Falling in line with Social Media Platforms like Twitter and Facebook, Pinterest, which was launched in 2010, has announced to open up its firehose that will make Brand activities more measurable. This opening up of data will enable companies to customize their online campaigns on the platform based on insights on user activity. This comes after the roll-out of promoted pins for which the company aimed at garnering between $1 million and $2 million from its advertising partners.
How do these Marketing Technology relationships work?
Pinterest, for the first time, will give a selected group of companies access to it’s insights data like how users are interacting with content on the platform. The company announced it on its blog saying that it is “working with a small, carefully selected group of marketing technology (“MarTech”) developers to offer Pinterest business insights. Insights help businesses engage better with Pinners. This could be which boards and Pins are getting the most engagement, which downstream actions Pins are driving or what products are most popular with Pinners.”The selected group of companies that are testing out this new Business Insights API are Piqora, Spredfast, SalesForce, Tailwind, Hootsuite, Percolate and Curalate. These selected companies will be able to build third party softwares to tap into the user interaction data. Using this data, brands will now be able to measure the engagement generated by different activities and also come up with better targeted ads. Thus, this new API will help brands in segmentation and targeting the users which will in turn help them resonate better with them.
Does it replace “Pinterest Analytics”?
Pinterest also provides a free tool called “Pinterest Analytics” to provide insights to users. Pinterest addressed concerns on whether the new API will be replacing its free tool on its blog. They clarified saying “Pinterest will continue to build value into Pinterest Analytics as an important free tool, while Marketing Technology developers are encouraged to add additional insights and features such as conversion tracking capabilities that Pinterest doesn’t currently offer.”
With more than 30 million active users out of their registered 70 million users, there is a huge opportunity for Brands to market themselves on Pinterest. With this launch, Pinterest has become more measurable, and it is expected that more companies will dive into Pinterest.