Pin to Purchase: How Pinterest is Delighting Users and Making Brands Money

Post on 17-Oct-2014

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Leverage Pinterest To Drive Your Revenue Why is Pinterest such a valuable tool for brands? Already the third largest social network, Pinterest is powering e-commerce product discovery at an astonishing rate. Pins are the new hyperlinks and every pin is an opportunity for retailers to convert awareness campaigns into a trackable ROI, where each pin can be worth $1-$2 in revenue. Hear from Pinfluencer Analytics, which currently tracks over 1000 brands, and helps brand strategists take advantage of the Pinterest platform to identify which products resonate with various Pinterest communities, leverage influential brand advocates, and monitor the pin-to-purchase funnel.

Transcript of Pin to Purchase: How Pinterest is Delighting Users and Making Brands Money

PIN TO PURCHASE

@pinfluencers @tansybrook #DSM2012

“Here are the beautiful things that make me who I am—or who I want to be”

= PURCHASE

SITUATIONAL ANALYSIS

•Third largest social network - fastest growing ever •Supports the move to a “more visual web” •70% women (huge potential for men and international)

“Pinterest has solved the problem of

discovery on the web”

source: shareaholic via TechCrunch

Pinterest has beaten out Yahoo organic traffic, making Pinterest the fourth largest traffic driver worldwide0

0.5

1

1.5

2

January February March April May June July August

PinterestYahooBingTwitter

Open registration in August

25M USERS

10M USERS

±20M USERS

source: shareaholic via TechCrunch

However, it’s still far, far behind Google Organic and direct traffic, as well as Facebook referral traffic.

vs.vs.

0

12.5

25

37.5

50

January February March April May June July August

Google OrganicDirectFacebookPinterestYahooGoogle ReferralBingStumbleUponTwitter

source: shareaholic via TechCrunch

• Visual based vs. text

• Positive vs. negative Ideal for products

• Taste makers & personal network

• Public so more potential for virality

• People love repinning = (80%) much more likely to repin than to retweet (1.4%)

• Buyers referred from Pinterest are spending 10% more than those arriving from other SM sites and are 70% likely to buy than a website

vs.

source: Shopify

Cousin Joe’s product recommendations

“Pinterest traffic 10% likely to make a purchase than other social media”

•Items they aspire to

•Emotionally engaging, looking for inspiration

•Explore outside of current brands consideration set

•Organize data - access to the full web

•Digest large amounts of data very quickly

•Appeals to the collection instinct and self expression at

the same time

This will be mine someday!!!

WHY ARE PEOPLEUSING PINTEREST

•Great way to capture new customers

•Most successful social media platform for producing revenue

•Building a presence to touch the consumers in new and emotional ways

•Brands and agencies are able to tell stories differently

•Publishers can drive traffic for content

•Pins drive distribution - they multiply on Pinterest via repins

WHY ARE BRANDSUSING PINTEREST

I absolutely love this band, do you know where it's from by any chance? Thanks!

•Your digital mannequins

•Avatar of your product page

•Organic distribution of your product

•Aspirational products driving traffic and

downstream purchases

WHAT ARE PINS?

•Tell a story

•Show “lifestyle” context with your products

•Represent the personality (or a personality) of the curator

•Boards are followed - pins are not

WHAT ARE BOARDS?

•Verticals benefitting the most: soft goods, online retailers and ecommerce players

• Groups with good visual content - fashion, travel, home furnishings, design, consumer electronics, do-it-yourself etc.

•Brands that embody peoples values & desire - fashion, food, etc.

•Event based products -wedding, airlines, baby showers, graduation, home decorating, etc.

+287 Likes1,477 Repins

WHO IS BENEFITING THE MOST?

Old men’s dress shirt DIY

LEGAL CONCERNS

HOW TO BE SUCCESSFUL ON PINTEREST $$$

PINTEREST WILD WEST

PIN, PINNERS,BOARDS+ INFLUENCERS

Goal: Converting awareness campaigns into a trackable ROI 

PINNING CONTENT

Add “Pin” icons to encourage browsers to post content

“Pins with $$ get 36% more likes”

•Board creation•Repin and win•Puzzles•Scavenger hunts

CONTESTSOpportunity for gamification

MAKE CONTENT THAT IS ENGAGING

CONTENT BASED ON VALUES

PRODUCTFEEDBACK

COMPETITOR TRACKING

External Data Integration

ECOMMERCE ANALYTICS

INFLUENCERS “Quality, not quantity - organized & consistent - new content frequently” - Dane 2m followers

Not all pinners are created equal, influencers drive a disproportionate # of repins

$$$

InfluencersRePins

Pin Button

Contests

Boards

Analytics &Tracking

PIN TO PURCHASE CYCLE •On “average” Pinners drove between

40 cents to $4 in revenue a month

•On average 1000 Pinners drove

between 8 to 65 purchases a month

•An “average” Pinner drove between 4

and 30 pageviews a month

Pinfluncer sample (500 brands, in July, with Google Analytics associated with their account)

WHY NOW?

•Growing sector

•Can you afford not to consider Pinterest?

•Make your mistakes now

•Impact the development of Pinterest

•The tracking tools are now available

Contact info:

tansy@pinfluencer.com or follow @tansybrook, @pinfluencers

Visit:

Pinfluencer.com for a free account to view your metrics

THANK YOU!