The new system from Pinfluencer will be able to work in line with other analytics providers, including Google Analytics, to provide a better reading of how Pinterest is engaging with users and creating revenue for companies around the world.
Pinfluencer will now allow a business to gain specific statistics in relation to Pinterest including visits per page, page views per pin and revenue per pin to allow brands and marketers a way to track exactly how effective Pinterest is in channelling consumers to sites and then parting with their cash.
The success of Pinterest as a means of encouraging consumers to spend their money has received a lot of coverage int he world media with many citing Pinterest as the next big thing when it comes to online sales. However others have been more critical of the service offered by Pinterest ans see little value in the site that allows users to browse through pictures and then pin them onto their own personal boards.
According to a report b y TechCrunch studies have found that while Pinterst may send traffic to sites through pins, this traffic does not necessarily convert into consumers.
The online retailer Zappos said earlier in the year that Pinterest contributed least to revenue within the company and much less than Twitter and Facebook.
While there has been criticism of Pinterest as a force for driving commerce there have also been many positive reports about the site including one by Shopify that according to TechCrunch saw Pinterest users being 10 percent more likely to make a purchase on a site than those coming from other retailers sites.
With this new service being offered by Pinfluencer retailers will finally be able to track the success of Pinterest through a tried and tested system to see how Pinterest affects their own business.
Sharad Verma from Pinfluencer told TechCrunch that this new service was something that many businesses have been looking for since Pinterest has grown in popularity.
“This ROI data – the revenue per pin – can then be used to make a case for Pinterest within the organization. Now we can put dollar values there for the first time,” said Sharad Verma.
Sharad Verma added: “We create a database of pin URLs and the landing page, or the product URLs, that each of these pin points to, then, we integrate with brands revenue and analytics provider. At the end, we know that this particular client pin drew “X” amount pof revenue, “X” amount in purchase – actually correlating the data we get from the APIs and the crawled database of pin URLs that we collect.”
While being able to track a pin to the point of revenue may help to convince businesses that Pinterest is an important part of internet marketing the system does not include a way to monitor intent. It cannot account for people who may pin an item months earlier before then buying it.
However, this is a good start for many businesses looking for a way to track Pinterest and its relevance in the market place.