Looking at the list of investors will provide some insight into the direction of the site and its intended use. Investors include Jack Abraham, the son of comScore co-founder Magid Abraham. Abraham also founded Milo.com and sold it to eBay for $75 million. Milo was an interesting company because it signed deals with retail stores to index their inventory in search results, something the electronics industry tried to do for years by helping stores tag their merchandise with RFID. Then there's Michael Birch of Bebo, Scott Belsky of Behance, Shana Fisher of Highline Venture Partners, Ron Conway of SV Angel, Kevin Hartz of EventBrite, Jeremy Stoppelman of Yelp, as well as Hank Vigil, Fritz Lanman, and Brian S. Cohen. A nice crew.
Well, this one got me thinking! Thanks for the article.
Until now, I've not taken Pinterest seriously for the electronic compnents world. After all, how many pictures of tiny black plastic devices can you post?! So I've assumed it fits better with B2C - restaurants, home decor, weddings etc.
But you make some good points, and may be worth another look - particularly with the brands you mention from our industry. I'm guessing the data you quote is for all users? It would be interesting to see numbers only for B2B brands. Maybe GlobalSpec will include Pinterest in their next Social Media surevey to see how well it's used in our market.
I also appreciate Andy's example from TTI - helps to get the creative juices flowing.
My main concern (as always) is that this is one more platform that we have to create content for and maintain, along with Twitter, YouTube, Blogs, Facebook....they all have their value and place inthe mix. Presumably the day will come when most companies have dedicated ressource for Social Media / Content Curation, but until then, it's a question of prioritizing the channels that align best with our customers.
@Laurie -- Monetization of some kind will be imperative, of course. Neimann-Marcus uses the site as a secondary eCommerce channel. I know others do as well. However, I would venture they aren't paying fees to do so.
The challenge will be taking a company like that and proving the system out. And the second challenge will be to do it with a company not associated with their original core of fashion, DIY, etc. I personally think they would first try the Twitter model and start allowing for 'promoted pins' -- making pins show in your feed automatically based on your follow preferences. If that is viable, then they may look into some form of the pay-per-click model.
In the end, Pinterest will have to sustain the traffic its generating now in order to make either viable. I hope for both. It is a fun site and image-as-a-link sharing makes for engaging experiences.
alawson - thanks for the comment. It took me some time on the site before I realized its possibilities. The photos pinned to boards tell a story that sometimes words cannot convey. Social media, sites like Pinterest, allow brands to act human, which creates a stronger bond between products and consumers or businesses. I'm looking forward to seeing the site's advertising model. Founders will need to monetize the site and it will become interesting to see how they might use the boards others create to generate profit. Maybe a revenue-share model would work. Your thoughts?
Hi Laurie, Great article! Glad to see that others are catching on to the power of sharing this site has introduced. When I posted "Pinterest, Not Just for Girls Anymore" I think there was a bit of hesitancy to engage with the site because of its beginnings. This has changed in other industries and I hope that the same change is in motion in this one.
TTI has been on Pinterest since January and we have been happy with both the questions this addition has generated and the role we could play in educating others about emerging sharing technologies.
I think your point about showing brand associations that are not apparent is a key one for us. More often than not, explaining what TTI and this industry does requires a long conversation, so it becomes important for us as a brand to realize the importance of 'second level connection'. By referencing how our work goes into making the products that people know and love, we bring our brand closer to top of mind with audiences that can have a yet unknown effect on future sales and partnerships. Pinterest is a great tool for that.
Thanks for this post and for helping to further interest in Social in the industry.
Congrats! The first article so compelling that I created an account to comment!
I was thinking about how to best maximize Pinterest for an Independent Distributor like my company... this has intriguing ideas and suggestions... I'm still not 100% how to design a "campaign" for lack of a better term... BUT,you've got great ideas for it, so thanks for sharing!
This is a great how-to guide and the data is interesting. 90-plus minutes is a lot of time. I've had an invite to Pinterest and haven't used it yet--I have enough trouble keeping my Facebook and LinkedIn pages up to date. But I hear people love Pinterest and once you are on, you are pretty much hooked (or pinned).
EBN Dialogue enables and encourages you to participate in live chats with notable leaders and luminaries. Not only editors and journalists, but the entire EBN community is able to comment and ask questions. Listed below are upcoming and archived chats.
Thailand Stages a Comeback Join EBN contributor Jennifer Baljko on Thursday August 23, 2012, at 11:00 a.m. EST for a live chat on how electronic manufacturers in Thailand have shored up their supply chain to reduce the impact of future natural disasters.
Microsoft Surface: Potential Winners & Losers What are the implications for the electronics industry supply chain of Microsoft Corp.'s decision to launch its own tablet PC? Join industry veteran and EE Times' systems and OEM expert Rick Merritt on Tuesday, July 3, at 12:00 pm EDT for a Live Chat on this subject.
Join EBN contributor Jennifer Baljko on Thursday August 23, 2012, at 11:00 a.m. EST for a live chat on how electronic manufacturers in Thailand have shored up their supply chain to reduce the impact of future natural disasters.
Peter Drucker famously said "Trying to predict the future is like trying to drive down a country road at night with no lights while looking out the back window." Yet in the razor's-edge world of electronics—with a lean supply chain and just-in-time demands—the need to know the future is vital.
You've heard the saying "the No. 1 supply chain risk is your people." That hasn't always been the case. But today's complex global supply chain requires a new type of multitalented employee. It's one who understands, finance, marketing, economics, is savvy with technology, graceful with relationships and can think analytically.
Where are these people? Are universities properly preparing the next generation supply chain professionals? How do train your existing workforce for these new, demanding positions?
Brian Fuller, editor-in-chief of EBN, will lead a 60-minute Avnet Velocity panel discussion that will ask and answer these and other questions swirling around today's supply-chain talent challenges.