By Mike Stiles on May 27, 2014
When trying to determine on which networks to conduct social marketing, the usual suspects immediately rise to the top; Facebook & Twitter, then LinkedIn (especially if you’re B2B), then maybe some Google Plus to hedge SEO bets. So at what juncture do brands get excited about Pinterest?
Pinterest has been easy for marketers to de-prioritize thanks to the perception its usage is so dominated by women. Um, what’s wrong with that? Women make an estimated 85% of all consumer purchases. So if there are indeed over 30 million US women active on it monthly, and they do 92% of the pinning, and 84% are still active on it after 4 years, when did an audience of highly engaged, very likely sales conversions become low priority?
Okay, if you’re a tech B2B SaaS product like the Oracle Social Cloud, Pinterest may not be where you focus. But if you operate in the top Pinterest categories, which are truly far-reaching, it’s time to take note of Pinterest’s performance to date:
- 40.1 million monthly users in the US (eMarketer).
- Over 30 billion pins, half of which were pinned in the last 6 months. (Big momentum)
- 75% of usage is on their mobile app. (In solid shape for the mobile migration)
- Pinterest sharing grew 58% in 2013, beating Facebook, Twitter, or LinkedIn. (ShareThis)
- Pinterest is the 3rd most popular sharing platform overall (over email), with 48% of all sharing on tablets.
- Users referred by Pinterest are 10% more likely to buy on e-commerce sites and tend to spend twice that of users coming from Facebook. (Shopify)
To be fair, brands haven’t had any paid marketing opportunities on that platform…until recently.
Users are seeing Promoted Pins in both category and search feeds from rollout brands like Gap, ABC Family, Ziploc, and Nestle. Are the paid pins annoying users? It seems more so than other social networks, they’re fitting right in to the intended user experience and being accepted, getting almost as many click-throughs as user pins.
New York Magazine’s Kevin Roose laid it out succinctly; Pinterest offers a place that’s image-centric, search-friendly, makes things easy to purchase, makes things easy to share, and puts users in an aspirational mood to buy. Pinterest is very confident in the value of that combo and that audience, with CPM rates 5x that of the most expensive Facebook ad, plus (at least for now) required spending commitments and required pin review by Pinterest for quality.
The latest developments; a continued move toward search and discovery with enhancements like Guided Search to help you hone in on what interests you, Custom Categories, and the rumored Visual Search that stands to be a liberation from text.
And most recently, Pinterest has opened up its API so brands can get access to deeper insights into the best search terms and categories in which to play ball, as well as what kinds of pins stand to perform best in those areas.
As we learned in our rundown this week of Social Media Examiner’s Social Media Marketing Industry Report, around 50% of marketers specifically intend on upping their use of Pinterest. If you’re a big believer in fishing where the fish are, that’s probably an efficient position to take.