Why Pinterest is Very Important for Bloggers
Pinterest Inc is a web and mobile application company. Pinterest operates a software system designed to discover information on the World Wide Web, mainly using images and, on a smaller scale, GIFs and videos. Development of Pinterest began in December 2009, and the site launched as a closed beta in March 2010. The site proceeded to operate in an invitation-only open beta. Pinterest allows users to save images and categorize them on different boards. They can follow other users’ boards if they have similar tastes. The evolution of Pinterest is based on the shared interest of its users and relies on its members to produce the content. The most popular categories, as of March 2012, were home, arts and crafts, style/fashion, and food. Silbermann said he personally wrote to the site’s first 5,000 users offering his personal phone number and even meeting with some of its users.
Silbermann and a few programmers operated the site out of a small apartment until the summer of 2011. Early in 2010, the company’s investors and co-founder Ben Silbermann tried to encourage a New York-based magazine publishing company to buy Pinterest but the publisher declined to meet with the founders. Nine months after the launch the website had 10,000 users.The launch of an iPhone app in early March 2011, brought in a more than expected number of downloads.The app would later be updated in March 2013. The Pinterest iPad app was launched August 2011. Pinterest Mobile, launched the following month, is a version of the website for non-iPhone users. On August 10, 2011, Time magazine listed Pinterest in its “50 Best Websites of 2011” article. In December 2011, the site became one of the top 10 largest social network services, according to Hitwise data, with 11 million total visits per week.The next month, it drove more referral traffic to retailers than LinkedIn, YouTube, and Google Plus. The same month, the company was named the best new startup of 2011 by TechCrunch. Noted entrepreneurs and investors include: Jack Abraham, Michael Birch, Scott Belsky, Brian Cohen, Shana Fisher, Ron Conway, FirstMark Capital, Kevin Hartz, Jeremy Stoppelman, Hank Vigil, and Fritz Lanman. Initially, there were several ways to register a new Pinterest account. Potential users could either receive an invitation from an already registered friend, or they could request an invitation directly from the Pinterest website that could take some time to receive. An account can also be created and accessed by linking Pinterest to a Facebook or Twitter profile. When a user re-posts or re-pins an image to their own board, they have the option of notifying their Facebook and Twitter followers.
This feature can be managed on the settings page. For January 2012, comScore reported the site had 11.7 million unique U.S. visitors, making it the fastest site ever to break through the 10 million unique visitor mark. comScore recorded a unique users moving average growth of 85% from mid-January to mid-February and a 17% growth from mid-February to mid-March. At the South By Southwest Interactive conference in March 2012, Silbermann announced revamped profile pages were being developed and would be implemented soon. On 23 March 2012, Pinterest unveiled updated terms of service that eliminated the policy that gave it the right to sell its users’ content. The terms would go into effect April 6. According to Experian Hitwise, the site became the third largest social network in the United States in March 2012, behind Facebook and Twitter. Co-founder Paul Sciarra left his position at Pinterest in April 2012 for a consulting job as entrepreneur in residence at Andreessen Horowitz. On 17 May 2012, Japanese electronic commerce company Rakuten announced it was leading a $100 million investment in Pinterest, alongside investors including Andreessen Horowitz, Bessemer Venture Partners, and FirstMark Capital, based on a valuation of $1.5 billion. On August 10, 2012, Pinterest altered their policy so that a request or an invitation was no longer required to join the site.In addition, the Pinterest app for Android and iPad was also launched on August 14, 2012.On September 20, 2012 Pinterest announced the hiring of its new head of engineering, Jon Jenkins. Jenkins came from Amazon, where he spent eight years as an engineering lead and was also a director of developer tools, platform analysis and website platform. In October 2012, Pinterest announced a new feature that would allow users to report others for negative and offensive activity or block other users if they do not want to view their content. Pinterest said they want to keep their community “positive and respectful.”Also in October, Pinterest launched business accounts allowing businesses to either convert their existing personal accounts into business accounts, or start from scratch. Much of the service’s early user base consisted of infrequent contributors. The site’s user growth, which slowed in March 2012, could pick up as the site’s user base solidifies around dedicated users according to a comScore representative. In August 2012, Pinterest overtook competing micro-blogging site Tumblr for the first time in terms of unique monthly visitors, clocking in at just under 25 million. In February 2013, Reuters and ComScore stated