Establishing Your Brand and Maximizing ROI on Pinterest

This is a live blog post from the Online Marketing Summit. Day 2. Session presented by Danny Maloney of PinLeague.

Maximizing ROI in Pinterest

 

What Can Pinterest Do?

  • Mobilize fan base
  • Attract new customers
  • Analytics and Data

 

What Pinterest Is (and Isn’t)

  • Fastest to 10 MM monthly users – now 30 MM active monthly users
  • Average 175 repins on comments
  • Its NOT about status updates. It’s about conversation and real time. The average tweet lives to about 20 mins. The average facebook page lives for about 80 minutes. The average post on Pinterest is still being tested, but it’s averaging for over a week.
  • It’s an online Pin-Board = why do people care? They express life events, home projects, shopping, gifting, education, self-identity. This is EXTREMELY relevant and important.
  • Pinterest makes Discovery and Planning social.
  • It’s brand and product inclusive

 

What’s the difference?

  • Twitter – What Im Doing
  • Facebook – Who I am
  • Pinterest – Who I WANT TO BE (which is an incredibly powerful concept from a marketing perspective)
More referrals per user, more revenue per referral. Twitter & Facebook vs Pinterest – Pinterst wins by 14 times more.  Buyers have a higher average order value on Pinterest than on any other social network because it’s based on aspiration (who a person wants to be vs a need).

Building Your Brand on Pinterest

  • Pinterest can be (and should be) your #1 social referral site.
  • Yes, it can work for B2B and B2G as well, you just have to figure out how it can work for you (graphically) and keep going at it – it will build over time.
  • It’s FANTASTIC for B2C. – Top 1500 Brands are currently on Pinterest. You have to put enough time into it.
  • Early Brand “winners” remerging: Harper’s Bazaar 4MM followers, Better Homes and Gardens 300K followers, Seventeen 175K followers, etc
  • Good news: Pinterest has started to promote early adopters! Bad news: This window of opportunity will close.
  • 80% of focus is currently spent on company profile / boards HOWEVER 80% of buzz and revenue comes from USER Pins.

 

Maximizing Pinterest ROI

Step 1: Understand your audience profile

Step 2: Design content for the USER (make as list of 5 things they love, 5 things they have a hard time finding, 2 things about you = your first 12 boards)

Cover Photos are CRITITAL! First line of boards COUNTS! If your cover photos are no good, they will move on and not click through.

Step 3: Engage Your Fan Base

  • Integration.
  • Contests and Charity – “Pin It and Win It” – Note – have your contests run for LONGER than a week. Shorter term ones don’t work well.
  • Cross promote – if you have something successful happen on Facebook or Twitter – use your success on one platform to cross promote that on Pinterest if it’s relevant and interesting. Use Jeep as an example. They did something on Facebook that mentioned Pinterest in a contest and got 1000 Pinterest followers in 2 days and growth triples from 35 to 100 / week.

 

Maximizing Pinterest ROI

  • The Marginal Cost of growth on Pinterest is lower than Facebook. Pinterest is $0.01 – $0.40 per fan on Pinterest and $0.50 – $2.50 per like on Facebook.
  • Energizing your base in the fastest path to critical mass
  • Most companies use a single blast: this is a flawed approach
  • Engage users who haven’t followed your or engaged with you yet
  • Use Pinterest data and analytics to track competitor data

Tip: Text 954 404 8008 with first name and email and get a free Analytics Pinterest account and a cool info-graphic 🙂 Woot!

Stand Out Social Marketing What’s It All About

This is a continuation of the session at #OMSummit, Day One, from 6 Keys to Stand Out in Social Marketing.

The way we communicate has evolved. Social Media represents the largest shift in communications in human history. We are in the midst of a revolution.

Evolution of Communication

1400’s – printing press
1800’s – telegraph (telephone)
Late 1800’s – recordable media (radio)
1900’s – TV
2000’s – Mass Social Communication where your audience is now the content producer. Additionally, the audience is savvy and has moved from broadcast to dialog. Meaning we expect people to communicate directly with us.

Why are marketers sooooo excited about it?

 

Steps to Social Marketing Strategy

  1. Develop a Campaign.
  2. Identify Sources
  3. Develop Compelling Content and Offers
  4. BROADCAST!
  5. and wait… (for people to respond to it) – then RESPOND!

White paper or schedule a webinar if you’re B2B (might have a six month sales cycle)
Offers, coupons, discounts, polls, giveaways, etc if you’re B2C

 

For businesses, marketing through social media is about:

  • Data that is driven by
  • Dialog and
  • Contextual Content within a
  • Community
  • Real Life Examples
  • Louisville Real Estate Agent – 30% conversion rate on leads sourced via Twitter!!
  • IBM – Generates millions by listening for leads
  • TrNet – listens for “events” and sells software through twitter
  • Roger Smith Hotel – attracts guests

 

What’s at the Core?

Market Intelligence. Social platforms offer deep audience insights. The social breadcrumbs people leave online as they take actions and post content provide ripe insight for audience segmentation and targeting. Marketers that do this have a TREMENDOUS advantage over marketers that don’t.
Social scoring = finding prospects and converting them to customers.

