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Pinterest has been growing steadily for the past year and some think of it as a possible competitor to Facebook’s social media turf. That means they do very well in the growth department.
Money isn’t a problem either (at least not for now), as Pinterest is slowly digging through $200 million in funding, but it still has to come up with a monetizing plan.
Last year’s try with Skimlinks probably looked great in a board meeting pitch but it caused quite a stir when word got out that Pinterest was changing it’s users’ links into Skimlinks affiliate leads. The company was accused of making money of its user generated content (which everyone understood, as … you know … servers cost money), without their consent or an explicit disclosure (which seemed to be not so easy to understand).
That was definitely a failed attempt at monetizing Pinterest’s growing userbase and they seemed to have learnt a lot from that. In the post announcing the new feature CEO Ben Silbermann promises ads will be:
- “Tasteful. No flashy banners or pop-up ads.
- Transparent. We’ll always let you know if someone paid for what you see, or where you see it.
- Relevant. These pins should be about stuff you’re actually interested in, like a delicious recipe, or a jacket that’s your style.
- Improved based on your feedback. Keep letting us know what you think, and we’ll keep working to make things better.”
Pinterest is first of all popular. Not just in the US. All over the world. Users devote time into building, curating and browsing through handpicked photos of products, dreamy locations, fashion photos and many many others. Most things people collect and see pinned onto their boards do have one thing in common – they can be bought. And boy does it show:
All in all – Pinterest is the biggest social player when it comes driving relevant (and by that I mean paying) traffic to online stores.Yet not all industries are equal – some will benefit more than others when using Pinterest Ads.
You are probably guessing the leading industry but first here are the runners-up:
Travel pins account for only 2.5% off all pins but don’t let that small percent fool you. Pins get shared and in an industry where everything is judged by the numbers it helps improving your margin with a little thing called emotion.
Pinterest is great at instilling positive emotions and shifting purchase options towards recommended / shared locations. While it it was hardly worth the trouble to orchestrate a social media campaign that gets some kind of traffic rolling now everything will get easier with sponsored pins.
Home is the most popular category on Pinterest, with 17.2% of all pins categorized as home items. Not surprisingly either: 80% of all Pinterest users are women, more inclined to look into home lifestyle items and 50% of them have kids.
With an annual household income of over $100 000 or more for 28.1 % of Pinterest users, you can be sure that this is the place where you can market home related items. Brands such as Crane & Canopy actively engage Pinterest users and draw new products inspiration from the things they see trending on the social network.
The big winner is of course Fashion, for both men and women. When it comes to style, beauty and clothing, 11.7% of all pins are pinned under Fashion and those pins usually come from popular users, influencers and fashion media outlets and bloggers.
Think the previous numbers are pinteresting? Well get this – Sephora’s Pinterest users spend 15 times more than their Facebook counterparts.
Sephora’s Julie Bernstein is unforgiving when it comes to Pinterest vs Facebook:
“The reality is that when you’re in the Pinterest mindset, you’re actually interested in acquiring items, which is not what people go to Facebook for,” Bornstein said. “Facebook continues to be just a great customer interaction tool that gives us the real-time ability to dialog with our customer; it’s a big customer-service venue for us.”
There’s no denying that Pinterest is here to stay when it comes to online retail. It probably helps to be pinning even if you’re not dealing into Fashion, Home or Travel as pinners are buyers. But if you are selling these products then Pinterest Ads, a great addition to your Pinterest marketing policy, will probably bring a great deal of new customers to your business.