Pinterest is one of the fastest growing social media platforms currently in existence. Due to this it is also one of the most useful social marketing tools for small or local businesses. A Comscore survey recently revealed that when compared with other social media sites, Pinterest users spend more money and purchase more items. These reasons alone demonstrate why a presence on Pinterest is essential for small businesses.
Until very recently it was hard for users to measures their Pinterest success. However, early in March 2013 this changed. The change came when the social media platform introduced free analytics to all verified account holders. This is excellent news for small businesses that use the platform. These changes now enable verified users to view and measure their Pinterest success in detail. This enables for month by month calculations of the accounts reach and growth. During a visit to the analytics dashboard you can quickly learn the following:
- The average daily number of pins dropped from your account. Also the average number of times you are pinned each day. Being able to access this information enables you to quickly see what your customer base responds well to. Having this information can make a profound effect on the success of your marketing strategy.
- The daily average number of pins taken from your website and repined on Pinterest. Whilst also being able to see the average number of people who select to then repin these pins each day. This is an excellent statistic which shows businesses which information their target audience is finding engaging and connecting to.
- The daily average number of times that your business’s pins have appeared on the Pinterest main feed. This is a great tool to help you measure the popularity of your pins. However this option also enables you to estimate the total reach of your page on the platform.
- The daily average number of individual people who were exposed to your pins. Although these people may not have repinned your content, this option provides you the ability to effectively measure your reach on the site.
- Finally the most important statistic. The average number of people who clicked on one of your pins and were directed to your website. This is an excellent way of seeing whether your presence on the platform is transferring into traffic to the home page of your business.
Hubspot created a useful formula, which is an excellent tool to help local businesses to gauge their Pinterest success on a monthly basis.
Pinterest M/M Growth = (This Month’s Followers – Last Month’s Followers)/Last Month’s Followers
The introduction of the analytics tool increases the already formidable potential for Pinterest to be used as part of the social commerce campaigns of small businesses.