The stock price of Pinterest, an American image sharing and social media service, rose tremendously right after the company announced 30% strong revenue and user growth in the third-quarter earnings.
Pinterest is considered a virtual mood board with recommendations on literally everything. Ben Silbermann, Evan Sharp and Paul Sciarra are the backbones of the site that has more than 400 million active monthly users.
During the lockdown, the company saw a notable increase in its users and higher engagement owing to adoption of an international audience and release of iOS 14 which allowed users to customise home screens using widgets, and this increased the search inspiration of millions of new users.
Also, advertisers played a big role with an increase in demand in the third quarter. Pinterest is expecting a 60% growth in its fourth-quarter revenue too.
The website helps small businesses strategise their marketing and promotes them by telling their story on their visual platform. Small businesses can showcase their work and services by pinning images, GIFS, videos, infographics and blog posts.
While users can purchase items directly from Pinterest or pin them to the user board for future, marketers often prefer Pinterest as it has one of the highest numbers of actives users. The platform helps marketers strategize in four ways: distributing user content, building a community, educating customers, boosting online sales by driving website traffic towards the profile.
The platform offers two types of accounts — business and personal. The business profile gains access to Pinterest Analytics and allows users to run Pinterest ads.
The company also researched about the pins and profiles of its users to know more about its audience’s taste, which makes it easier for them to target relevant users. Pinterest uses several marketing tools for its businesses and users. First on the list are social media management tools used for analytics capabilities with Hootsuite, Tailwind and Sprout Social. The second, community and followers growth tools for promoting user profiles with Loop88, PINGROUPIE, PinFollow. Lastly, Image Design and Creation tools to put up professional looking pictures to attract users from Canva, Pablo and PicMonkey.
After Facebook and Instagram, Pinterest is the third-largest social network. Last year, the company’s revenue had topped $1 billion.