One”™s misfortune can be another”™s treasure. Facebook has faced increased pressure from its user base and advertisers alike. In light of some of Facebook”™s business practices and Zuckerberg”™s desire to dislocate Hawaiians whose homes stand in the way of where he wants to build his next mansion, people are deleting their accounts and advertisers are backing out.
While users and advertisers are pulling out of Facebook and the other social networks it owns, these ex-Facebook users and advertisers still need an option. Users want to consume content on other social networks and advertisers still need to spend their ad dollars.
In light of these developments, Facebook as a business will likely be fine. Advertisers who stay on the platform will get more affordable leads due to the decrease in competition, and Facebook still has more than enough users to be enticed with ads.
If you are looking for another option, then you may want to turn your attention to Pinterest as it is one of the social networks set to benefit from the Facebook debacle. While many people see Pinterest as a mixture of fashion, cooking and arts and crafts, it”™s much more than that. In this article, you”™ll learn three reasons why you need to get your business on Pinterest ”¦ fast.
1: MORE PEOPLE TURNING TO A NEW SOURCE
Pinterest already had solid growth before the Facebook exodus but is likely to accelerate even more. At its current outset, the Facebook boycott will probably make a minimal dent to the bottom line, but nothing severe.
However, people looking for new options may look toward Pinterest for their content and ad dollars. Politics can also be a beneficiary for Pinterest as U.S. officials discuss whether they should ban TikTok from Americans. While not everyone would be happy with this decision, other countries have already banned TikTok, and I would not be surprised if the U.S. followed suit.
2: A GROWING SOCIAL MEDIA AND E-COMMERCE PLATFORM
The timing for Pinterest is great, but there”™s more to Pinterest”™s growth than the Facebook boycott and a potential TikTok ban.
At the end of 2019, Pinterest reported that it had 322 million monthly active users. While Pinterest is continuing to grow in the U.S., it”™s international growth is rapidly expanding.
Pinterest users also browse through the app to find new products. Pinterest did a study and discovered that 82% of U.S. dads say they find new products on Pinterest, and 45% of U.S. dads with a household income of $100K+ use the platform.
While you can most certainly use Pinterest to grow your audience, you can also use it to sell more products. You can create a custom board where you list your products for sale. If you have no products, you can use affiliate links from sites like Amazon to earn revenue from the platform.
Pinterest is a social network, but if you ignore the e-commerce potential, you miss out on a tremendous opportunity.
3: THE COPYCATS FAILED TWICE
You know a social network has a ton of potential when the big guys try to copy it. Facebook and Instagram stories are completely unoriginal ideas, and let”™s not forget how Vine began its downfall as soon as Instagram stepped in.
When the big companies try to copy another company”™s platform, there is only one goal ”” take market share and, hopefully, eliminate that company.
Facebook and Google both tried to create Pinterest-like platforms. Facebook”™s Hobbi lasted less than six months while Google added collections feature to its image search engine to create a Pinterest-type feel back in 2015. Google is giving it a second try with Keen, another app with Pinterest-like functionality.
The executives at Facebook and Google saw Pinterest as a dynamic enough platform that they had to try and copy it. If you have 322 million users, you”™re bound to attract competition, and I can see Pinterest cruising to 1 billion users in a few years.
Pinterest presents a compelling opportunity to capitalize on current trends and establish yourself on an e-commerce platform, disguised as a social network that will continue growing.
If you want help with using Pinterest or are looking for someone to manage the work for you, schedule a free strategy call with me at marcguberti.com/strategy. I”™d love to hear from you.
