February 26, 2015
According to a new report from eMarketer, digital-image bookmarking site Pinterest is poised to become the newest social favorite with advertisers since its users typically “pin” and “repin” items that paint a compelling picture of consumer interests. These interests often focus on specific products, services, travel ideas and other areas that could lead to purchases. The researcher suggests that 2015 will be a critical year to determine whether or not Pinterest can generate a serious advertising business.
“While Pinterest remains smaller than Facebook , Instagram or Twitter, the report concludes size isn’t necessarily an issue because of the value already exhibited by its current audience,” reports The Wall Street Journal.
“Those who use Pinterest share valuable data about their interests and aspirations, something that isn’t as natural an activity on other social platforms,” explains the report.
The eMarketer report collected data from comScore and Pew Research to predict that more than 47 million U.S. users would log on to Pinterest at least once a month in 2015. This marks an 11.3 percent increase from the previous year.
San Francisco-based Pinterest recently launched Promoted Pins, its first ad product. This is a start, but not yet a viable competitor with a social giant such as Facebook that has spent years developing analytics, targeting tools and related products that appeal to advertisers.
“The big question is how quickly can they execute,” said Debra Aho Williamson, eMarketer analyst and author of the report. “I think that there’s a lot of potential, but there’s a lot of work to be done.”
While advertisers are looking for more data beyond geography, gender and general interests, Pinterest has been criticized for a lack of openness. In response, a company spokesman explained that plans are underway to offer more free advertising tools and products.
“For example, this year we have an aggressive roadmap of new features for Promoted Pins including more targeting, measurement and ad formats,” the spokesman said.