Most times, when people are on Facebook, they are also on Twitter, Slacker Radio, Pinterest, Etsy and various other websites. Has technology made them extremely good at taking in tons of information at once, or do people now lack focus and only give things their partial attention?
Pinterest is no longer just regular people posting their likes and dislikes. With the growing popularity of Pinterest, it’s no wonder why businesses are now using the virtual pinboard as a way to promote their brand. People are now not only following their friends but specific brands as well.
Social media is taking over the world. Okay, well maybe not the whole world, but an important chunk of it is now being taken over by this relatively new and increasingly important industry. Through the use of social media, the power of relationships between businesses and consumers are becoming invaluable as a way of marketing products and brands towards their potential customers. Through sharing and retweeting, the marketing goal for many companies is how their loyal customers will influence friends and family to also become interested in their products and have incentive to buy.
The fatal flaw in this way of thinking is that the company is assuming that if I buy their product, for example a tent for camping, that the people around me are also going to want this type of item and others like it. The problem is, I’m the only person in my group of friends that enjoys camping and no matter how hard I try, I can’t get my (happily) city-dwelling friends to come out for a fun weekend in the great outdoors. So my realm of influence is rather small, as I don’t have anyone to share these particular interests with. However, what if there was a way that I could connect with other people who share my love of camping and still be involved in other mutual interests with my current friends group?
Enter in Pinterest.
Since its inception two years ago, Pinterest has become the fastest growing website in history, allowing its users to create virtual pin boards filled with pictures of products and photography representing their interests, hobbies and inspirations through uploads of their own favourite product pictures or repins from other users who share the same common interests.
This represents a gold mine for the potential marketer because now instead of having only reached little old me from my sale, they now have all of my fellow camping fanatics following my pinboards closely; chances are, with more than 80% of pins being repins, they will definitely rack up more interest through sharing than through any other social media site. Not only are major corporations starting to take notice, it is now predicted that in five years time 40% of social media based revenue will come from Pinterest users. Currently, Pinterest users are already 10% more likely to buy something they have pinned on their boards, and are 10% more likely to spend more to get that item.
Last week Kotex launched a Mother’s day campaign in which they found and reviewed the pins of fifty inspirational women, then had the most pinned brand send the woman a virtual gift. If the woman repinned the gift she ended up getting the real gift in the mail as a reward. The reward for the brand who sent the gift? Almost all of the women who received their gift acknowledged it not only through Pinterest, but through Facebook, Twitter and Instagram, creating 2,200 social interactions in total. Now that is what I call intelligent and innovative marketing.
And with that,
A new social media measurement tool is upon us, a Pinterest influence score – but how do you calculate your score? With Klout, we have been able to calculate social media influence across multiple channels.
This influence has been calculated through the Klout Score, based on the your ability to drive action, every time you create content or engage you influence others. Klout explains that the Klout Score uses data from social networks in order to measure:
- True Reach: How many people you influence
- Amplification: How much you influence them
- Network Impact: The influence of your network
Klout covers all social media influence, pulled from your activity on Facebook, Twitter, Google+, LinkedIn, Instagram, and more…but what about Pinterest?
Calculate Pinterest Influence
Our social media toolbox is becoming more full as social media campaigns demand an increased knowledge of Science than Art (but Art is still important). With the rising popularity of Pinterest the past few weeks, I have come across the latest way to calculate and measure your Pinterest Influence. There are two companies that are vying for a piece of the Pinterest calculator pie, Pinpuff and PinClout.
Pinpuff calculates people’s ‘Pinfluence’ on Pinterest. It is a measure of your popularity, influence, and reach. It also decides monetary value of your pins and traffic your pins generate.
Pinpuff has worked to help people better understand why they are investing their business’ time in Pinterest; this is especially important as its popularity grows. Many businesses are creating Pinterest boards because of its popularity, but are forgetting to assess whether or not Pinterest will work for their brand, product, or niche market. It would be a misallocation of resources if a financial services institution spent time pinning to their virtual pinboards (yawn…!). With Pinpuff, businesses will be able to determine: to Pin…or not to Pin.
PinClout is another Pinterest Influence calculator. The PinClout website explains “PinClout is your source for Pinterest analytics. We are working to empower people and brands with the tools necessary to monitor trends, understand activity, and gauge impact, easily.”
