Social Equity benefits from the hidden power of Pinterest.
One of the jewels of social media is Pinterest. Since its launch a few years ago, Pinterest has been an unstoppable juggernaut in the realm of social media, and the Social Equity your business can derive from Pinterest is as impressive as it is unique.
Pinterest is not necessarily for every vertical, and it is important to understand that. While a presence on Pinterest can never hurt, it is not necessarily going to be your top generator of Social Equity if you do not meet the proper criteria – namely, that you are in a visual industry. Furthermore, if your business model is not necessarily apt for Pinterest (your average accountant may not be generating much revenue, Social Equity or referral traffic from Pinterest) you might be devoting precious resources to maintaining your account, when they should be focused on other social networks. Having said that, if you put together a social media strategy and recognize the potential for your business on Pinterest, the Social Equity you generate will be among the greatest of any of the networks we have discussed so far.
First, we should understand what makes Pinterest such a powerful tool when it comes to business.
The Business Potential for Pinterest
About a year ago, Shareaholic released a study that found something incredible: Pinterest was a greater generator of referral traffic than Twitter. Twitter. A month prior to that, it was discovered that Pinterest surpassed Google+, YouTube and LinkedIn combined for referral traffic. Since then, the social network has only grown in power, and with their recently launched Analytics feature, it is no wonder that we are discussing the Social Equity of Pinterest. Now Pinterest, too, recognizes the value it adds to business.
With the newly launched analytics and insights feature for your Pinterest account, you can monitor exactly how your audience is interacting with your pins and the images on your site. Though it is still somewhat new and in its infancy, this feature can mean big things for the future of Pinterest for business.
Other Important (Often Overlooked) Features
People tend to overlook a lot of the important features in the backend of Pinterest when it comes to generating referral traffic and building Social Equity. First, one should note that pins themselves do not register with crawlers to help with your search rankings, but your boards do, so optimize them.
Second, add links and meta descriptions to your images, because if those are shared outside of Pinterest, all the better for your exposure. And if someone clicks on the image within Pinterest, they are headed right to your site.
Third and finally, by simply adding a price to your pin’s description, you can add a price to the top corner of your image and create a pseudo-catalog (for minimal cost compared to traditional print) and share it with your followers, updating it regularly.
Now if you apply these simple measures, you can start to understand the Social Equity derived from a Pinterest presence.
Social Equity of Pinterest
Captivating images are a great way to build a following. People do not necessarily like text, but they love visual explanations. Just look at the jump in the use of infographics to simplify complex, often dull bits of content.
Pinterest can be a tool to develop a social image for your brand outside of your corporate image. Social Equity is as much about the likeability of your brand as it is the direct value added to your business as a result of social activity. Pinterest is an avenue through which you can make yourself very likeable, very quickly.
Furthermore, on the advertising end of things, Pinterest can, as noted above, provide your brand with a cost effective means of showcasing new products, providing links to an e-commerce store whereby those who like your product can purchase it and, more importantly, save you a tremendous amount of expense when it comes to printing new catalogs. Of course, a business with a physical location would likely do both, but for those who cannot come to your store, imagine the added value of having a virtual version of your catalog that not only features prices and availability, but links directly to the item in your virtual store.
In our social media case study about Burt’s Bees posted yesterday, we noted the increase in online sales Burt’s Bees experienced as a result of simplifying the buying process for their Facebook fans. (You can read the full article here.) Pinterest allows you to do the same thing, and a simple purchasing process with few or no hurdles means more customers and faster conversions.
Pinterest is a constantly and very quickly evolving tool. But with each step Pinterest takes, the Social Equity it stands to generate for your business goes a step further as well. Furthermore, because of its youth, there is still so much that has yet to be tried when it comes to Pinterest campaigns and promotions, and when it is something visual, it is often something intriguing. First to the social media market typically means biggest gains, and that goes both for financial and Social Equity gains.
Where have you found the value added to your business from Pinterest? Tell us in the comments below or on Twitter!