ADOTAS – If you’re an ecommerce marketer and you’re not already on the Pinterest bandwagon, you need to hop on it as soon as you can. Pinterest is the first social network that’s delivering not only lots of traffic, but also real revenue and lots of new customers. At my company, Convertro, we’re in a unique position to understand this phenomenon, because we and our clients are intensely focused on figuring out which marketing sources truly drive revenue and profit, made possible by paying attention to marketing sources beyond the “last click.”
For the three people out there that still don’t know what Pinterest is, it’s an online service that allows you to create “pinboards”, which users can use to, as the site’s “About” section puts it, “plan their weddings, decorate their homes, organize their favorite recipes” and “share [their] interests.” In a nutshell, Pinterest allows you to “Pin” links, images, and web pages you think are cool and share them with people. eCommerce sites in particular benefit from Pinterest’s model: If you can get people to pin your stuff and people click on it, then you make money.
So why should ecommerce sites take note of Pinterest?
Revenue. First, according to our research, Pinterest is the fastest growing social media traffic source for ecommerce websites in terms of revenue. In the second quarter of 2011, Pinterest represented 1.2 percent of social media revenue for ecommerce sites. It now represents 17.4 percent and is quickly gaining on Facebook. According to our projections, Pinterest will be responsible for 40 percent of social media ecommerce transactions by the end of the second quarter of 2012, reducing Facebook’s share to slightly under 60 percent, from 86 percent a year ago.
New Customers. Pinterest tends to introduce new customers to client websites, making it a “top of funnel” marketing source. If you measure the big three social media sites on a “first-touch” revenue per click basis, Pinterest is the clear winner. Being first is good because it indicates that Pinterest tends to introduce customers to retailers, instead of simply reinforcing users’ previous interest in the site or providing a navigational method of getting to the site. On a “first touch” attribution basis, Pinterest generates over four times as much revenue per click as Twitter and 27 percent more revenue per click than Facebook.
If we examine all marketing touchpoints users interact with prior to converting and weigh each click evenly (giving credit to every marketing channel regardless of its position in the purchase funnel), we see that Pinterest is still the most productive social media source for ecommerce sites:
So what should ecommerce sites be doing to accelerate Pinterest revenues? Simply add the “Pinit” button to each catalog SKU on your website. Where do you get the “Pinit” button? Right here.