They have hopes of becoming more than just a scoring devise, something that Klout has never managed. PinClout would like to offer analytics and data on Pinterest trends; this could prove useful to monitor ROI on your Pinterest campaign or to help plan one. As social media influencers gain popularity, tracking and analyzing social media ROI on a campaign will become crucial to not only the success of a campaign, it will also become the industry standard for social media business. Businesses need to identify and track their campaigns ROI now, before they are left behind.
Track Your Social Media Campaign’s ROI
PinClout, measures your Pinterest influence.
Tracking the ROI of your social media campaign is one of WhiteFire Social’s strengths. WhiteFire Social, a software created by
MavenSocial, works to track the ROI of a campaign through its dashboard analytics. Track your social media influencers, determine the Social Lift (free traffic) to your campaign, and determine Social ROI all through WhiteFire software.
Pinterest continues to gain popularity and longevity, signaled by Pinterest Influence trackers such as Pinpuff and PinClout. It will be interesting to see when and how these social media influence trackers evolve into an analytics and data tool for Pinterest. With its similarity to Klout, will Klout step in and lay claim to services such as these? Perhaps when Pinterest’s official API is released we will see some action. Until then, one fact still remains, the social media industry is moving towards tracking the ROI of social media campaigns.
Lately there has been a lot of noise about the power of Pinterest. Pinterest has been identified as a great place for businesses to visually promote their brand online.
What is Pinterest?
Pinterest is a virtual pinboard. The Pinterest website explains that “Pinterest lets you organize and share all the beautiful things you find on the web. People use pinboards to plan their weddings, decorate their homes, and organize their favorite recipes.
Best of all, you can browse pinboards created by other people. Browsing pinboards is a fun way to discover new things and get inspiration from people who share your interests.”
Pinterest in other words is pictures, and lots of them. The more pictures you repin, and the more boards you create, the more addicted you become to Pinterest; I know from personal experience (see photo beside). It’s a great way to visually organize your life, your wants, and more importantly, your dreams.
It Takes a Special Person…
As a company, there is a certain finesse that comes with connecting with people on Pinterest. Social media is about connecting with people, forming relationships, and spurring engagement. Your company’s Pinterest account should be managed by someone who is naturally inclined to engage in social media, as well as have an understanding of the spirit of the brand and how it should be expressed through images. There should not be any overt advertising or marketing on your brand’s Pinterest boards. It is about expressing a lifestyle through the pins that can be created through your brand’s products or services.
Death of the Focus Group
On Pinterest, people repin what they are interested in. This is a huge advancement for business marketing and market niche identification. People are publically offering their likes and dislikes through their pinning and repining choices. You can tell a lot about a person from the pins that interest them. Companies are able to use these insights to hone their marketing strategy.
Paired with WhiteFire Social, technology powered by MavenSocial, companies are able to see who shows interest in their brand, but also who influences brand dissemination across multiple social media platforms. Pinterest is the platform through which WhiteFire Social can identify and track brand data and analytics.
Sorry, Invitation Only!
One of the great strategies that Pinterest employs is their invitation only registration. In order to join Pinterst, you must either be invited by a friend via email or Facebook, or request to join and be put on a waiting list. This creates a club-members-only aura around Pinterest.
Even though it might be hard to admit it, all of us have had moments where we wished we were part of the popular “in-crowd”, and this is the type of feeling that Pinterest evokes; the fervent desire to “fit-in” and be part of the “magic”.
Some Pinterest Facts:
I found a great infographic on the impact of Pinterest. The infographic shared some interesting facts:
1. Estimated unique visitors to Pinterest.com increased by 329% from September to December 2011.
Take-way: There is a large, growing audience on Pinterest. People are sharing what they are interested in for free. Interest is growing, there is no plateau or decline in sight. It is the ideal time for brands to engage their customers on Pinterest.
2. Total same-store referral traffic from Pinterest to five specialty apparel retailers rose 289% from July to December 2011.
Take-away: Pinterest is driving real conversions for businesses from online into retail outlets. Guess how much it costs to create a Pinterest account – $0, that is great business.
3. Pinterest is driving more traffic than Google+
Take-away: People are looking for new forms of social media engagement. Pinterest is visually stimulating and inspiring. People are able to connect through their interests.
It will be interesting to see how Pinterest evolves over time, and whether or not it’s popularity falters. Will Pinterest continue to adapt and engage both individuals and brands like Facebook, become a passing fad, or create a new form of brand to consumer engagement?
In the meantime, Happy Pinning!
Follow MavenSocial on Pinterest