In a world full of Millennials and Gen Z customers looking for new products, Pinterest is the way to go. The social platform consists almost entirely of pictures, making it easy to scroll through and keep entertained with something new always right around the corner. Since its start, Pinterest has been trying new and innovative ways for browsers to shop the products they love with the touch of a button right in the app.
Pinterest is a social network that allows users to visually share and discover new interests by posting, also known as ‘pinning,’ images or videos to their own or others’ boards (i.e. a collection of ‘pins,’ usually with a common theme) and browsing what other users have pinned. There are 291 million active users on the social platform that use it for aspirational products and services, such as wedding planning, home remodeling, travel or fashion.
Building Your Brand
A study from Neustar looked at the effectiveness of shopping ads and found that participating retail brands saw a 2x higher return on ad spend on Pinterest than social media and a 1.3x higher return than on paid search. Now that advertisers are getting good use from their money, the social media company is seeking to support more merchants on its platform, specifically direct-to-consumer brands, by making its images more transactional.
Michael Akkerman, global head of Pinterest Partners Program, told Modern Retail, “When you think about these direct-to-consumer companies, they’re often new to the market, and are focused on selling a product and customer acquisition, but they also need to build a brand.” Akkerman also noted that 97% of Pinterest’s top 1,000 search terms are non-branded, meaning they don’t contain a specific company name, as one of the reasons why Pinterest is a good platform for brand building.
Pinterest expanded it’s third-party partner program, Marketing Partners, and rebranded it as Pinterest Partners to support more shopping experiences on its social media platform, according to Retail Dive. This rebranded partnership program is a way to support social commerce, grow its ad business and draw more brands and users to its platform.
Utilizing Mobile Technology In-Store
According to a study by market researcher GfK, more than half (57%) of weekly Pinterest users, or Pinners, use its app while they’re shopping in stores. Not only are customers looking for products similar to the item they’re currently interested in, but they can also see other products that go well with the specific item. They get the inspiration to create a full outfit using similar items in your store or they can just simply shop from your brand right on Pinterest.
A survey conducted by Cowen and Co. also noted that almost half (47%) of social media users saw Pinterest as the platform for discovering and shopping for products, more than three times higher than those who cited Facebook or Instagram. Platforms such as Twitter, Facebook and Instagram are great for brands to set up a profile and let consumers know about their company, but Pinterest is much better for sourcing specific products and inevitably connecting a brand to an item.
Connecting Products to a Retailer
Pinterest added shoppable experience platforms like Shoppable, MikMak, Jebbit and Basketful to connect products seen in a pinned image with retailers that can fulfill orders and make it easier to shop, according to Retail Dive. This is how consumers will be able to find out about new, up and coming brands by liking their products and shopping from the images.
The whole point of Pinterest is for consumers to discover new things, and the same market researcher, GfK, reiterates this by noting how 76 percent of Pinterest users like trying new brands. If your brand can be there at the point of discovery, the customer is more likely to buy your product and check out your website to see what other new items you may have.
Be Where Consumers’ Eyes Are
Pinterest is growing faster than any other social media member site, and now that customers are also purchasing while ‘pinning’ images, it’s the perfect place to grow your brand. Images have the potential to spread like wildfire, as can be seen on any social media platform, so if your brand hasn’t been marketing on Pinterest, now is a great time to start.
Pinterest has a whole page on their website, https://business.pinterest.com/en, which is dedicated to businesses and aspiring brands and how the platform can help get you started with inspiring your customers.