Are you pinning? If not, you should be. Pinterest is the third most popular social media site behind Twitter and Facebook, and is now a primary focus for many internet and social media marketing campaigns.
For those of you still out of the loop, Pinterest is an online site that lets users create and share “pinboards,” which are similar to bulletin boards or scrapbooks. Users can pin pictures from across the web to their boards, and the pins will automatically link back to the original source page. At its core, the site appeals to our instinctual visual nature, but it also allows users to connect, explore and learn.
Interest in Pinterest has exponentially increased over the past few months, and marketing departments are taking notice. A recent article from CNET says that the site has doubled its unique daily visitors to 4 million since January, is now made up of 28 percent male members and represents 17 percent of all social-media driven revenue. This last statistic stands in contrast to Facebook, which is now at 82 percent, and Twitter, which is now at 1 percent. A 2012 study by PriceGrabber states that 21 percent of Pinterest users have purchased a product they found on the site.
An example of a company that has been using Pinterest effectively is Shopify. Sprout Insights reported that a study of this site and other similar e-commerce sites found that buyers referred from Pinterest are 10 percent more likely to make a purchase compared to other social networks. In addition, pins with prices get 36 percent more likes than those without pricing. Another example is Jetsetter, which recently held a Pinterest contest. The contest increased referral traffic from Pinterest to their main site by 100% with page views increasing 150 percent. The site’s bounce rate also decreased to 15 percent, a 10 percent drop, and their number of followers increased from 2,000 to 5,300 followers.
These two companies are prime examples of the power of Pinterest. Companies large and small should now be devoting part of their social media marketing plan to this rapidly growing giant. However, businesses need to make sure that they are getting the most bang possible by not solely pinning their own products and services, engaging with followers and keeping in mind the site’s terms of service.