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Pinterest’s unique user base and e-commerce potential means brands and investors are lining up to spend. And that’s why audience retention matters more than ever, writes brand consultant Jeff Swystun.
In May of this year, Pinterest raised another U.S. $200 million, putting the value of the social network at U.S. $5 billion. Smarter minds than mine have arrived at these numbers but it got me thinking about Pinterest’s efforts in customer engagement, retention and loyalty. It is one thing to create hype and acquire users, but it’s an entirely different challenge to keep those people coming back.
The shopping catalogue of social networks
Pinterest investors are attracted to, among other things, the network’s e-commerce and m-commerce potential. At this point, the platform’s key metrics are all trending in the right direction:
70 million: users
750 million: user boards (where people ‘Pin’ their stuff)
30 billion: individual Pins (pieces of content)
14.2 minutes: average Pinterest visit time
98 minutes: average Pinterest user time per month
23%: percentage of users who frequent the site at least once per day
18%: percentage of users with income over U.S. $75,000