Not only is Pinterest growing in popularity, but it also boasts a better conversion rate than when a customer finds a product on a different social network. The reasons are still not entirely known, but there is speculation. The social media agency needs to take its clients onto Pinterest and possibly even use that as the main social network as its platform. Users are able to use Pinterest to share onto FaceBook and Twitter, so a focus on Pinterest does not leave the other networks in the cold.
One of the concerns with Pinterest is the domination by women. That number is changing though. From January to March the percentage of men on the service rose from 20% to 28%. Most of these users are making a decent income. Almost half make between $25k to $50k each year. The next largest group resides in the $50k to $75k income bracket. One thing to note, however, is that a product’s pin is twice as likely to be shared if it does not include a price.
The most important data to consider is about the percentage of internet purchases derived from the main three social networks. FaceBook is still dominant but its dominance is slipping. From the second quarter of 2011 to the first quarter of 2012 the percentage of referrals from FaceBook fell from 89% to 82%. Twitter’s relevance dropped precipitously from 10% to 1%. Pinterest seems to be the network stealing those numbers as its share rose from 1% to 17% of all purchases referred by a social network.
The social media agency needs to develop a Pinterest strategy. This strategy would also help on the other networks as images become more and more important to a brand’s attempts to recruit sales and conversions.