 

So How Do You Do It?

  • Social Prospecting – identifying conversions that could result in the likelihood of a sale. (Pay attention to brands, products, services, keywords related to what you do and what problems you solve).
  • Pay attention to the conversations and identify buying signals and listen for them.
  • Use Hootsuite to monitor on these conversations and identifiers.
  • Collect the publicly available profile information on the individuals engaging in your specific conversion.

 

Paint a picture of your prospect! Capture Profile Details.

  • Are they talking about topics we care about? Location, time, who they are talking to, etc.
  • How do you target specific targeted individuals?
  • Social Scoring – Develop tracking before direct engagement. (can take 9-12 months). Develop a behavioural score model.
  • Tweet with specific keywords, Tweet with corporate account. Joined Facebook group. Blog post on specific subject, and so on.
  • Define a path to purchase.

 

THREE STEPS TO SOCIAL MARKETING:

  1. Monitor
  2. Post
  3. Engage

Target top XX influencers for direct engaegment
present list of cxx leads to sales team by region.
The benefits of social scoring
The social web becomes your marketing database
– identify buyers, prospects and leads
– tier your prospects lists and database bas don your rules
– target bvery specific groups and individuals for conversion

 

Case Studies

Foiled Cupcakes – 94% of sales come through TWITTER!! They send leads to the site, give away samples to her exact target market, talk to them about things women like (like shoes, kids, etc – it has nothing to do with cupcakes, but people build relationships with her then buy her cupcakes because they like her).
Jeep – They look for comments from people who talk about having kids and needing to upgrade their cars, wanting to buy a new vehicle, etc, capture their information then send them a personal message.
Ford gives 100 social influencers euro version of the Fiesta
Asked to track Missions via video and upload
6.45 millions views of Missions resulted in 10,000 car sales in the first 6 days.
The Wizarding World of Harry Potter – Reached out to the Ttop 7 Harry Potter bloggers who generated 350MM views

 

8 ROI Social Media Related Metrics

1. Conversions

  • easiest imporelentation = link append (http://mycompany.com/?q=LeadLource&fn=Link
  • Mask with vanity or bit/ly
  • Send through appropriate channel

2. Reach & Relevance

  • Sum of fans, followers and subscribers
  • Reach Velocity = Social Reach growth month over month

3. Interactions

  • Interaction = SUM (shares, likes, retweets, @replies, comments, fans, etc)
  • Interaction Velociaty = Social Reach growth month over month

4. Activity Ratio

  • Activity Ratio – # of intersections / social reach

5. Content Effectiveness

  • Comment to content ratio
  • Comment to profile ratio
  • Content to share ratio

6. Brand Sentiment

  • Audience Sentiment
  • Contributor Sentiment
  • Content Sentiment
  • Author Sentiment

7. Inbound Links

  • Total number
  • Authority Domains

8. Influence

  • Influencer score
  • Influential tipics / areas

 

Summary of 5 Steps to Stand Out Social Marketing

  1. Pay Attention
  2. Interact & Engage
  3. Know your audience, intimately (prospecting, profiling and scoring)
  4. Follow the big 3 of Monetizing Social
  5. Optimization and Improve with social ROMI etc

 

Tools for social scoring

  • Monitoring tools so you understand what your audience is saying.
  • Purchased tools that do this
  • Hootsuite
  • Still an emerging marketing so there are not tons of free or inexpensive tools out there yet.

Pinterest in Affiliate Marketing Explained

About three weeks ago, a well respected affiliate named Tricia Meyer did a webinar explaining what Pinterest was all about. I finally had a chance to listen to it and learned a few things about how businesses and affiliate marketers could leverage this tool to gain additional exposure and traction of their products and brand through image sharing.

In a nutshell, users can “pin” things they are interested in on their boards, and people can repin them. Affiliate links can be added into there “pins”, and, when they are “re-pinned” the original affiliate link gets passed along too. Very interesting business model and marketing strategy indeed. Its a hot topic right now and a social tool that’s not going anywhere fast, so take the time to watch this video and educate yourself as to how Pinterest is changing the way merchants and affiliate marketers are working with new tools on the web.

Quote from Tricia Meyer:

“I was initially attracted to Pinterest not as a user but as a marketer because I saw how quickly it was gaining momentum with my friends who usually are not much into social media. I was skeptical of the value for affiliate marketers and bloggers but started reading as much as I could about how people were using it. What jumped out at me was how negative people were responding to both the thought that Pinterest might monetize the site in some way and also the alleged copyright infringement allegations. As an affiliate marketer and lawyer, I had to speak up.

After writing a blog post in defense of Pinterest, more and more people started asking for my opinions. After being approached by Affiliate Summit, I decided to put everything that I had found into one webinar. Since the webinar, Pinterest has updated its terms to exclude some of the legal liability language that was making people nervous.

Regardless of whether you personally like Pinterest or its business model, if you are an affiliate marketer, blogger, merchant, or affiliate manager, you need to at least be educated about what it can and cannot do for your business.”

Tricia Meyer, affiliate marketing consultant

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