By Mike Stiles on Jan 17, 2014
First of all, thanks for reading this. It would appear we as a people are driving toward eliminating the written word and returning to communicating primarily via pictures. And whether that’s good or bad, visually driven social media networks like Pinterest continue to draw some of the highest engagement in social marketing.
Engagement is what we as brands crave on social. Having somewhere down the line decided impressions are worthless (I totally disagree), we’re using active interacting as our yardstick, and Pinterest makes fine engagement bait.
Our friends in Oracle Social Strategy Consulting tell us from 2012 to 2013, Pinterest sharing went up at least 50%. A ShareThis study underlines that, saying Pinterest is growing faster at sharing than any other social media service and has passed email to become the 3rd most popular way to share.
Pinterest is the leader in eCommerce traffic sources. It’s rapidly gaining share from Facebook in social shopping sessions, and users coming from Pinterest to retail sites are 10% more likely to buy something, part of why they’re regarded as twice as valuable to online retailers on average than Facebook fans. And 8thBridge found that online retailers prefer the ‘Pin It’ button to the Facebook “Like” 62% to 59%.
A recent Pew Project shows Pinterest saw the biggest usage spike in 2013, going from 15 to 21% and surpassing Twitter. It now has over 70 million active users globally. Who are they? You already knew the answer. Mostly women; college-educated women 25-44. Moms in particular are 61% more likely to use Pinterest than the average American.
Ah but it doesn’t stop there. Pinterest is now the 2nd largest social sharing site for news, surpassing Twitter in that as well. Pinterest drives more traffic to online publishers than Twitter, Linkedin and Reddit combined.
Heading into 2014, Pinterest is ready for mobile (2nd most mobile behind Instagram), offers analytics that tell us things like most repinned and most clicked, Rich Pins make pins more informative and interactive, and there’s the new Place Pins for travel lovers.
Most recently we saw Pinterest’s purchase of Visual Graph, which is all about turning the site’s massive content into massive data via image recognition. The tech id’s objects and faces without needing alternate text or tags. Searches for items will be highly accurate and relevant, turning Pinterest into a personalized catalogue on steroids.
Pinterest is not without challenges. It’s not monetizing yet, where the delicate dance of not turning off users enters the picture. The company doesn’t even own the rights to the name “Pinterest” in Europe and Australia. And as young and hot as it is, Pinterest could already be growing “long in the tooth.” 80% of the Pinterest-like We Heart It’s users are under 24, whereas 80% of Pinterest users are over 24.
But for right now, if engagement is going to be our scoreboard, a mighty pretty picture is being painted for Pinterest.