It is not difficult to understand that various social networks have turned into a lucrative platform for the marketers. With millions of consumers, different social networks attract brands who want to expand their reach and interact with their fans. Facebook and Twitter are long been accepted as popular channels for advertising. Other social media platforms have jumped into that bandwagon also.
Pinterest is the latest social network going through this widely traversed path. Pinterest, currently has several thousands of businesses using their services. The platform helps the marketers to connect with people who share their passions. And for that the marketers do not have to be familiar with the users. As soon as the users appreciate the products and images, the marketers share- the relationship establishes.
The most powerful attribute of Pinterest is undoubtedly its audience- the female pinners. Analytics show that Pinterest activities are dominated by women. That’s where the brands find the interest in putting their ads on Pinterest. In the US, women dictate roughly 70 percent of all household spending. That purchasing power denotes hundreds of billions of dollars annually. Typically, most of the Pinterest users are looking for ideas and inspirations. This behavior can be easily related to pre-purchasing planning.
All these factors act as catalyst to make this platform ideal for brand advertising. However, when the marketers are putting their ads on a channel, they will most likely want to know the ROI. It is imperative to know how well a brand performs because it can use those insights to gain more followers, and ultimately to enhance their business. And analytics focus whether the endeavor is successful or not.
Like other social media tools, Pinterest has also got its own analytics tool. The tool, released in March 2013, analyzes how images are performing on Pinterest. The report also tells you how an image from your website is clicked, reached, repined, and visited. It also shares the information about who has repined the images.
However, the business which has used Pinterest Analytics, know that the site’s tracking software was not visually appealing. The tool is also not easy to use. Therefore, Pinterest released a revamped version of the sites’ analytics dashboard.
Pinterest Analytics Dashboard
The new Pinterest Analytics Dashboard will help the brands better understand how the fans are reacting with their content on Pinterest. At the superficial level, the dashboard provides a view of the business’s overall reach on Pinterest. They will be able to see the number of people who have viewed their content from this platform. The dashboard keeps track of the clicks, impressions, likes, and repins that a piece of content receives. The advertisers will also be able to keep track of how that number is changing over time.
If the social media analyst digs a little deeper, the dashboard also offers various brands, insights about the behavior of the Pinterest users. The brands can break down their followers by country, gender, and even language. And they can see which categories are most popular with their followers. If someone is following a brand’s Pinterest page or sharing its pins, the marketers will get to know from the dashboard what other brands that person is following and which pin categories she is interested in.
Equipped with the information, the company can understand what exactly is working and restructure their strategy for marketing for this platform on that basis. Apart, from helping the businesses to decide what to pin, based on the analytics report some real world changes can also be made. Online retailers can bring in changes in their business strategies following the interest of their customers. Clothing retailer Vineyard Vines, brings back a design of their belt that were sold out after it gained popularity on the Pinterest.
In simple terms, the new Pinterest Analytics Dashboard helps businesses to:
The new dashboard is free for all business accounts. The improved layout of the dashboard makes it easier for the users to find the relevant data.
Pinterest move into native advertising has long been anticipated. It provides the brands a lucrative opportunity to tap their more than 70 million active users. Therefore, we expect to see more of these changes. They are actually trying to make it a better platform in terms of marketing and advertising.