Pinterest drew on its vast database to predict the most popular trends in 10 consumer lifestyle categories. Its latest Pinterest 100 report provides a wealth of information that businesses can use to improve their marketing and even product decisions.
“With this information, businesses can stay on top of the next big trend or plan ahead for it,” a Pinterest spokesperson told Luxury Daily. In addition they’ll be able to make more informed creative, marketing and product decisions that will help them reach their customers at the right time with something they’re interested in.”
Who would have thought that Buddha bowls and R.I.P Coffin Nails exploded in popularity or that many Pinterest users now eagerly seek nightstands and wedding DJs?
Manufacturers and suppliers of home furnishings may note that nightstands — specifically those with a sleek, minimalist appearance — saw a 721 percent increase in popularity. They may wish to focus on designing new nightstands and dedicate more resources to marketing the furniture pieces.
Advantages of Pinterest
Businesses produce 75 percent of Pinterest’s content, and 55 percent of Pinterest users are researching and shopping for products, the Pinterest 100 report states. That makes it easier for businesses to connect with shoppers and potential customers on Pinterest than other social media networks, as Small Business Trends points out.
In addition, since people use Pinterest to find products, businesses that use its promoted content enjoy five times more in-store sales than the industry average, according to Pinterest in a bit of self-promotional data.
Marketers may have forgotten about Pinterest as they concentrate on Facebook and consider Instagram or Snap. Yet, as one of the most popular social media networks, Pinterest offers opportunity to both PR and marketing, especially for those in B2C industries like home décor and fashion. Pinterest has accumulated more than 150 million active monthly users, and it refers more traffic than any platform except Facebook.
The Power of Social Media Analytics
Pinterest’s new report demonstrates how social media can provide data to identify emerging trends and predict consumer behavior. Other social media networks may conduct similar analysis with their own data and naturally touting their own platform as the best marketing and advertising option.
However, brands don’t need to wait for Facebook or Pinterest to release new studies. Social media measurement tools can now provide brands in-depth data and valuable insights into consumers’ purchasing trends. Social media analytics provides advantages over traditional marketing research. It is fast and inexpensive. Social media analytics can produce data in hours or days, as opposed to months for conventional research methods.
In addition, consumer research through social media can be more accurate than conventional market research because consumers are less disposed to social desirability bias and mistaken recall. People tend to be honest on social media, since they post their opinions without being prompted by survey questions.
Many brands already conduct social media analysis to quickly and affordably obtain market research on consumers’ opinions and emerging trends.
Bottom Line: Brands can benefit from Pinterest’s new research that reveals outstanding trends in a range of lifestyle trends. The research shows the type of insights brands can uncover through social media analytics. Brands can conduct an even broader analysis through a social media analytics service that examines the entire range of social media outlets.
William J. Comcowich founded and served as CEO of CyberAlert LLC, the predecessor of Glean.info. He is currently serving as Interim CEO and member of the Board of Directors. Glean.info provides customized media monitoring, media measurement and analytics solutions across all types of traditional and social media.
