Pinterest has been around for less than two years, yet it has become the fastest website in history to break 10million unique visitors. And because the majority of users are women, for sales and marketing teams in Dubai it provides an ideal opportunity to reach out to their target audience in a fresh way.
For a website that is still in an open beta stage, the phenomenal 11 million total visits per week in December 2011, clearly shows why this zero to hero site grabbed the best startup of 2011 by TechCrunch (one of the world’s foremost technology news and analysis websites).
The speed at which Pinterest has become so popular is due, in part to the relaxed attitude to money taken by the founders of Pinterest, Ben Silbermann and Evan Sharp. The aim is to create a popular platform before considering how to monetize it. And the venture capital companies that have so far invested $37m in Pinterest, seem willing to wait as well.
One of the main investors is Bessemer Venture Partners. Jeremy Levine, of Bessemer, said recently that they had been looking for “a user-generated content media property around products” for over six years and when they came across Pinterest in 2011, it hit a cord with them immediately.
So at what point does this free website make the kind of money that attracts millions of investment? Well look to Facebook and Google for the answer. Both sites provide huge amounts of free content, and are able to heavily monetize a small percentage of that content.
Pinterest, Levine says, is not at the stage of thinking about monetizing it, but when the moment comes, be sure that it will do so very profitably indeed.
So, you may be thinking, how does my company in Dubai use Pinterest from a marketing point of view? Well the most common way used as the moment is the competition format.
One such competition is being run by the nail polish brand Orly. The prize is a swag bag of Orly products, and to enter people have to create a Pinterest board titled ‘My Cool Romance’. By asking people to enter on Pinterest, Orly are just one of hundreds of companies wholeheartedly embracing the zeitgeist.
Copyright issues still dog the site as some people don’t know whether what they are allowed to pin other people’s work to the site. However, Pinterest get around this problem by working with the Digital Millennium Copyright Act of 1998, an act designed to protect the intellectual property rights of individuals. They also have an etiquette that asks users to credit their sources. Which in the case of companies running competitions works very much in their favour.
Because it is populated primarily by women, (97% of Pinterest’s Facebook fans are women), it provides an ideal platform for companies to talk to a female audience in an environment they have self-advocated. Get your offering right and it will become an interesting component of the fast moving social media marketing landscape.
There is no doubt that, this year, Pinterest is the next big thing. Will it continue to hold its position as one of the top ten social media vehicles, or will it go the route of MySpace? Whatever the answer, at this time the question for your marketing department in Dubai is not when should we engage, but rather how quickly can we engage?