Are you planning a quick trip & confused on what outfits to wear???

Are you a bride-to-be and are confused what's your style and aesthetic for your venue??

Or are you a student who believes in the power of manifestation and are consistently making vision boards??

🧭Unlock the power of visual discovery with Pinterest!! ✨

WHAT is Pinterest?
Pinterest is a visual discovery and planning platform where users can save and share content they find inspiring, helpful, or entertaining.
Users create boards and pin images and videos to those boards, which are organized by theme. This allows users to easily discover and save content that resonates with them.

WHY pinterest?
Pinterest is an ideal platform for businesses because of its high engagement rates. Users spend an average of 30 minutes per day on the platform, and 83% of users have made a purchase based on content they've seen on Pinterest.
Additionally, Pinterest's user base is diverse, with 35% more millennial pinners YoY and a 50% increase in Gen Z pinners.

HOW to use Pinterest?

Simply sign up for an account and start creating boards and pinning content. You can also use Pinterest's browser button to save content from the web. Very simple isnt it?

Now that our acquisition is ready,
How do we understand retention in users who are signed up?

Creating an Ideal Customer Profile:

WHO uses Pinterest?
Now, to understand the retention on the platform, let us take 2 Customer profiles who have been on the platform for more than 90 days and are active/regular users.

Lets look at an example for the fashion enthusiast, how her feed would look like: ICP 1

How can she generate content making use of Pinterest premium?

Once her pin is published, she can be paid based on the engagement & contract with promoters.

The homepage of Fitness/Wellness enthusiast:
ICP 2

The Jobs to Be Done & Validation:

​

Validation of JTBD:
ICP1:

Because our ICP1 is both a fashion enthusiast & aspiring influencer, we will consider both of these profiles.

Functional Goal: Reach 10,000 followers on Pinterest within the next 6 months.

Personal Goal: Increase engagement on her Pinterest profile by 50% within the next 3 months.
Keep upto-date with the trends, get outfit ideas from the style she likes.

Financial Goal: Earn an additional INR 10,000 per month through sponsored content and affiliate marketing on Pinterest. Also, get discounts from her favorite influencer promotion codes for products that she's keeping track of. These discount codes are different to the ones we usually see on Online shopping sites like Amazon, H&M etc.

​

Social Goal: Build a community of like-minded individuals who share her passion for sustainable fashion and eco-friendly living.

ICP2:

Our ICP2 is a fitness enthusiast with a focus on weightlifting and bodybuilding.

Functional Goal: Discover fitness influencers with the same body fat% goal as his. Keep a track of all their nutrition plans, product plans and gym schedule.

Personal Goal: Stick to a regime, work on it consistently and get daily motivation from the videos and nutrition recipes.

Financial Goal: Save an additional INR 1000- 3000 per month through influenced promoted discount content and affiliate marketing on Pinterest. Also, find the best deals on shopping websites like Amazon.

​

Social Goal: Build a community of like-minded individuals who share his passion for healthy weight gain and body-building. Reach a following among the community by atleast 1000 in next 3 months.

PRODUCT TEARDOWN & RECOMMENDATIONS: PINTEREST

< Pinterest_ Product teardown_Vyuhitha.pdf>

​

ACTIVATION METRICS:

To find the activation metric & then validate the metric I will make some assumptions on the user acquistion numbers to Pinterest.

As of February 2024, Pinterest reported 498 million monthly active users. Assuming a consistent user growth rate, we can estimate the daily user acquisition rate as :

My assumption for the daily user acquisition rate:

Daily user acquisition rate = Total MAUs / Number of days in a month

= 498,000,000 / 30

= approximately 16,600,000 users per day

Now, India has 35million users as of 2023.
=35,000,000/30
=approximately 1,166,666 users per day

​

Calculate the daily user acquisition rate per hour:

Daily user acquisition rate per hour = Daily user acquisition rate / Number of hours in a day

= 16,600,000 / 24

= approximately 692,500 users per hour.

For India,
=1,166,666/24
=48,611 users per hour

*Please note that this is my assumption and the actual daily user acquisition rate may vary. *

I will assume 4% to 6% of increase for my activation metrics

HYPOTHESIS 1:
(From reviews, the most noted problem is search bar & followed topics/influencers not being organized)

'By changing the search bar for Pinterest to include hierarchical tags, similar to the Anki app, will improve user engagement and increase the weekly active repinners (WARs) metric by 4% over the next 3 months (4000 users)'

The change would look something like this:

WHY WARs? REASONING:

WARs (Weekly Active Repinners) is a key metric for Pinterest, as it indicates the level of user engagement and activity on the platform. By improving the search functionality through hierarchical tags, users will be able to more easily find and engage with content that is relevant to their interests. This, in turn, should lead to an increase in the number of users who are actively repinning content on a weekly basis.

Metrics to Track for WARs:

WARs (Weekly Active Repinners): This will be the primary metric to track, as it directly measures the impact of the search bar change.

​

Daily Active Users (DAU): This metric will provide insight into the overall user engagement and activity on the platform.