that Pinterest had 48.7 million users globally. A study released in July 2013 by French social media agency Semiocast revealed the website had 70 million users worldwide. In 2014, Pinterest generated its first revenue, when it began charging advertisers to promote their wares to the site’s millions of hobbyists, vacation planners, and do-it-yourselfers. Ads on the site could generate as much as $500 million in 2016, estimates Michael Pachter, an analyst at Wedbush Securities. In October 2016, Pinterest announced 150 million monthly active users, 70 million in the U.S. and 80 million outside the U.S. Then in April 2017, they announced 175 million monthly active users, with 3x year over year growth in Germany and Brazil and 2x year over year growth in France and Japan. In June 2017, Pinterest raised $150 million from a group of existing investors and the company is currently valued at $12 billion. In March 2013, Pinterest acquired Livestar. Terms were not disclosed. In early October 2013, Pinterest acquired Hackermeter. The company’s co-founders, Lucas Baker and Frost Li, joined Pinterest as engineers. In late October 2013, Pinterest secured a $225 million round of equity funding that valued the website at $3.8 billion. In April 2015, Pinterest acquired the team from Hike Labs, which had been developing a mobile publishing application called Drafty. In June 2015, Pinterest unveiled “buyable pins”. Rich Pins – pins which have more information than a normal link – will get a new button that allows users to purchase things directly from partners that it’s working for. Users will see prices, be able to select specific types of a product, and then they can tap the button to buy the product. The item will arrive at the user’s door. In December 2015, Pinterest launched a new way for users to monitor price drops on buyable pins. “When users save pins, they’ll get a heads up when a price drops in the form of an in-app notification and an email. They can then jump straight to that pin and make the purchase.” In August 2016, Pinterest launched a video player that lets users and brands upload and store clips of any length straight to the site.On August 23, 2016, Pinterest announced that it would be acquiring the team behind Instapaper, which will continue operating as a separate app. The Instapaper team will both work on the core Pinterest experience and updating Instapaper.On March 8, 2017, Pinterest said it had acquired Jelly Industries, a small search-engine company founded by Biz Stone. Like Facebook and Twitter, Pinterest now lets marketers access the data collected on its users. Technology providers including Salesforce.com, Hootsuite, Spredfast, Percolate, Piqora, Curalate, and Tailwind are presently the only companies granted access to the data. By granting access to users’ data, Pinterest lets marketers investigate how people respond to products. If a product has a high number of repins, this generally tells the producer of the product that it is well liked by many members of the Pinterest community. Now that Pinterest lets marketers access the data, companies can view user comments on the product to learn how people like or dislike it. A 2013 study on Pinterest practices found that “repinning” was the most popular action by users, followed by likes, and lastly, commenting. According to Salesforce.com, Pinterest has become a key part of corporate digital marketing strategies. Before 2013, Pinterest only accounted for about 2 percent of global social-mediated sales, but by May 2014 that was up to about 23 percent. People use social media sites like Pinterest to direct or guide their choices in products. A study from October 2016 found that 60% of Pinterest users are women.Many businesses use Pinterest Analytics to investigate whether the time spent on the social networking site is actually producing results or not. Through the access of Pinterest Analytics, companies receive insight to data via API, which makes it easier for the businesses using this method to closely engage with the consumer population on Pinterest. Pinterest Analytics is much like Google Analytics. It is a created service that generates comprehensive statistics on a specific website’s traffic, commonly used by marketers. Pins, pinners, repins, and repinners are some aspects of user data that Pinterest Analytics provides. It also collects data that depicts the percentage of change within a specific time, to determine if a product is more popular on a specific day during the week, or slowly becoming unpopular. This data helps marketing agencies alter their strategies to gain more popularity, often changing the visual content to appeal to the Pinterest community. The “Most Clicked” tab in Pinterest Analytics demonstrates products that are more likely to sell. According to a study by Converto, in April 2012, Pinterest drove more social media-originated e-commerce sales than Facebook or Twitter. Companies also can add their own ideas features to explore how consumers respond to a product, like the Pinterest Trends product, Piqora. Piquora is a visual analytics and marketing provider for specifically visual social networking sites including Tumblr, Instagram, and Pinterest. Marketers use Piqora’s Pinterest Trends to analyze a brand’s performance against competitors on Pinterest.