07 Mar #Pinning: The State of Pinterest in 2016
As one of the token “Pinterest Experts” in the office, #pinning is a way of life. Or, it’s a way of my life. But let’s be real, it’s flat-out addicting. My personal boards range from traveling inspiration to workspace inspiration to words of inspiration. Basically, Pinterest is a place for inspiration, or “pinspiration.”
But I’m not here to share my favorite pins, instead I’m here to question what the state of Pinterest is in 2016? Facebook is all about Reactions. Snapchat is all about custom geo-filters. And, Twitter is all about their new algorithm. So, what does the future hold for the one platform that is all about planning your future?
Dolla, Dolla Bills, Y’all
Well, first and foremost: the Pinterest founders are rich. So they must be doing something right, right? No! Money isn’t everything! But in marketing, it kind of is? I’ve always said you want to follow the money and right now – advertisers are spending on Pinterest.
Millennials Matter
While everyone is spinning their wheels to figure us out, Instagram, Snapchat and Pinterest merely get us. We’re earning purchasing power every day, thus influence is in our hands, or pockets.
Millennials are all about appearances, thus Pinterest is a natural outlet in maintaining an image. Further, if we pin it, we actually may buy it. According to Accenture, 47% of respondents with Pinterest accounts said they had purchased something online after pinning it.
Shop ‘til You Drop
According to Pinterest, Pinterest catches shoppers in mindsets which attribute to the staggering pin-to-purchase numbers.
But, this varies by category. Some verticals (food, fashion, beauty) are Pinterest home-runs when it comes to driving shopper numbers:
- 61% of Pinners made a food purchase (43% of those purchased online and 82%purchased in-store)
- 42% of Pinners made a beauty purchase (49% of those purchased online and 69% purchased in-store.)
However, others not so much.
Recently, Pinterest has made a giant initiative by updating and expanding their rich pins. (Editor’s Note: Rich pins are pins that include extra information right on the pin itself.)
There are now 6 types of Rich Pins. I’ve compiled them in an easy-to-use interactive list below. You can thank me later.
- App Pins include an install button, so Pinners can download your app without ever leaving Pinterest.
- Place Pins include a map, address, and phone number.
- Article Pins include headline, author and story description, helping Pinners find and save stories that matter to them.
- Product Pins include real time pricing, availability and where to buy.
- Recipe Pins include ingredients, cooking times and serving info to get Pinterest cooks excited to hit the kitchen.
- Movie Pinsinclude ratings, cast members and reviews to help Pinners learn about new flicks.
Notice how I didn’t even mention, the “buy button.” This isn’t 2015, after all.
But, Where Are The Boys?
In January 2015, Pinterest claimed their #1 growing demographic was males. However, it doesn’t look that way in actuality. It’s widely known women hold the majority of spending power, but we can’t disregard the boys completely. Men are a very tough demographic to reach and Pinterest has yet to make a strong appeal to men. It’s my opinion that for this platform to overcome the current social media giants, the boys also need a place to play.
