Pinterest for Business: 5 Powerful Reasons to Use It + 5 Common Misconceptions
Since its launch in March of 2010, Pinterest has been a growing platform, and it has evolved and adapted over the past 8 years. Contrary to popular belief, Pinterest is more than just a bulletin board to find crafting ideas or create your dream wedding. In our opinion, it’s one of the most underrated social platforms available for businesses.
Common Misconceptions About Pinterest
Pinterest can benefit your business in some big ways, whether it is B2B or B2C. There are several reasons why Pinterest for business works. But first, let’s get started by identifying some of the top misconceptions associated with the social media channel.
It’s only used by bored students, stay-at-home moms, and wedding planners.
False. Pinterest is a powerful tool that has attracted more than 200 million active monthly users; the demographic here is much more broad than you think.
Pinterest is not a viable channel for B2B marketing.
Actually, it is! (Read on to learn why).
Only women are on Pinterest.
Nope. Approximately 50% of new Pinterest users are male.
Pinterest is only for images.
Like any other social media channel, image quality does matter. However, you can easily create attractive Pins with no image at all using simple text overlay designs.
It’s too late for me to join Pinterest.
Once again – false. Pinterest is still a growing platform, up 50 million active users in just under 1 year.
5 Powerful Reasons to Use Pinterest for Business
The goal of most marketers, regardless of industry, is to provide people with something new, exciting and inspiring. This is exactly what Pinterest is all about, and there’s something for everyone. Here are 5 reasons why we think Pinterest marketing is perfect for your business:
1. Pinterest is a Great Platform for Both Direct & Indirect Sales Opportunities
Want to reach both new and existing customers with your product or service? The Pinterest ad platform is the perfect place. Not convinced? Here are some staggering stats:
- 93% of Pinterest users use the platform to plan or make purchases
- Pinterest has a 50% higher conversion rate than other social media channels.
- Marketers report 10x more sales lift for new customers vs. existing customers.
- Pinterest generates 3.8x greater sales than the average digital marketing campaign, with an 88% average lift in Retail and CPG campaign sales.
- 1 out of 2 users say they have made a purchase after seeing a Pin.
- 61% of users say they have discovered new products or brands from Promoted Pins.
- Performance is improving over time; from November 2016 to November 2017, Pinterest results data show a 5x increase in sales lift.
2. Pinterest Offers Major B2B Marketing Potential
Despite the above facts, just 14% of B2B marketers report advertising their content on Pinterest. AKA: Pinterest hasn’t been fully embraced yet – this means there is still time to get ahead of the game and create a valuable presence without the competition you experience on other social channels. The opportunities are nearly endless – you can tell your brand story, use and repurpose content, tap in to your audience’s other interest, create collaborative groups, etc.
3. Much Higher Organic Reach than Facebook
Pinterest’s reach algorithm is based on keywords, not followers. This means the number of followers you have does not affect the organic reach of your pins, like it does with your content on Facebook. As long as your content is engaging and tagged efficiently it will reach pinners based on their interests, no matter the size of your follower base.
Further, the half-life of a pin is 1,6000x longer than a Facebook post, and nearly 80% of pins are repins; this means content gets around, and lasts! Your business is one perfect pin away from going viral.
4. Pinterest Users Spend More Money and Have a High Average Household Income
The option to direct pinners to specific product pages with just one tap, means transactions are easy! With 40% of users reporting an average annual household income of over $100k, they are more willing, ready and able to spend on the fly.
5. Pinterest is Innovative
The channel is Consistently Introducing New Tools for Pin Optimization & Improved Performance. Here’s a list of some of their most recent updates and options:
- Archive Boards
- Re-order sections
- Re-arrange Pins
- Sort Boards
Don’t Miss Out on The Business Opportunities on Pinterest
I hope we’ve helped make it clear that the “world’s catalog of ideas” has a huge potential to become your new best friend. Start looking forward to higher conversion rates and increased web traffic when you start using Pinterest for marketing.
Need help figuring it all out? Contact us at Thrive Internet Marketing Agency! Our social media team knows the ins-and-outs of the social media world and can create a Pinterest marketing strategy that is individual to your unique business goals and objectives.