Last month's improvements to Pinterest analytics and next month's improvements to their ads could mean big changes in the future, both for Pinterest and for online merchants.
Last month, Pinterest upped its analytics game with new features that allow businesses to better track the performance of their pins. More robust metrics now give businesses insight into their own website performance by measuring the use of "Pin it" buttons, and Pinterest will now provide detailed information about the number of impressions a pin has, rather than just the number of clicks, repins and likes.
But these changes are only the beginning. Next month, Pinterest plans on releasing a revamped advertising platform as well, through improvements to their Promoted Pins. Last year, Yahoo acquired Tumblr and Facebook acquired Instagram; will Pinterest be the next big purchase? Creating an IPO-friendly product through upgraded analytics and advertising options would certainly be a step in the right direction. The business opportunities for the social media channel itself are obvious, but what opportunities does this present for online merchants?
Pinterest was already a bastion for image-heavy industries, such as fashion and food. As others started sharing links and videos in addition to still images, they found that they had underestimated the power of the platform. If you are new to Pinterest, you can start an account easily and start exploring what the platform has to offer; even if it seems like an odd fit for your industry, it is worth a second glance. Whether you have just started or Pinterest has been a part of your marketing strategy for some time, keep this in mind: the only way to gain worthwhile analytics is through regular, engaging activity. You should also add "Pin it" buttons to your website, if you haven't already.
Over the next couple of months, keep an eye on your Pinterest analytics and look for the following:
- Posts with low impressions but a comparatively high number of clicks, repins and likes. Promoting these pins can help increase exposure of material that has already proven to be engaging.
- Frequently pinned site images. You can get more mileage out of these pins by creating more material centering on the products involved. Consider creating Polyvore sets or taking fresh photographs to encourage more sharing.
- Insights into your audience. The "Audience" section of your Pinterest analytics will provide you with demographic information concerning your audience as well as common interests that they share. Not only could this provide you with new branding directions, but you may find the demographic information helps you focus your Facebook ad campaigns as well.
For more ideas on promoting your business through social media, read the final chapter in our Ultimate Field Guide to Ecommerce Conversions.