Pinterest is no longer just fantasy football for women...
We have posted previously that Pinterest is the social media that is like "fantasy football for women". And make no mistake about it, the majority of heavy Pinterest users are women. Women seem to like the ease of being able to "pin" (save) visual images of things they find while searching on the web. Like all social media, the power of Pinterest comes from users sharing things with their network. For retailers who are already stretched, the question becomes one of where to invest time and resources. Does Pinterest really help sell anything? The answers lie in understanding the media, its users and how to creatively tap its potential.
Why this is important: Omni-channel consumers are shopping for ideas any time and everywhere, especially on social media. Pinterest is a great case study in how retailers must creatively adapt to both the medium and users in order to make sales.
Pinterest – A case study of needing to understand the medium and users
The metaphor that Pinterest is "fantasy football for women" is still appropriate in many ways. A very high percentage of Pinterest power users are women. Women tend to be highly visual shoppers and the like the ease of being able to "pin" a photo of an item they found while browsing on a website, on Facebook, or anywhere on the web.
The power of Pinterest is that you save your "pins" on boards that reflect your areas of interest. Regular Pinterest users share their finds with family and friends, so the experience becomes very social. The pins do not have to be just for products. Even old male photographers like me can pin ideas on how to take photos or articles on Photoshop. You can also search for ideas and trends that match you interests, whether it be for a product, idea, or information.
Retailers are taking note of Pinterest … but what is the potential?
According to some sources, Pinterest is the fourth largest social media in the US. It currently has almost 250 million unique users, which puts it right behind LinkedIn. More than 80% of the users are women.
In the "new normal of omni-channel", consumers spend more time online looking for ideas than they do browsing in stores. And omni-channel consumers are not just searching Amazon and ecommerce sites. They are increasingly turning to blogs and social media for ideas, information and critiques. The power of social media like Pinterest is it enables consumers to keep track of what they find useful by pinning things that interest them. Herein lies the potential for retailers: Pinterest creates a digital trail of trending topics, product preferences, as well as core issues consumers are interested in.
Tweet: #Pinterest creates a digital trail of trending http://ctt.ec/on46v+ #retail #socialmedia
Results Count! … Does social media like Pinterest really sell anything?
There seem to be at least three fundamental keys that make Pinterest unique and valuable:
- Pinterest users tend to pin things that they are passionate about
- Visual images still capture shopper interest quicker and more intimately than text
- Consumers want to know the trends and what other shoppers like them think
The theory is that if consumer's actually see something they are interested in, they are more likely to go online or to the store to purchase it. Does it work?
Social media is notoriously difficult to measure in terms of sales outcomes. Do people who interact with something on social media go make a purchase, or are their other factors? In most cases the purchase decision is a result of a journey and multiple sources. RichRelevance recently reported the following tracking stats for social media:
- Pinterest pinners buy an average of $199.16
- Facebook $97.02
- Twitter $ 58.02
Obviously, retailers need to do their own testing, but it would appear that Pinterest has very powerful potential to convert sales and sales with a higher ASP or larger market basket.
One thing is clear – Retailers have be creative in how they use Pinterest
Social media is entirely different! Retailers and marketers do NOT have control of the messages or the broadcast … consumers do! The absolute key to harvesting social media, especially Pinterest, is to "plug-in" to the consumer conversation stream. In many ways, retailers have to first learn about the Pinterest users first, and then how to be part of the conversation. While it sounds cliché, Pinterest is all about "word of mouth marketing" and how to tap consumer trends and conversations.
5 Examples of creative retailers are harvesting Pinterest to grow sales
There are common themes running through many of the retailers who are successfully use Pinterest to both engage and sell. First and foremost, they are using Pinterest to “visually listen” for consumer trends and what interest them. Second, they are making it easy for consumers to pin their passions as well as products. Third, they are making it easy for consumers to share ideas as well as “selfies” of themselves being successful users.
The retailers who are plugged-in to Pinterest are from very different channels and sell very different products. What they all have in common is creative ways to engage consumers.
- Nordstrom – Nordstrom's is an early adopter and premier user of Pinterest with over 4 million followers. Nordstrom's is using Pinterest to identify consumer trends and preferences for future assortments as well as in store displays and offers.
- Lowes – As a home improvement DIY store you would think of Lowes as a Pinterest powerhouse, but they have 3.5 million followers! They understand that women drive home improvement projects, and they have creatively enabled Pinterest users to post project ideas, as well as pins of their successfully completed projects.
- Target – Target is late to the Pinterest party with only 150,000 followers. But, Target has creatively positioned their Awesome Shop which highlights the most popular Target items that are pinned, and in turn generating more pins and sharing.
- Whole Foods – Whole Foods has never been just about groceries. Its core consumers are "foodies" with passions. Whole Foods is using Pinterest to tap into its core customer food passions, as well as issues like "green" and sustainability.
- Local Specialty Retail – The great news about Pinterest is that it is essentially free (for now). So, even small local shops can effectively plug in to get users aware of their products and services. The most creative seem to be local shops focused on specialty items like weddings, which women definitely have a passion about!
One thing is certain about the future face of retail … it will not just be ecommerce and stores. The third leg of the stool will be social media, and the creative retailers are already tapping the potential of Pinterest to grow both sales and relationships.
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Sources:
- Associated Press: Creative Ways Retailers are Using Pinterest to Increase Sales, Mae Anderson; April 28, 2014
- Ebiz/MBA:Top 15 Most Popular Social Networking Sites; August 2014
- Digital Marketing Ramblings:By the Numbers: 120 Amazing Pinterest Statistics, Craig Smith; July 28, 2014
- Pinterest Image: Courtesy of Pinterest.com
- Pinterest at Target: Courtesy of Crystal Johnson
Interesting! Check out FMCG: The Future of Fast Moving Consumer Goods for more company success stories.
"Kellogg Company realised that success came from desire for its products amongst children plus parental approval."
Posted by: FMCG Book | August 07, 2014 at 02:42 AM