What is Pinterest's business model
Pinterest is a website and mobile application that serves as a platform for sharing photos. Registered users can upload, save, sort, and manage images, as well as other consumable media such as videos, through curated collections known as pinboards.
While Pinterest is often viewed as a social media website, this is not how the company approaches its business model or business model. The company sees itself as a discovery service and helps its users plan their future by allowing them to curate images or a series of images. One of the main use cases for Pinterest is when women use the site to plan their future weddings.
Pinterest is a unique platform with an equally unique business model that sets it apart from other photo sharing websites.
A unique way to share photos
The rise of social sharing has been rapid over the past five years, as exemplified by the $ 1 billion Facebook acquisition of Instagram and the recent success of Snapchat.
Sharing photos has been the main reason for the rise in social sharing. With traditional photo sharing websites like Facebook, Instagram or Snapchat, users share their personal photos with friends and family.
Pinterest decided to take a different route. Instead of users sharing photos directly with friends, users instead curate personal boards of existing photos uploaded by friends, strangers, and even companies. In addition, users can upload their own photos and pin them to their boards.
This creates a more personalized experience for each user and allows those users' friends to see what they are up to by checking out their personal boards.
New updates and improvements to the advertising strategy
As of August 2015, the best way to monetize a social sharing website is through digital advertising. Pinterest knows this and has created a business plan that monetizes the platform with s. However, the company does it in a unique way.
While the world's Facebooks hire advertisers based on the cost-per-click (CPC) model, Pinterest has developed an advertising campaign strategy that charges advertisers for engagement or action. This means that an advertiser only pays when an existing user works with an advertised PIN, which has the potential to increase the advertiser's return on investment. Pinterest offers both CPC and cost-per-1000 (CPM) options for advertisers.
In addition, advertisers can use pinterest's unique use of pinboards to target users to their interests, personas or phase of life. This gives advertisers the opportunity to address potential customers on a more nuanced level than is the case with other social sharing platforms, which offers an additional boost for a positive return on investment (ROI) on advertising budgets.
Pinterest has also launched its own creative studio, the Pin Factory, which allows advertisers to pay for more attractive Sponsored Pins. The Pin Factory helps advertisers create attractive images and write more engaging descriptions.
Focus on Discovery
While other social sharing websites focus on the interactions between friends, Pinterest has developed a business model that focuses on showing its users new and interesting things. In this way, Pinterest is very different from Facebook or Twitter, as the company wants to leverage its users to use it as a tool for planning future projects.
Pinterest should be viewed as a search engine rather than a social sharing site. The company allows its users to come across new information instead of searching for specific information, which makes the business model extremely unique. This focus on discovery is underscored by Pinterest's partnership with Apple, which enables users to discover new apps in the Apple App Store.
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