Pinterest has become the Internet’s new social media darling and since its launch in 2010, people have been flocking to this visual social network to pin pictures of what they like, curate collections and share them with the world. From a strictly personal perspective, the site and mobile app are elegant and easy to use, the premise is simple: Create virtual online pinboards related to certain topics or categories, scour the Internet for relevant visual multimedia and pin these photos and videos to your boards. You can connect with your friends and follow others with tastes similar to yours, and repin content you find interesting on your own board.
Okay, we get why consumers like Pinterest, but what about businesses and brands who want to create their own boards to promote their products on the social network? Pinterest recently launched an updated terms of service directly for brands who want to create their own branded boards to post content or product images relevant to their companies. These new terms explicitly state that use of the platform for commercial purposes is accepted without mentioning retail or advertising.
In addition to the new TOS, Pinterest has now launched new business accounts to coincide with what Facebook, Twitter and Google+ have previously rolled out, but they are brand accounts in name alone, since they look just like individual consumer accounts on Pinterest. One area that is lacking for brands is access to an analytics suite built into Pinterest. Currently, there are a crop of social analytics companies that have formed to provide insights to brands and consumers about campaign performance and pinning metrics including: Pinfluencer, Pinreach, PinPuff, and Reachli (formerly Pinerly). Even Facebook has tried to get into the action, launching a Pinterest-esque Collections feature, according to TechCrunch.
Pinfluencer is one of the only pure play analytics companies for Pinterest out there that was created specifically for brands to track ROI and identify key influencers. Top retailers and brands who work with Pinfluencer include Fab.com, PiperLime, HauteLook, 1-800-Flowers and Wayfair.com.
Pinfluencer recently launched its promotions product that provides turn-key ways for brands to easily set up contests, sweepstakes and scavenger hunts on Pinterest, that can run either on Facebook or their own websites. Since the launch of Pinterest promotions, the company has hosted and tracked over 50 holiday campaigns for brands including Gilt, Jetsetter, Wayfair.com, Martha Stewart and Shape Magazine, delivering 25 million impressions and a 156-percent increase in followers per day, reaching over 400,000 Pinterest users.
“With Pinfluencer we were able to easily run a successful scavenger type contest that generated 7 million impressions of our Jetsetter pins on Pinterest,” said Jonathan Goldmann, head of social at Jetsetter.com. “Pinfluencer’s Promotions dashboard tracked not just participants and pins, but also ROI metrics like revenue and clicks and made the reporting very intuitive.”
The online retailer Wayfair.com witnessed a 255-percent increase in the number of participants in its Thanksgiving promotion over their previous contest, and through Pinfluencer, was able to track a 21-percent growth in the number of pins over the three-week campaign. There was also a 27-percent increase in web referral traffic from Pinterest during the contest period, compared to the three weeks prior to the start of the campaign. Pinterest is quickly becoming one of Wayfair.com’s most effective marketing platforms, according to Trisha Mack Antonsen, the retailer’s senior manager of social media.
“It is the social channel with one of the highest engagement rates, as users who pin already have a high emotional connection to the product,” Antonsen said.
“Pinterest is the first social network that is delivering tangible and measurable social ROI,” said Sharad Verma, CEO of Pinfluencer. “The experience on Pinterest is optimized for product discovery attracting users with latent shopping intent which then drives clicks and page views to brand’s and retailer websites. Pinfluencer is the first enterprise analytics for Pinterest that has integrated with Google Analytics, Adobe Omniture and IBM’s Coremetrics to help marketers track metrics such as Revenue/Pin, Clicks/Pin helping them quantify the value of social actions on Pinterest. Marketers, without having to drop a pixel or a tag on their website, can now easily discover which pins are responsible for traffic and revenue and make a stronger investment case for Pinterest within their organizations.”