Pinterest links up with Salesforce, others to monetise data
Pinterest announced an initiative this week that will see the company link up with marketing technology software companies like Salesforce and Piquora in a bid to develop commercial insights based on how people interact or “pin” items on the social media platform.
Pinterest, which was founded four years ago, operates a social media platform that allows users to share or “pin” photos and links with one another and create themed pages to organise the content they share.
The company said many businesses use Pinterest to learn about their customers and consumer preferences more broadly.
“You might want to learn which of your products are popular, what types of images work best or which Pins are driving the most engagement and sales. All of these insights can help your business use Pinterest better, which in turn means a better experience for Pinners,” it said in prepared remarks.
The initiative, dubbed Pinterest Business Insights, will see marketing technology software companies work on integrating their platforms with Pinterest through APIs in a way that lets businesses using their platforms analyse Pinterest activity.
The initiative is launching with a handful of marketing technology firms initially, which include Salesforce (Exact Target Marketing Cloud), Hootsuite, Spredfast, Percolate, Piqora, Curalate and Tailwind.
Salesforce said the integration will enable marketers to easily view Pinterest analytics data directly within the ExactTarget Marketing Cloud, allowing them to tailor digital marketing initiatives around what customers and their communities are pinning on the social media platform.
“As Pinterest increasingly becomes a part of the customer journey, brands need to take into account Pinterest insights not only for social marketing, but to better inform all digital marketing,” said Scott McCorkle, president, technology and strategy at ExactTarget Marketing Cloud.
“We welcome Pinterest Business Insights into the ExactTarget Marketing Cloud to give brands the ability to connect more closely with customers and pinners.”
According to Salesforce, Pinterest is becoming an increasingly large part of corporate digital marketing strategies. It said 74 per cent of consumers relied on social media to guide their purchases and that in second quarter of 2013, Pinterest accounted for 23 per cent of global social-mediated sales, a huge change from the previous year’s 2 per cent.
The move is likely to bolster Pinterest’s bid to commercialise the data it captures, which has so far proved challenging for the young social media firm according to analysts despite being valued at over $5bn earlier this month.