"Understanding Pinterest Users and Building a Successful Marketplace Business"

"Understanding Pinterest Users and Building a Successful Marketplace Business"

Introduction:
Pinterest Users: More Adventurous, Sensitive and Materialistic. People use the image-search site Pinterest for a variety of reasons, from deciding what to cook for dinner that evening to getting inspiration for an upcoming DIY project around the home. U.S. adults who report using Pinterest at least once per week are more likely than U.S. adults, in general, to be classified as adventurous, sensitive, and materialistic. These personality attributes seem to manifest themselves in the degree Pinterest users appear open to experiencing new things.

Pinterest Users: Adventurous, Sensitive, and Materialistic:
Pinterest users have been found to be more adventurous, sensitive, and materialistic compared to the general public. They are 69% more likely to be adventurous, indicating their interest in travel, interacting with upcoming brands, and unfamiliar cultures. Additionally, 66% of Pinterest users are classified as sensitive, caring about what people think of them and needing alone time after being in a group. Moreover, 52% of Pinterest users are materialistic, considering themselves socially healthy and enthusiastic when around groups of people.

Personality Attributes and Interests:
Sensitive: This group of Pinterest users cares about what people think of them and values alone time after social interactions. They are interested in celebrities, beauty and grooming, fashion, and cosmetics. This interest fuels their high use of social media platforms.

Materialistic: Pinterest users in this group consider themselves socially healthy and are excited to be around groups of people. They are honest, extroverted, and happy to express their feelings. They have a particular interest in shopping, fashion, cosmetics, and celebrities. Their high frequency use of instant messaging apps allows them to increase and maintain their social health.

Building a Successful Marketplace Business:
Marketplace businesses have several advantages, including network effects, barriers to entry, efficiency, scalability, and flexibility. To build a successful marketplace business, it is essential to crack the chicken-and-egg problem during the initial phase.

Phase 1: Crack the Chicken-and-Egg Problem:
Getting the flywheel going in a marketplace business can be challenging. It is crucial to convince one side of the marketplace to commit before the other side. This can be achieved by constraining the marketplace.

Step 1: Constrain the Marketplace:
Constraining the marketplace to quickly reach critical mass is a common strategy among successful marketplaces. This can be done through geographical or category constraints.

Geographical Constraint:
Focusing on specific markets allows marketplace businesses to unlock supply and demand more efficiently. By concentrating efforts in a few markets, critical mass can be achieved, enabling rapid growth. For example, Airbnb focused on creating critical mass in a few markets before expanding internationally.

Category Constraint:
Concentrating on a specific category within the marketplace can help gain traction and create a strong presence. By duplicating successful use-cases, marketplace businesses can focus on specific areas that show early traction. Eventbrite, for instance, focused on tech mixers and conferences to gain initial traction.

Actionable Advice:

1. Understand your target audience: Just like Pinterest users, identify the personality attributes and interests of your target audience to tailor your marketplace accordingly.

2. Focus on a specific market or category: By constraining your marketplace initially, you can achieve critical mass more quickly and create a strong foundation for growth.

3. Duplicate successful use-cases: Identify the core use-case that drives traction and focus on duplicating that success. This will help you establish a strong presence and attract users more efficiently.

Conclusion:
Pinterest users exhibit unique personality attributes that make them more adventurous, sensitive, and materialistic. Understanding the traits of your target audience is crucial when building a successful marketplace business. By cracking the chicken-and-egg problem and employing strategies such as geographical and category constraints, marketplace businesses can achieve rapid growth. Remember to focus on your core use-case and constantly adapt to meet the needs of your users.