Pinterest is getting serious with their commitment to bring out the best of their platform for advertisers.
The company announced that the latest analytics tool for Pinterest is now available to businesses worldwide. With this tool, businesses can see detailed data on the number of users who engage with their pins as well as other information, such as what countries those users are from, what their interests are on the social network and off network data for those who have Pin It buttons installed on their websites.
“We’re pretty excited about this because it’s actually our first global business tool launch that we’re doing. We talk here at Pinterest a lot about the importance of the user experience and how the pinned side of the ecosystem is important to us. Businesses are equally and critically important to us as well. At a high level, we are super interested in content creators of any types and also SMBs getting value out of this. At the end of the day, what we are hoping is that these guys will be able to derive insights from the tool, inform their marketing strategies and ultimately help pinners have a better experience by optimizing the type of content,” said Jason Costa, Pinterest’s Product Manager.
Initially, the analytics tool was available in a limited beta test with fewer than hundred participants. Now, anyone can take advantage of this new analytics tools, as long as you sign up for a business account on Pinterest.
Pinterest previously introduced a more rudimentary analytics platform, which the company expects to phase out over the next month. The new analytics tool comes at a time when its “visual” social media competitor, Instagram, has released its analytics platform with a set of goals: attracting more businesses and gaining dollars. However, Costa suggests advertising is not the primary incentive, at least not for now.
“This isn’t so much an advertising tool. It’s a free tool that is really meant to inform these guys how their organic strategy is working on the service. By and large, we are putting this out there to make sure these businesses are getting the insights that they need to make sure their marketing and product strategies are improving over time.”
Pinterest introduced its first ad product, promoted pins, late last year and expanded on that initiative more recently with the introduction of self-service ads. The social media channel is now valued at $5 billion and is viewed by some analysts as the next big social network that will go public, once it fixes its monetisation engine.