24. Pinterest

Pintrest. I was first exposed to Pintrest by my dance teacher back in 2011. She told me about the platform  how it was a “board” for creativity and inspiration.  I remember being very confused and wondering why I would want to look at an online board of cool ideas. However, Pinterest is becoming one of the best social media platforms to date. Retailers are being able to link to Pinterest and use it as a tool to create traffic and buzz about their products. Ad Age said that “While driving traffic is great, the true potential in Pinterest may be in its ability to impact purchases, which is why retailers like Etsy, Nordstrom, and Lands’ End have taken to developing a presence on, and strategy for, this new platform.”

The fact is that pinterest is more than just a website to share cool food ideas and crafts now tells a lot about the growth of the platform–It is monetizing a great idea. The Wall Street Journals describes Pintrests growth in an article about their 2.5 billion dollar valuation. “Now Pinterest….has reached a point where it can start to make revenue a priority. The company is now studying a potential advertising system. It is also building up its relationships with businesses to learn how Pinterest traffic can eventually convert to sales of goods, from which the startup may eventually be able to take a cut.”(Wall Street Journal)

In addition to linking purchasable content on 3rd party sites, another one of the advantages of Pinterest over Facebook or twitter is that the “”pinned” content has a different life cycle than what is posted on Facebook and Twitter. Brian Madden. executive director of social media for Hearst Corp.’s Hearst Digital Media, said content that Hearst puts onto Pinterest can resurface months later when people continue to discover it. In contrast, posts on Facebook and Twitter tweets produce ‘a lot of initial interaction’ before fading.( Wall street journal). This advantage gives Pinterest a step up over other social media platforms. What are your thoughts on Pinterest?

Do you pin?

-Rachel

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