A sampling of e-retailer and vendor announcements from the NRF show floor this week.
The image-focused social network rolls out a series of analytic tools that aim to help marketers understand what paid and organic images its users respond to.
Pinterest today rolled out a revamped array of analytics tools that aim to make it easier for marketers to understand how their content is being consumed on the social network and how they can garner more exposure.
The tools, available to business account users in 31 languages, show a brand a range of data points, such as its most repinned pins from the past 30 days, how much traffic its site has received via the Pin It button, the average number of daily impressions its pins receive, as well as broader insights, such as the interests a brand’s followers share.
“We’re showing folks on a granular level what pins resonate with users, which boards folks are spending time on and who their Pinterest audience is,” says Jason Costa, a Pinterest product manager. “We have all this information about our users, but this is the first time exposing it at a high level.”
Lowe’s Cos. Inc., which tested the analytics tools, found that a “create your own colorful doormat” pin got more than 200,000 repins. That robust engagement, along with users’ responses to other similar pins, led it to focus on offering consumers an array of do-it-yourself projects on the platform.
The home improvement retailer also uses Pinterest data to figure out which of its pins are the most popular and what’s trending, which helps it develop marketing campaign and product ideas.
“Pinterest is a really great tool for us to get great insight and some affirmation around the content we’re putting out,” says Brad Walters, director of social media and emerging platforms at Lowe’s. “It also helps validate some things for us, too, like a particular color or decor style that might be trending.”
Costa says that informing retailers about what resonates with Pinterest users should help them marketing more effectively. “The core tenet of Pinterest is to discover, save and do,” he says. “We want to help users discover products that are meaningful to them, save those products and ultimately take action off the social network.”
Giving marketers more analytics tools should ultimately help retailers that use those insights drive more sales, Costa says.
Pinterest’s launch of analytics tools comes less than a week after Instagram debuted a suite of tools aimed at helping brands better understand how they’re building brand awareness and driving sales. However, unlike Instagram’s ad campaign monitoring tools, Pinterest’s offering is largely focused around organic pinning.
That’s because advertising on Pinterest is still in its “early days,” Costa says. The social network is testing advertising with a “handful of big brands to ensure that the ads are relevant, tasteful and add value,” he says.
By providing free analytics tools to marketers, Pinterest is enabling web site owners looking for basic data points to avoid having to pay to work with social marketing analytics vendors such as Curalate and Pinfluencer. (Curalate says it has a broad pricing range, though on average most brands pay roughly $1,000 a month for its tools. Pinfluencer provided no immediate comment). However, Costa doesn’t think that will create any issues.
“The ecosystem is huge and there are tons of opportunities to offer data,” he says. “We will offer one set of insights, but developers looking to build on the platform can offer their own insights and we’re providing room for them to build a business around that.” Moreover, most of those vendors offer data across multiple platforms, while Pinterest only provides data about its social network.