ADOTAS – Ecommerce app platform developer Lexity officially launched its Lexity Pinterest Report app, which is designed to help small businesses measure and, ideally, benefit from trends on Pinterest, by providing insights into how their products are being purchased, how competitor products are being purchased and which Pinterest users hold sway on the network when it comes to product recommendations. These insights are intended to help retailers on the network stock, diversify or specify and promote their wares, and to also help retailers develop relationships with “influencer” users.
There was a lot of discussion earlier this year around Pinterest’s rapid growth, which led to discussion about its potential for marketers and brands, which led to a general sense that it was an important place for a business to develop a presence. But, as with any other social network, the question of what they’re supposed to do once they’ve gotten on board and how the ROI should be measured is another matter. However, Lexity CEO Amit Kumar says his company has “been able to crack the code on identifying top influencers within the context of a given product, service or provider much, much before Pinterest has.” Lexity’s algorithm, he explained in a phone conversation and subsequent email exchange today, accesses the products a business has in its online store to also find them on Pinterest and to find topics around those products, which helps identify competitors.
Lexity focuses on serving small business, and Kumar explained that for those kinds of businesses, his company had seen Pinterest “driving more traffic than more established channels,” but the problem is that those businesses didn’t know how to understand that traffic. The three questions the Pinterest Report app aims to answer are, he said, “How am I doing? How are my competitors doing? What should I do next?” To that end, the technology behind the app “looks at a product in the holistic competitive landscape” in order to “pick out sentiments and categories.
“There are three types of people using this app actively,” Kumar said. “First, people trying to do something themselves. Second, people saying, ‘People must be seeing me, but I have no idea. Is something happening or not?’ Third, people looking to optimize.” That’s where finding key Pinterest users who might one’s products with their own networks comes in. “You want to evangelize your product — amplify what you’re already doing,” he said. And with a network like Pinterest, which is still in its formative stages as far its marketing potential is concerned, there is what Kumar calls the “democratization of new media. Pinterest will have to continue to be the platform for the small guys.”