Pinterest announced on Tuesday that businesses can begin using new, more comprehensive analytics to track user engagement on their site. After months of work and beta testing, the analytics services are now available for any user with a Pinterest business account.
Businesses can get details about how many users interact with their pins, what country the interactions are coming from and what sort of topics interest their users.
Any size business can sign up for a free Pinterest business account, though the social bookmarking site is especially targeting small- and medium-sized companies.
The new tools are focused on helping businesses get to know their audience better so they can provide more targeted content to meet the audience’s needs.
On the Pinterest business blog, they give an example of how Lowe’s was able to use data from one of their pins to create a marketing strategy. After pinning an image showing users how to make their own colorful doormats, Lowe’s got more than 200,000 repins from users. That data let them know that DIY posts are relevant to their audience, so they were able to create a marketing strategy around that idea.
Business users can see how much traffic their websites get by adding a “Pin It” button and see which pins have been the most effective for their efforts.
Additional analytics capabilities will continue to roll out over the next month, according to an article on Mashable.
Pinterest also began using self-service ads in June to give businesses more options for promoting their pins using a cost-per-click payment model. The self-service model also works well for smaller businesses, as they don’t have to pay unless someone clicks on the ad.
The social site has recently been valued at $5 billion. Though Pinterest hasn’t gone public yet, its high valuation may be a step toward making that happen as their monetization growth continues.
