This wonderful guest post is brought to you by by Dominic Tarn. He is the Marketing Director for Pinterest analytics tool GoPixel.me. Read on!
Pinterest has come a long way since it was founded in 2010 by Ben Silbermann, Evan Sharp and Paul Sciarra. It is now one of the fastest growing social networks in the world, with 140 staff, $338m in funding, a valuation of $2.5bn, an international expansion underway (UK & France), 2.5bn monthly page views, and according to research by Semiocast, 70 million users worldwide.
According to Om Malik, editor of GigaOM, we are witnessing the “Pinterest-ization of the web,” due to “new kinds of discovery behaviours” consumers are able to engage in, thanks to social versions of the kind of recommendation engine which Amazon is based on. Amazon has responded by launching “Amazon Collections,” for those who want to find, save, share, and purchase items in a similar online environment. Even Google has tried launching a competing product, Google Keep. And there has been a doubling down of investment in startups looking to capitalise on the intersection between social and shopping, with websites like Fancy.com up to 7 million users so far.
Clearly the ‘one to watch’ is no longer just one to watch, but one to get engaged with, quickly. There are numerous advantages, such as the significantly longer content life-cycle and higher conversion rates. Also it is worth noting that comScore data demonstrates that “Pinterest buyers spend more money, more often, and on more items than any of the other top 5 social media sites.” But, as with all marketing, it comes down to the numbers which matter most to your brand.
Firstly, you need to know what you are aiming for. That’s a personal choice, and it depends entirely on the aims your brand has and what you class as a ‘win’ in terms of social media marketing and the end results you are hoping for.
Secondly, consider the most basic metrics you should be gauging:
1.) How is my brand performing on Pinterest? Monitor the how quickly your followers are increasing, the number of likes, re-pins, and the overall influence of those who are following your Pinboards and sharing your content. Analytics tools, like GoPixel, demonstrate the long-tail of your marketing input and therefore the resulting ROI over time.
2. ) Is Pinterest contributing to my overall marketing strategy? The most effective way to judge the impact of Pinterest beyond the social network itself is the amount, and therefore percentage, of web traffic it generates.
If you are noticing more referrals, and purchases, due to Pinterest, then clearly it is having an overall positive impact.
Then we can drill down on what to look out for in particular.
1. Pins & Pinners
– How many pins are being generated from your web content; i.e. being pinned onto people’s Pinterest boards.
– How many people are pinning those? Is it a small group of highly engaged people, or a large group who pin perhaps once or twice a week, and how does that compare as a percentage of your overall web traffic? Tools like GoPixel can integrate Google Analytics, giving you an insight into both key performance metrics.
Insight: How is the content on your website engaging people who enjoy Pinterest. How pinnable is your content?
Like on Twitter or Facebook, a re-pin (comparable to a re-tweet / share or like) is an indication of popularity within a social network.
Insight: How engaging is your content to second degree fans. i.e. those people who are on Pinterest but may not be familiar with your website.
More importantly, what is the impact of these activities? In order to understand that you need to get a handle on the influence and reach of those your content is being pinned / re-pinned by.
3. Impressions & Reach
The metrics to measure are:
– Impressions: The number of times your pins turned up in feeds or search results.
– Reach: The number of people who saw your pins.
Insight: How much your content is being searched (impressions) and how influential/popular are your fans (reach).
Those are some of the key metrics to measure on Pinterest. But, metrics are only half the battle.
In order to know what do with them you need actionable insights. Is there certain communities you would benefit from reaching out to? Influencers who could support your brand engagement? Better times of day, or types of content you could be publishing? Image size, the words you use; all of this effects the success of your Pinterest marketing.
If you take the time to understand your aims, audience, content which they like, then the metrics you measure will be of value to your brand, and the return for your time invested on Pinterest much greater.