Since its launch in December 2009, Pinterest has quickly fallen into consumers’ everday social media queue. Turn on computer, open Facebook, Tweet, Instagram, Pin – sometimes all before finishing that first cup of coffee.
Although consumers have readily and easily adopted this picture-perfect platform, the onboarding seems to be moving a little slower for brands. For companies who are hesitant to add this to their social roundup, there are some very convincing reasons why it’s a channel they can no longer ignore.
On average, each pin (an image posted on an image board by a Pinterest user) translates to the following for brands:
- An increase in sales by 78 cents
- Drives 2 visits to a website, on which users typically view 6 unique pages
Each pin commonly results in 10+ re-pins, creating even more opportunities for exposure and consumer engagement.
So lets break that down: on average a pin generates 78 cents, which is up 25% from last year. Almost half of Pinterest users have purchased a product based on recommendations from their Pinterest peers. Even after the original pin, site page views and orders can continue to ramp up for months. All of this makes sense, considering Pinterest consumers spend more money (on more items) than other top social media sites.
How much more, you ask? Pinterest generates 400% more revenue than Twitter and 27% more per click than Facebook, which both launched over three years before Pinterest.
Pinterest is also indulging brands by showcasing the most pinned items outside their own site and on individual brands’ webpages. Sites like AllRecipes.com and Zappos will now host the top recipes or best shoes of the season as chosen by fellow pinners. These lists will constantly update, show any web browser what’s trending at a given moment.
Once convinced of Pinterest’s marketing potential, brands will need to think hard about finding their pinning strategy. Whole Foods capitalizes on Essie’s original marketing tactic by naming their boards with interesting alliterations and rhymes. Consumers may be torn between which they like more: Whole Foods’ “Cheese is the Bee’s Knees,” or Essie’s “Peak of Chic?”
Less visually stimulating brands may think they aren’t the right fit to gain traction on Pinterest. While it is true that the number of pins, page views and re-pins vary based on what you’re selling, it is hard to ignore a site that is moving up the social ladder so quickly.
Use Lowe’s as a guide. The brand has gained over three and a half million followers by stepping completely out of their home improvement box. In addition to DIY home inspiration, Lowe’s adds value by pinning other interesting things like recipes, party inspiration, and beautiful travel spots around the world. A great example of a non-fashion brand that has taken over the Pinterest-sphere.
A final thought on why brands should consider joining the movement, as explained by Sherad Verma, CEO of Pinterest tracking site Piquora.com, “Good pins are frozen in time on Pinterest. The network has a very strong memory – if a product is pinned, it signals it’s a product worth buying.”