Is it possible to surprise users with a new social network?
Yes, meet Pinterest!
We present you with a review of Pinterest – one of the new players in the social networking market, which is gaining popularity at an incredible speed. Having appeared in March 2010, by June of the following year, the number of visitors to the social network was 275 thousand per month. However, by the end of 2011, the attendance rate increased by 40 times. And in the first months of 2012, the daily western audience of the social network grew by 145%. In the first quarter of 2019, Pinterest reported 291 million monthly active users worldwide. In 2018, about 80% of new sign-ups came from outside of the US.
What is Pinterest?
Social network Pinterest = Pin (pin with a button) + Interest (interest). Pinterest's social network interface is a virtual thematic board, which each user can create and fill with graphic and video content. Users can download content from their hard drive, repost from other thematic boards or from third-party sites. When a new image or video is “pinned” on a board, subscribers can “like” it, comment on it and “kick” it onto their own board.
All content on Pinterest is divided into categories, there are 30 in total. Having selected a category, you will see all the changes that users make to it (adding new pictures and videos, comments, etc.).
In order to add pictures from third-party sites themselves, users need to add the “Pin it” button to the bookmarks bar of their browser. After that, on any site, you can select the picture of interest, click this button and the image will automatically “poke” on your Pinterest board. There can be any number of thematic boards per account.
Who is the target audience?
Most of the social network audiences are women (68%) aged 25 to 34 years (over 27%). It is noteworthy that many western housewives use of Pinterest for shopping. Some of them make purchases by accidentally going to one or another thing through this site. Over the past few months, Pinterest has spawned large companies, small and medium-sized businesses. So, little by little, commerce begins to develop in the service. In the future, Pinterest could profit from purchases made on its platform.
Mark Zuckerberg has become interested in other social networks. Having registered on Pinterest, the founder of Facebook immediately began to be active there. Today, he has 14146 followers, and he follows 124 people, “likes” and even uploads some pictures.
Pinterest value for business
Since Pinterest provides a means of access to a wide consumer market, it is logical to ask questions: how the service makes money and what opportunities it opens up for business.
There are no ads on the site yet. The management notes that monetization is now not a priority, but money comes from investors. However, one of the ways to make money is through affiliate programs. The social network is actively attracting referral traffic. Currently, over 1000 brands are using Pinterest for their promotion: the most popular categories are Food, Media, Beauty and Style, Traveling, Social Organizations, Clothing.
The service has a lot of monetization options – from cooperation with online stores to create your own platform with which you can make purchases. In addition, the service can take advantage of existing monetization models of competitors (Facebook, Tumblr, Twitter, etc.): paid impressions and messages, ads targeted by interests, etc.
Site policy now prohibits brands from using Pinterest for direct advertising. However, Pinterest has enormous potential for brands to interact with the audience. Mashable is already making its assumptions about what may be ways to promote brands on Pinterest. For instance:
- creating discussions among your audience by conducting various contests and promotions;
- Demonstration of any new products that do not yet exist on the market. This will allow the company to find out the initial reaction of the audience, to analyze the mood and desires of the audience. And it will even help to make a decision on whether it is worth releasing the goods on the market;
- increasing loyalty to your product by creating “pin-collections” with various product design options for the client, and then demonstrate them to the entire audience.
Pinterest social service is a symbiosis of a social network and a blog, which is based on the exchange of photos and videos, rather than text content. Judging by the high pace of development, a visual content service in a few years will probably compete with the most popular social networks today.
As for the commercial side, due to its specificity, while maintaining its current popularity, Pinterest can be an excellent field for commercial activities.