The following is an
executive summary for Pinterest that I have prepared using the Business
Model Canvas tool.
Executive
Summary Pinterest
Current
Status: Launched in 2010 by Ben Silbermann, Pinterest
currently has over 50 million users and one of the fastest growing websites in
the world.
Summary
of Business: Pinterest provides users with their
own online cork board; a place to collect a share their favorite things. Additionally
it provides business with an online cork board to highlight promotions, best
products, and work.
Customer:
The primary
customer is wide reaching. Using Pinterest is easy and anyone with a basic
understanding of web browsing or social media use can use. Pinterest users skew
towards the 15 – 30 years old, however use among the 30 – 40 year old crowd is
also common. Women tend to be more active users, and “pin” more frequently than
men.[1]
Value
Proposition: Pinterest
is the place users can collect their favorite things, share ideas, and generate
new ones. Users can better organize and connect with people around the things
that interest them most. From the business perspective Pinterest gives
retailors and commercial businesses specific insight into their customer wants
and needs.
Products:
The main
product for users is an online board for collecting one’s favorite things. On
the business side products can range from paid advertisements to specific
customer information.
Market
Advantage: The primary
advantage of Pinterest is that it is easy and mindless, in a good way, to use.
Unlike Facebook or Twitter where users actually have to think of new content,
Pinterest users don’t have to think, they only have to feel. Nor does the
content need to be current, it can be both past or current. In addition the information
collected via Pinterest is specific and focused. On Facebook one might like the
company Seven Jeans. But, on Pinterest one could “like” modern, dark denim,
boot-cut jeans on a barefoot person walking on the beach. As a user’s Pinterest
board grows and develops a clear picture of that users tastes and interests
starts to form.
Issues:
The web,
and social media specifically, is fast paced and highly competitive. Whether it
be user fatigue, as Facebook is experiencing, failure to develop new popular
products, as Zynga is experiencing, or new site competition like IHeartIt,
staying in front of users is always an issue and can quickly hurt a sites popularity.
Pinterest can however mitigate this issue because of its simple to uses
interface and the fact that it relies primarily on photo sharing; a concept that
has existed since the camera was first built.
Revenue
Streams: Current
revenue streams are limited. However, there is the potential to make money
through ad revenue and the deep customer insight collected through user pin
boards.
Channels:
Reaching
customers continues to get easier and easier with the continued growth of
smartphones, tablets, and overall computer usage.
Strategic
Partners: VC Firms
and Business customers
Competitors: Key competitors are Facebook,
Twitter, Vimeo, YouTube, IHeartIt. Though none of these companies offer the
same product as Pinterest, these companies do reach huge audiences and have the
potential to change or add new services. Additional competition is from the
next new company; the rise to success in this industry can happen fast, a couple
years in some cases. The next potential competitors may not even exist.
Company
Metrics
Full Time Employees: 80+
Users: 50M +
Re-Pins: Over 80% of pins are re-pinned, by contrast only 1.4% of tweets are retweeted [2]
Unique Users Per Day: 4M/
Estimated Company Value: $2.5B
Users: 50M +
Re-Pins: Over 80% of pins are re-pinned, by contrast only 1.4% of tweets are retweeted [2]
Unique Users Per Day: 4M/
Estimated Company Value: $2.5B
Revenues & Profits:
The fast growth and feverish interest in Pinterst will continue to drive users
and provide unique in depth information on users. Developing revenue models is
a work in progress; however it is clear that the information collected through
Pinterest is valuable to commercial businesses and certain users. Developing
ways to monetize this information without hurting the user base is being developed.
Attention all Pinterest users…here is a fantastic opportunity that I have just discovered. This
ReplyDeletecompany is willing to pay good money to people who know how to pin on Pinterest.
If you have a Pinterest account and know how you use it, then this could be your lucky day.
Get the full story here:
https://socialsalerep.com ?hyden8257