your own. Click here for more information to help get your business started on Pinterest.
- There are currently over 70 million active Pinterest users
- Of this, 400,000 are Australian
- Women far out-pin men with a staggering 83% of users being female
- The average household income of Pinterest users is over $100,000 per annum
- Pinterest refers 41% of e-commerce traffic
- The average Pinterest shopper spends $140 to $180 when coming through to a e-commerce store
- Approximately 90% of brands do not have Pinterest as a major marketing focus
These statistics highlight the fact that there Pinterest has a large established following of wealthy users who already trust them. However despite this success, the number of companies currently using this social media tool is still relatively low. This leaves us with a glaring discovery:
BUSINESSES SHOULD START TAKING ADVANTAGE OF THE DREAM AUDIENCES ALREADY ON PINTEREST!
Pinterest has already noticed this opportunity, and have started to develop a way for businesses to capitalise on it in the form of Promoted Pins.
Are Promoted Pins the future?
Image courtesy of Marketing Land
In October 2013, Pinterest began running an experiment on their Promoted Pins in mobile apps, category feeds and search results. This trial revealed some incredible results. For example, Four Seasons used a Pin to promote a $70,000 hotel package. The Promoted Pin was then repinned over a staggering 9,000 times! Following the success of this trail, Pinterest have recently released a paid test amongst a small group of brands in the U.S. If the paid trial is effective, Pinterest will then start officially selling Pins to business. They will provide the opportunity to connect with larger audiences and gain greater exposure for their Pins.
Promoted Pins will offer businesses a unique and interesting way of advertising to customers. Instead of using text or a phrase to entice their audience, such a ‘purchase this now!’, marketers will have the freedom to design an appealing and entertaining image to capture their audiences’ attention. If audiences’ enjoy the advertised pin enough, not only will they have the option of buying the product or service, but they can then personally recommend it by repinning it to their own Board.
Image courtesy of AdAge
Visual-driven advertisements will have the same visual appearance as organic Pins except for a tag in the corner saying ‘Promoted Pin’. Currently businesses only have access to their followers and people who see followers’ repins, so paid ads will allow businesses to reach a much wider audience. Advertisers will be able to choose from buying ads on a CPC or CPM (cost-per-thousand impressions) basis. Pinterest will also offer additional e-commerce features to further entice businesses, such as the option of adding pricing to product Pins.
The downside to Promoted Pins is that it will not come cheaply. According to AdAge, Pinterest is reportedly aiming for high-level spending commitments between $1 and $2 million, with CPMs predicted to cost between $30 and $40.
And a few more Pinteresting stats…Click here
To make sure you get the latest information, sign up to FRANk Jam! We will keep you posted on any developments and news on the release of Promotion Pins in Australia.