For now, Pinterest remains a free social image “pinning” network. Recently, Pinterest released it own, internally created, web analytics tool to allow businesses and content creators, who frequently use Pinterest, to better understand how their Pinterest usage translates into results. While Pinterest remains steadfast in its stance that Pinterest web analytics will always be free with no plans for change, many local social media marketing insiders believe this is the first step for Pinterest along the path to monetizing its data and generating its own revenue streams. Pinterest maintains that its new web analytics tool created out of a necessity to assist “pinners” (people who post images and content to Pinterest) with understanding what types of “pins” are most effective on Pinterest.
Pinterest Will Allow API Access
It has long been rumored that Pinterest will be providing an API or third party access to its data. An API would allow third party businesses to create data and analytics related products and services to help Pinterest users better understand and monetize their Pinterest marketing strategy. Other social networks like Facebook and Twitter have begun to scale back on their data sharing through API, as they attempt to monetize their own data for themselves.
Pinterest Needs a Plan for the Long Term
Pinterest has become one of the fastest growing websites with a nearly four thousand percent increase in usage. Even though usage has skyrocketed, Pinterest remains a relatively small company. Pinterest’s newest hurdle to overcome is how to plan and implement business minded strategies to absorb the growth, grow and move forward as a legitimate online social networking powerhouse for the future.
Stepping on Each Other’s Toes
Before the release of Pinterest’s web analytics tool, many third party businesses were providing analytics type products and services to businesses, which use Pinterest. The web analytics tool is not a major search engine guide or overly robust, but it does provide data on the most important key metrics. Pinterest hopes that the third party businesses will evolve slightly and continue to provide useful and usable tools to businesses. For now, Pinterest relies on these third party businesses to round out the spectrum of analytics available, as their web analytics tool covers the important “basics”. Pinterest’s web analytics tool will measure most pinned, most recent pins, most clicked, most viewed pins, traffic sent to Pinterest, and traffic sent away from Pinterest.
Currently, third party vendor companies should simply be on alert. Pinterest currently finds them to be useful in rounding out their product and actually drawing more attention to it. However, the release of the Pinterest web analytics tool should cue these businesses into the possible future plans of Pinterest, which may leave these businesses charging for a product or service that Pinterest may then be giving away for free.