MRKT11028: Pinterest Business Model Explanation | Interactive and Internet Marketing Assignment Example

Introduction

The following paper includes a discussion about the services provided by Pinterest. Pinterest which is a website service which allows users to create and manage theme based images. The implications which are associated with its business model have been discussed in the paper. The implications of the internet marketing practices have been discussed in the paper in order to get an idea about the practices adopted by the company. The positive aspects of this businss model have been discussed in the paper. The paper also includes the recommendations for properly optimizing the business models.

MRKT11028: Pinterest Business Model Explanation | Interactive and Internet Marketing Assignment Example

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Pinterest a recent upstart or not

Pinterest is not a recent start. As it is somewhat similar to the earlier social and image bookmarking system and is also based on the same principle, it has just been given the new dimension and it is similar to the post bookmarking system of David Galbraith project Wists which was launched in the year 2005. The service was similar and allows the user to save images and pictures and categorize them easily on different boards. The users can also follow several other boards having similar tastes and preferences. Pinterest began its operations in the year 2009 by the launch of its site in December of the same year and was launched as a close beta in the year 2010 in the month of March (What is Pinterest 2012).

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Pinterest- Introduction

Pinterest is a simple pin board-style social photo sharing website. This allows the users to easily create images that are theme based. This site includes the collection of images, events, hobbies, interests and more. The users of the website can easily browse other pinboards can re pin images and create their own collection of photos and can also like the photos. The main aim of the website is to connect everyone around the world through the factors that interests them using the global platform of social sharing and inspiring ideas. The website is founded by Ben Silbermann, Paul Sciasrra and Evan Sharp. The website is highly managed by Cold Brew and a small team of group which is funded by the small entrepreneurs and inventors. The website is said to be one of the fastest growing and hottest sites on the web which is having traffic of more than 11 million unique users and visitors in January alone.
The company is a social networking site which is somewhat similar to the twitter stream under which the users gets the real time updates of what the people the users follow are pinning on the website. The platform under which the service us used by the users are different from that of the social platform, though the website is not highly used by several brands but this patter is also expected to be changed very soon. The service provided by the website is somewhat different from the other major social networking websites as several of the people mostly uses the service for inspiration, like whether they are hosting a party, getting engaged or finding a new recipe.
In simple terms it can also be said that several of the users are using this service to help themselves as a guide to taking their buying decisions. Pinterest is highly effective in the social media as this combines two major elements which are highly required for the social media i.e. the sharing who you are and the visual content (Crook 2012).

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The implications of business model of Pinterest

The business model is highly persuading the users and is becoming the fastest growing social networking website. The launch of the iPhone application in March 2011 has made a large number of downloads for the company. The company also launched Pinterest mobile in 2011 September as a new version of the application for the non iPhone users. In the year 2011 in the month of December the website become one of the top social networking website as per the Hitwise data and has traffic of 11 million visitors per week. The company was also named as the best startup in the year 201 by TechCrunch. In the year 2012 January the website become the fastest site in the history having more than 10 million unique visitors. The business model of Pinterest has several implications of n the life of the users. The users of Pinterest use it to have lot of information related to their topic of interest (Miller 2012).

The business model of Pinterest is growing day by day, the company has used the model to provide the users with networking with people who have similar interest and share their views and knowledge. Most of the users of the website are female and are using it to share their views related to several issues and topics of their interest. People are sharing and pin sharing their views and opinions about several topics and are also sharing pictures on the user pages. The company has organized different topics based on the pin boards and are organized in a manner that the users can easily collect the information and like their pin boards which interests them. All the content is organized into categorized that can easily be discovered by the users. Pinterest acts as a personalized media platform, where the users can upload their own content and can easily brows the uploaded pins by other users from the main page of the website. The users can easily save their favorite pins on their boards by using the Pin it feature of the website.

The business model of the Pinterest helps the users to socialize with people and share their views and interest related to the topic of their liking and can also brows the pins uploaded by the other users. The website has categorized each section into a specific category and thus helps the users to find their interest in an easy fashion. Pin boards have been widely used by people to plan their wedding, decorate their houses, making recopies, making plans and lessons etc. the implication of the business model is that it s becoming extremely popular among its users and is among the fastest growing social media website. The business model is entering the life’s of the people and making them helped in finding solution to several of the issues faced in their daily life, it is becoming a medium to interact with several people with similar interest and socialize in a new dimension and fashion (Carr 2012).

Explain the business model in terms of the upside

The business model has several advantages in terms of increasing the social life of the people and also adding value to the opinions of the users. The business model is aiding the users in several ways, as this is helping people to organize their views by using this platform and make their views count at a place where similar thinking people can gather and praise the thoughts of people. The business model have several upside as this is attracting several people from around the world and provide their interests and opinions about several topics and factors. looking at the commercial factor of the website it can attract several marketers and brands to promote their products. Several brands use the website as a virtual forefront to drive customers at their website. It has been found that the users of the Pinterest spend more on the brands using the website as compared to other social networking websites. Several brands small and big are using Pinterest and using its best practices to bring in the traffic on their website and buzz around their products.

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The best part of the website is that it is connecting several users from the world based on their interest. As per the company a book, or toy or recipe reveals common link in between the two people. With millions of pins addition every week, the Pinterest are connecting people from around the world based on the similar tastes and interests. The upside also includes the following of the interest of the users. The users can easily follow their topic of interests even if the other users aren’t following you back. The business model is also have several upside as this allows the users to login with the face book and twitter account which makes it to find the already logged users on the website. The business model also has an upside as this will attract several marketers which can market their products and brands and find people from around the world which have similar interest related to the product and service. They can easily segment their product and find a pool of people easily (Carr 2012).
The upside of the business model also includes the easy access for the users who can find the topic of their interest easily and can add the Pin in their board. The users also has the advantage that they can easily follow their favorite topics and can manage the activities using their board and by liking the Pins. There are pins related to several topics which are upgraded by millions of users from time to time. The user can get access to relevant information on the topics of their likings easily with a single platform and not finding it elsewhere.

Recommendations for optimizing the business model

There are several recommendations that can be given to the company in order to optimize it in a better manner. The major recommendation include the use of the information of the pins uploaded by the users into different segments which will aid the companies or the marketers to target their customers in an easy manner and can easily market their products. The company can also provide the users with additional features by linking the pins to other useful websites which will provide the users with the required information’s. It can also be recommended that the website can allow the users to make and add friends in order to make it more and more social and make the user follow their topics of interest. With the addition of the feature to make friends and communicate directly with eaxch other the company can easily increase its user base and then can make the service more user friendly. The website can also make the features of the website more and more user friendly which will make easy for the users to find their topic of interests in an easy and effective manner.

The business model can also be optimized by the use of the above explained recommendations and also can develop with more paces. As the website offers users to browse pin boards that are created by the people, as this helps the people to browse and discover things and get inspiration from the views of the people and share intereste it can be recommended that the company can also make several of the pinboards and create several categories which will help people to directly have access to these pinboards and get the topics of their interests.

References

Carr, K. 2012. Pinterest For Dummies. John Wiley & Sons.
Crook, J. 2012. [Online]. Available at: http://techcrunch.com/2012/03/14/this-is-everything-you-need-to-know-about-pinterest-infographic/ [Accessed: August 13, 2012].
Miller, M. 2012. My Pinterest. Que Publishing.
What is Pinterest? 2012. [Online]. Available at: http://pinterest.com/about/ [Accessed: August 13, 2012].

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