Pinterest Introduces A New Business Model
On November 12th, Pinterest announced their new resources to help businesses better advertise and market their products. Pinterest is a social media site in which a user (before only personal accounts were available) could create online “pinboards” about whatever their hearts desired and could “pin” pictures to that board. With the new business specific updates, businesses can create business accounts and enter the name of the company or organization rather than a “first and last” name. Then, Pinterest will verify the website with a hidden line of code and after the code has been recognized businesses will receive a verification badge on their Pinterest profile. Fortunately, companies that have already created an account are able to covert it from a personal account to the business account model. This is the first step Pinterest has taken in making the site more business-friendly and is still working to improve the design.
Many believe Pinterest will be a more creative and interactive way to advertise their business with customers. Pinterest was able to do this, after a $100 million dollar investment from Rakuten, “Japan’s #1 Shopping Mall” this past May. In “Confirmed: Pinterest Raises $100 Million to Fund International Expansion” Rakuten’s CEO, Hiroshi Mikitani, explains that he decided to invest in Pinterest not only because he believes, “retailers and consumers can communicate, discover, and curate to make the experience more entertaining”, but he also looks forward to introducing Pinterest to the Japanese market.
Although this is a great opportunity for businesses, it is always a challenge to execute a strategy on a new social media site for the first time. Fortunately, “The 10 Commandments of Using Pinterest for Business”, gives us a great infographic with the necessary steps for businesses to successfully utilize Pinterest’s new business model. It will be interesting to see how businesses adapt to Pinterest and how it affects the overall customer relationship. With the help of this 10-step process, businesses can take advantage of the new outlet to keep the communication between existing customers strong, appeal to new customers and, best of all, start pinning!