Monthly Active Users (MAU): This metric will help track long-term user retention and growth.

Subscription Rate vs. Retention: This metric will help understand the impact of the search bar change on user monetization and retention.

Average Time to Action (TAT): This metric will measure the time it takes for users to take a specific action (such as repinning a pin) after interacting with the search bar.

User Cohorts: Analyzing user cohorts will help identify any changes in user behavior and engagement based on when they signed up for the platform.

​

TRACKING:

Day 1: Track the number of new users who sign up and the number of those users who take a specific action (such as repinning a pin) within the first 24 hours.

​

Day 7: Track the number of users who are still active on the platform and the number of users who take a specific action within the first week.

​

Day 30: Track the number of users who are still active on the platform and the number of users who take a specific action within the first month.

Sample Metrics:

Subscription Rate vs. Retention:

Subscription Rate: 20% (100 users out of 500)

Retention Rate: 80% (400 users out of 500)

​

Average Time to Action (TAT):​

2 days (average time it takes for users to take a specific action after interacting with the search bar)

​

Context for HYPOTHESIS 2: ​

​

Fake Products on Pinterest: 16% of online shoppers do not currently trust that the products advertised on social channels are genuine, an additional 22% only trust certain social channels, whilst 47% are skceptical about the authenticity of products advertised on social media.
source: https://www.smartprotection.com/articles/latest-e-commerce-trends-call-for-counterfeit-protection

​

​

HYPOTHESIS STATEMENT 2:

​

'By including audit tools like Upfluence can help reduce and eliminate fake products by 30% in 3 months on Pinterest thereby improving user engagement with the content'

Reasoning:
Increasing Engagement: Pinterest is a visual platform, so it's essential to encourage users to engage with each other's content. This would happen if users can purchase products without any hesitance for fake products

Upfluence's audit tools can help identify and eliminate fake products on Pinterest by providing insights into the authenticity of products and users. By using these tools, Pinterest can improve the overall quality of its platform and reduce the presence of fake products.

​

Metrics to Track:

Fake Product Detection Rate: This metric will track the percentage of fake products detected on the platform using Upfluence's audit tools.

User Retention Rate: This metric will track the percentage of users who remain active on the platform after a certain period of time.

​

Product Review Acquisition Source: This metric will track the source of product reviews, such as user-generated content or sponsored content.

​

My assumptions:

1. Over 60 million items are available for direct purchase on Pinterest.
2. The app has more than 100 Million monthly active users, with 85% of weekly pinners having made a purchase from their saved pins.
   

From the previous experiment, approximately India has 1,166,666 users per day; 8 Million users per week
16% of users dont trust the products & 47% are skeptical of making a purchase.

I will assume 4 to 6% improvement in the sales by improving the genuinity of products

Metrics to track:

Fake Product Detection Rate:
I will consider monthly detection data instead of Day 1, Day 7 and Day 30

Sample tracking data:
First Month: 20% of products detected as fake in the first month,
Second month: 15% in the second month, and
Third month: 10% in the third month.

​

User Retention Rate:
First month: 80% of users remain active on the platform after one month,
Second month: 70% after two months
Third month: , and 80% after three months

​

Acquisition Source for Tracking Product Reviews:

​

User-Generated Content: This includes reviews and ratings from users who have purchased and used the product.

Sponsored Content: This includes reviews and ratings from influencers or brands that have partnered with Pinterest to promote their products.

Other Sources: This includes reviews and ratings from other sources, such as product reviews websites or social media platforms

​

Product Review Acquisition Source assumptions:
40% of product reviews come from user-generated content,
30% from sponsored content, and
30% from other sources

​

VALIDATION OF ABOVE ACTIVATION METRICS:

Weekly Active Users (WAU): 8 million users per week.

Fake Product Detection Rate:
20% of products detected as fake in the first month,
15% in the second month, and
10% in the third month.

Retention Curve:

Month 1: 80% of users remain active, with 20% detected as fake.

Month 2: 70% of users remain active, with 15% detected as fake.

Month 3: 80% of users remain active, with 10% detected as fake.

Lifetime Value (LTV) Calculation:

​

Average Order Value (AOV): $50.

Conversion Rate: 5%.

Retention Rate: 70% (based on the retention curve above).

Customer Lifetime: 12 months.

LTV Calculation:

Revenue per User (RPU): $50 (AOV) x 0.05 (conversion rate) = $2.50.

Lifetime Revenue: $2.50 (RPU) x 12 (customer lifetime) = $30.

LTV: $30 (lifetime revenue) x 0.7 (retention rate) = $21.

Impact of Fake Product Detection Rate on LTV:

​

Fake Product Detection Rate: 20% in the first month,
15% in the second month, and
10% in the third month.

Impact on LTV: The fake product detection rate will improve the LTV by 10% in the first month, 12% in the second month, and 14% in the third month.

Conclusion: The retention curve for Pinterest will be impacted by the weekly active users from improved search bar and improved fake product detection rate.

​

​