Pinterest has made it to the big league of social networks! Last Thursday the four-year old company announced it’s raised investment of $200 million that now puts the scrapbook-like site valued at an unbelievable $5 billion.
One of the reasons Pinterest attracts so many users is the concept of “doing” behind the network. Unlike most social media sites, Pinterest encourages people to “pin” the craft, workout, recipe, or outfit and then use what you find in your real life. By sharing the content from other boards you follow, you are allowing these great ideas to reach other people and so on, and so on…the general theme being to find something fantastic and pass it along to friends.
A Forbes article featuring a statement from the social data platform tool Sharethis mentioned Pinterest had more share activity than Facebook and Twitter users in 2013. The key to this platform’s success is the ability it has to reach beyond sheer follower numbers to focus on purchase intent and brand engagement.
Online retailer Wayfair found that visitors from Pinterest were 20 percent more valuable overtime than average Wayfair visitors in terms of revenue. As it turns out, all of the pinning has a purpose.
Not only is Pinterest taking over our screens. Now thanks to Nordstrom we can find our top-pinned items in store. In 13 participating Nordstrom retailers, shoppers can find the Pinterest logo located on the most sought-after merchandise. This is a profitable move, especially considering Nordstrom’s Pinterest has over 4 million followers.
Following the trend of selling ad’s, the social site has began transacting with brands like Kraft, General Mills, Lululemon and Gap. All of which have paid up to $1-2 million for 3-6 month commitments to run these promoted advertisements.
However, huge brands don’t get to have all of the fun. The backbone of the network is based on your average consumers like you and me. Growing popularity in the land of stay-at-home mothers, many Pinterest boards are filled with detailed crafts and intricate DIY projects that the site is creating a bit of a “supermom” stereotype. The social network allows both men and women alike to connect on a level that is unlike anything Twitter or Facebook has to offer.
Luckily, budding value of Pinterest is likely to increase as time passes. With the users continuing to pin and the advertisements beginning to roll in, the social network may soon one day become the ultimate tool for marketing. In the meantime, perhaps you can find the 87th project using mason jars and pin it to your board.
Velocity Agency is a digital marketing and advertising firm specializing in digital and internet marketing & advertising, print, web design, graphic design, film, and HD video promotion and post-production. Velocity serves clients all over the United States from our Metairie, LA office just outside of New Orleans by strategically implementing proprietary tools and techniques to get you the most conversions for your business through lead generation, cost-per-acquisition, and top line revenue.