Pinterest’s growth reaches new heights.

dleitch@morevisibility.com
Danielle Leitch Executive Vice President of Client Strategy, MoreVisibility

Posted on July 30th 2012

Pinterest’s growth reaches new heights.

Although the social media platform Pinterest appears to have been an overnight success in mid-2011, it’s really been four years in the making, according to an article on Yahoo Finance. Ben Silbermann, one of Pinterest’s founders and a former Google employee, was the visionary behind the virtual pinboard that flopped before it flourished.

Silbermann’s original vision was an iPhone app called Tote that pulled data from multiple online product catalogs into one, meta catalogue for shoppers. Users could find products from multiple retailers in one place, and search by location. When the app didn’t achieve the success he had hoped, Silbermann observed that the people who were using the app were sending themselves images of the products they liked and collecting them. He eventually realized that people weren’t searching for a specific product by name. They were searching by category. And hence, it evolved into an idea that made $37 million in 2011 alone.

So what does this mean for platforms like Facebook and Twitter that have already carved out a hefty piece of the social media pie? Well, according to research from a Compete Online Shopper Intelligence Survey, one in four consumers report that they are spending less time on other social media sites in favor of Pinterest. It’s becoming more than just a place where people go to show off their MacGyver-like craft skills (although they can do that there, too). It’s a place that’s driving purchasing decisions. Twenty-five percent of those surveyed reported purchasing a product or service after searching for it on Pinterest.

In the last year, Pinterest has grown from 700,000 unique visitors to nearly 20 million, which is about half the number of Twitter’s unique visitors. They’ve even tapped into an audience that wasn’t previously engaged in social media. Fifteen percent of users on Pinterest reported that they do not use any social media sites. It’s become a place where people go to find excursions in Costa Rica, the perfect recipe for a seven-layer cheese dip, inspiration for wedding invitations, the right outfit for a big interview, or step-by-step instructions of how to expand your closet, without bringing your house down with it.

If you can dream it, you can find it. And if you can’t find it, you can pin it.

dleitch@morevisibility.com

Danielle Leitch

Executive Vice President of Client Strategy, MoreVisibility

MoreVisibility is an Interactive Marketing industry leader and is part of a select group of agencies Google certified in both AdWords and Analytics. We have grown impressively over the past 11 years through a consistent flow of referral based business and are proud to be a six-time INC 500/5000 recipient. Our industry credentials are unparalleled and our commitment to client education and results tracking set us apart. MoreVisibility’s longstanding partnerships with Google, MSN and Yahoo have been instrumental in achieving highly favorable results for our clients. Our relationships with the newer Social Media channels are equally collaborative. The greatest strength of MoreVisibility is our highly skilled and tenured team. Our knowledge, dedication and enthusiasm continue to help our clients make meaningful improvements in the profitability of their online marketing efforts.
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Comments

Sometimes I think Pinterest's growth is due to the number of hours I spend pinning on it! I think, at least for me, the difference is that Pinterest is truly addicting for those of us who compulsively like to collect things. It's like the virtual version of going to a gallery or store of everything beautiful and everything you'd like to own or cook or make, and just taking everything you like. It's a different type of "fix". Facebook and Twitter are about sharing and socializing with others. I don't find Pinterest quite as social. I "like" and "repin", but I don't really establish relationships and exchanges like I do on the other social networks. Pinterest is more selfish - collecting stuff you like and showing them off to others.