It struck me recently, that I would be lost without Pinterest. Almost in the way I would be lost without my husband. ( I meant to say google, but he may read this one day … ) If I need an answer to a nagging question, I simply google it. When I need inspiration, I turn to Pinterest !
The Lure of Pinterest to Women Like Me
Last weekend, after spending a few hours, scrolling through images, I found my husband’s next project. The laundry room! In our house, I am in charge of research; he is in charge of production, though he may like to think otherwise.
Research underway; I thoughtfully began pinning a collection of laundry room images to share. So many options could work in the space, but above all, it needed to be functional. Dreaming about improvements online took time, and in the end, the opportunity cost of time spent on Pinterest, meant no wasted time on magazine purchases or repeated trips to home depot.
I know this because it is the route I would have taken 10 years ago BP (Before Pinterest). Managing my design choices through Pinterest required fewer inspirational magazine purchases and less time travelling. I am saving money and leaving a smaller carbon footprint!
Inspiration Born Out of Need
The laundry room makeover started because we needed to remove closet doors in the mudroom. These closet doors and a close-by rear entry door made getting in and out of the house tricky. Usually someone was hurt maneuvering past an open closet door, and opening one to go in / out of the house!
I am happy to report great progress on weekend 2 of the laundry room, aka- mudroom project. Closet is removed, drywall patching complete, tiles replaced, and trim and bead board are going in. Youtube was a great help for the floor-tiling portion of the project. A ‘How To’ video, ensured broken tiles were removed and replaced properly. Youtube videos are as valuable for learning project techniques as Pinterest is for inspiring project ideas!
What Does The Future Hold for Pinterest?
With most of these nascent social media successes, I have tried to understand their business model. No sense getting attached to something if it is not here for the long haul. Pinterest has reached critical mass. They have been well funded and have a large user base. Much like Facebook when they began. What revenue model will sustain them long enough to innovate for the next generation?
No surprise, I found out Pinterest future lies in a monetization strategy that will likely rival google’s paid search advertising revenues. Pinterest has a lot more to offer advertisers. Unlike google, you don’t need to know what you are looking for on Pinterest to find something. According to Jillian D’Onfro, of Business Insider ( http://www.businessinsider.com/citigroup-pinterest-will-launch-its-ads-api-as-early-as-q4-2014-3#!IZfm5 ) their product and image driven environment accounts for 23% of referral traffic to e-commerce sites. The company is valued at $30 billion US dollars, with a user base of 40 million projected by the end of this year. It is evident a strategy is being tested and put in place to earn revenue through advertising.
Facebook and Twitter have gone public and have a monetization model in place. Pinterest may be the biggest of these social prodigies to go public yet! So much potential for a company that understands its market niche (80% women) and their buying behaviour. Jeff Bercovici’s recent article in Forbes highlights the Pinterest phenomena, that could dwarf twitter and facebook here – http://www.forbes.com/sites/jeffbercovici/2014/10/15/inside-pinterest-the-coming-ad-colossus-that-could-dwarf-twitter-and-facebook/
That’s All Good for Pinterest, But What Does it Mean For Me?
Likely, that Pinterest is here to stay. They are the largest in their market if consolidation were to occur, so that makes me feel good. It means I can continue to freely pin and be inspired by images, to my hearts content. The advertising? As long as it is tasteful and relevant to my searches and interests, I’m ok with it. On the plus side, it may even point me in the right direction when I decide to make a purchase!