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Pinterest's Brand Relevance

I analyzed Pinterest and explored their ESG Plan and marketing strategies.

Timeline

Business Model

Growth Strategy

ESG Plan

Popularity

Pinterest's Popularity

How Did Pinterest Become Popular 

In 2009, they launched the app, Tote

Users were...

  • More interested in product categories over brands

Point of Differentiation

  1. Sharing things people like, over sharing personal updates (unlike Facebook and Twitter)

  2. Instead of targeting developers in the Bay Area, they targeted "homemakers in the Midwest"​

  3. They started with an intuitive website design

2011

  • Pinterest is added to the App Store

  • Named one of "50 Best Websites" by TIME Magazine

  • They become amongst the 10 largest social media services with more than 11 million unique visitors.

How Pinterest Remains Relevant

  • The algorithm uses a variety of factors to determine the relevancy of pins, including the user's search query, the user's activity on Pinterest, and the content of the pin.

  • Since 2019, Pinterest's user base has grown by over 25%.

Business Model

  • Pinterest makes its money by advertising

  • Mission runs through all parts of the business

    • Core competency: “Put Pinners First”

  • Resources are allocated to continue company growth/innovation

    • Introduction of shopping

    • Search by specificity (e.g. hair type, skin color)

Growth Strategy

  • Market penetration to increase product usage and market share.

  • Currently the 14th largest social network in the world by number of active users

    • Ranking below networks including Facebook, Instagram, TikTok and Snapchat

  • Past Growth Strategies

    • New and improved products

      • No longer need an invitation to join the site

      • October 2012 launched business accounts

      • Increased emphasis on visual search and e-commerce

      • "Pinterest Premiere" - gives advertisers access to a premium placement on the Pinterest app's search page for a 24-hour period. 

    • Diversification

      • In December 2021 Pinterest acquired the editing and video creation app, Vochi

    • Introduced in May 2022 "Pinterest TV Studio" new video streaming app.

  • Future Growth Strategies

    • Utilize new technologies to strengthen algorithm

    • Encourage users to explore new interests

    • Design each user's experience based on their geographic location

    • Strengthen partnerships with brands and content creators.

ESG Plan

Environmental 

  • Official policy banning ads that spread misinformation about climate change.

  • Wastewater re-pipe to save fresh water

  • Lighting retrofit project to save electricity in offices.

  • PinPlanet group empowers employees, users, and partners to support sustainability movements.

Social 

  • A commitment to DEI is exhibited in hiring processes and internal ERGs.

  • Partnerships with organizations to donate equipment, laptops, and food to local communities in need.

  • Strict ad guidelines to ensure Pinterest remains a 'positive corner' of the internet

Governance 

  • A diverse group of board members oversees all strategic operations and ensures that Pinterest lives up to its values and meets its corporate objectives.

Why Is Pinterest A Top 50 Brand?

  • High Customer Satisfaction 

    • Ranked #1 in the American Customer Satisfaction Index (ACSI)

      • Satisfaction rating of 76/100

    • Consumers feel highly positive about the brand

      • Due to the personalized nature that meets each individual's needs

  • Social Media Community 

    • A social media brand itself

    • Pinterest aids users in creating communities where they can share their interests with friends and followers

    • Users are also being shown new and interesting pins to explore

  • Great Product

    • The brand is an innovative leader

    • The product works well and serves its purpose, catering to each individual user’s interests and likes

    • Allowing users to share/gather what they like in one place.

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