We all know that advertisers help dictate the way businesses are usually positioned. Well, count Pinterest in as a company that recognizes it needs to diversify the audience to expand your bottom line. The subject has been written about for the last year, but I’m a man and I don’t pay too much to Pinterest news, which is exactly why it is looking to reel in some men.
The Street discussed how Pinterest recently received a large amount of investment, $367 mil to be exact, and currently has an evaluation of $11 billion, yes with a “b”, so now is the time to diversify their audience.
Still, there’s no question that woman are the dominant sex here. In the U.S., females are expected to comprise 83.3% of Pinterest users this year, according to digital analytics firm eMarketer, which expects the social network to grow its U.S. audience to 47.1 million people in 2015. Among all U.S. internet users, 29.4% of females will use Pinterest this year, compared with 6.2% of males
With such a high evaluation, loads of cash to throw around and a new product called “Promoted Pins, Pinterest needs to start producing revenue. And, when half of the demographic doesn’t use your product, it’s time to discuss a strategy to add men to the fold.
Pinterest decided to switch up it’s strategy when entering new territories. They’ve decided to partner with male-centric brands when launching in a new country. Prior to entering the UK, Pinterest reached out to Mr. Porter and Manchester United to partner on the launch to reach the male population right out of the gate.
By attempting to diversify it’s audience, Pinterest is going after the heavy weights, Facebook and Twitter, when it comes to advertising dollar. One issue that Pinterest will have to contend with is that only 36% of Fortune 500 companies have Pinterest pages. Compare that with Facebook, 80%, and Twitter, 83%, and Pinterest has a long road to travel to alter their user demographic.
Pinterest would be fine with its current user demographic. From every girl/woman in my world, they love Pinterest. However, once you start talking about going public and the wolves get a scent, you best be diversifying.