When we talk about a few of the most popular platforms in the social media sphere, then we always add up the name of Pinterest. Pinterest is having more than 100 million active users and has a reported value of $11 million. Pinterest is becoming the fastest growing platform in terms of active members. But the question which probably hit so many minds is that how can you make money from Pinterest. Now that’s an interesting question!
Ever since the Pinterest website has started its service, it has become the hottest Google trend of making money through Pinterest. But the question is how?
What is Pinterest Business Model?
Pinterest Business Model is something that is designed to capitalize on the networking effect. The network comes first, and then the money. This business model was launched in 2010. In 2013, Pinterest launched the revenue generation feature as “the promoted pins,” which is still developing.
Like the rest of the social media networking platforms, Pinterest chose the revenue model as the advertisement-based. And the platform is undoubtedly taking some significant steps to bring some development in the whole process.
What are the Main Components of Pinterest Business Model?
Ever since the year 2010, Pinterest has been right on its track using this web social catalog business model. Pinterest has recognized itself to be the latest social networking platform as the business model in just the least period. It is included with public pins or pinboards, which a user can re-pin based on the user’s interest.
Currently, the Pinterest Business model has cataloging, E-commerce or content aspects, and some social networking features. Similar to Facebook and Snapchat, Pinterest has also developed the model of advertising revenue. With this model, the platform is taking benefit from all those users who are visiting the websites. Although the company has great potential, it has still not utilized its resources to its fullest revenue generation. But it’s a fact that slow and steady always wins the race.
Before we step ahead to discuss how Pinterest makes money, we will first highlight the main elements/components of the Pinterest Business Model.
1. Pins
The first element is a pin known to be the main hero of the Pinterest business model. The whole business model is revolving around this component to bring successful results. Pinterest is one such catalog on which you can share and save pins. Any user who is already registered with Pinterest can save anything they view on the web in the shape of pins. You can save the pins with the help of a browser extension of Pinterest or even by uploading pictures from the Pinterest website.
2. Pinboards
Next, we have pinboards which is another essential component of the Pinterest Business Model. Users will group similar pins under the Pinboard. For instance, the home interior designer can pin the group or interior inspirations under the pinboard named ‘interior design inspirations.’
Pinboards are available in the form of both public and private. You can review and re-pin the public pin or pinboards very quickly as a user. You should mention that pinboards and pins have a longer retention value within the search results than the rest of the websites of Twitter or Facebook.
3. Buyable Pins
Like Twitter and Facebook, Pinterest has also integrated the option of “buy it button.” With this button option, users can directly buy from Pinterest. There is no need to visit the merchant’s official website.
The best thing about Pinterest is that they won’t be charging you any extra fees if the consumer or merchant is buying through Pinterest. This feature aims to provide an improved user experience for the users so the platform can gain high growth.
Nevertheless, this service is just extended to the merchants who are using BigCommerce, Shopify, and Salesforce Commerce Cloud. Well, it is not sure if Pinterest is charging commissions from the partners or not. Pinterest also has some contracts with Braintree and Stripe. Both of them act as digital wallets for string users’ card numbers. You can also use these wallets for conducting some transactions on the Pinterest platform itself.
4. Promoted Pins
Lastly, we have promoted pins which are another significant component of the business model. This is the only source of earning revenue for Pinterest to date today. These promoted pins act as the paid content or advertisements by the identified sponsors, which are in the shape of pins. They are quite a lot different from ordinary pins.
Like Facebook and Google, Pinterest will target the advertisement following the searches, interests, or demographics of the users.
This was how the whole process of Pinterest works to make money!
Why is Pinterest the Best Social Networking Platform for Businesses?
We all know that people generally use Pinterest to save, find, or share any content related to users’ interests. In this way, Pinterest has become a niche currently targeted by thousands of marketers in the world.
All other social networking platforms are aiming to connect with people and promote their services. But Pinterest aims to connect itself with the people through the content related to their main interests. This will result in a better and bigger click-through rate on different advertisements and extra conversions.
A recent survey was conducted by the Millward Brown Digital, which was on those who have been quite active on Pinterest in the last six months. 96% of the people stated that they have been using Pinterest to gather information and do some research. 93% of people admit that they used Pinterest to plan some purchases. And 87% of people used Pinterest to get an idea about what they should purchase.
All in all, Pinterest is becoming the fastest growing platform in terms of active members. Facebook and Twitter just see a small one-digit growth, but the growth rate of Pinterest has increased to 50% in the past year.
So what are waiting for? Sign into Pinterest right now and grab the golden opportunity to make handsome money with this platform. Go for it now!
Author bio
Gary is a cool young (by heart only) man who loves blogging and marketing, holding 7+ years of experience in the field. Testing different writing styles to engage the readers is one of the things which excites him the most. Currently, he is managing the content marketing of a logo designing company, Logozila which is a 360-degree I.T company. Apart from Coffee, Cake, and Pizza, his time is spent on putting in efforts to reduce weight.
