"The Power of Social+: Unlocking the Potential of Pinterest and Beyond"

"The Power of Social+: Unlocking the Potential of Pinterest and Beyond"

Introduction:
Pinterest Has a Chance. Creators and brands are looking to sell additional goods and use Pinterest as a demand aggregator. Remember how the Pinterest Factory tags all of the images and videos with metadata? That’s how the company grows its users and, subsequently, usage. Whenever someone searches for something on Google, Pinterest’s goal is that their images appear at the top of the results. It’s a self-reinforcing growth loop. Charge for access (SaaS) Charge for usage (Amazon Web Services) Charge for eyeballs (Facebook, TikTok, Pinterest) Pinterest should be the perfect platform for ads since people are on there explicitly to find goods. Despite that theoretical fit, Pinterest’s monetization has been abysmal. The most lucrative/performative ad to sell is one that appears right when a user has the intent to buy. Pinterest isn’t in the best spot for this value proposition. Their specific use case is discovery, not purchasing. Pinterest isn’t a shopping destination––it’s a window-shopping experience. The difference between doing this flow and doing it with a broader search bar like Google is the engagement modality.

The Power of Social+:
Community Takes All: The Power of Social+. The best version of every consumer product is the one that’s intrinsically social. Any product that has a social component baked in has fundamental and asymmetric advantages over competing non-social products in that category: better growth loops, better engagement, better retention, better defensibility. The key isn’t the rule itself, but the implication for founders trying to compete: No category is really won until the social product is built. Nearly every category of company will eventually make the fateful transition from single-player to multiplayer, from company-driven to community-driven, from individual to social.

Building Social+ Companies:

1. Social+ companies have a unique and proprietary social graph that is purpose-built for that product. The social graph allows users to connect and engage with each other, creating a sense of community and shared experience.
2. The social graph is critical to the product. The social element needs to be integral to the experience, not an afterthought. To be a social+ product, the social element needs to be critical to the overall product experience. Companies must ensure that the social component is seamlessly integrated into the core functionality of their product.
3. Peer-to-peer social engagement is baked into the product itself. Social+ products feature authentic engagement between the users in the network, not just with a single curator or creator. Strava creates true peer-to-peer engagement, while a company like Peloton is largely focused on engagement with instructors. The key is to foster genuine connections and interactions among users.

The Magic of Social+:
One of the reasons social+ companies present a unique opportunity is that they’re hard to build—both from a product design and a distribution standpoint. The interaction layer appeals to a user’s emotional and cognitive side, while the transaction layer is more functional and rational. When the emotional layer and the transactional one are well-designed and mutually reinforcing, that’s when the magic happens. Social+ companies can start with a familiar single-player concept, but it’s thoughtful design and that deliberate social/transactional balance that distinguish them from the rest.

Expanding Social+ Beyond Social Media:
There are many activities in which the analog version is inherently social, but the digital version is still a single-player experience. Eating isn’t always social (especially in COVID times), but when it is, it’s very social. So far, social+ food has proven elusive. We believe companies like Snackpass and Ritual show promise, but there is still plenty of room for innovation. At our core, humans are social beings. We crave connection and community—beyond social media—and things start to fall apart when we don’t have it. "Social" is a universal and timeless need. "Social" doesn't exist in a vacuum—it’s frequently layered on top of an activity or experience. And this is why the concept of social+ is so important.

Actionable Advice:

1. Embrace the social aspect: If you're building a product or service, consider how you can incorporate a social element that enhances the overall user experience. Think about how your users can connect, engage, and share with each other.
2. Prioritize authentic engagement: Focus on facilitating genuine interactions among your users. Encourage peer-to-peer engagement and create opportunities for users to build meaningful connections within your platform.
3. Design for emotional and rational appeal: Strike a balance between the emotional and transactional aspects of your product. Ensure that the emotional layer resonates with users on a deeper level, while the transactional layer provides functional value and convenience.

Conclusion:
In a world driven by social connections, the power of Social+ cannot be underestimated. Platforms like Pinterest have the potential to tap into this power by integrating social elements that enhance the discovery experience. However, it's not just limited to social media. The concept of Social+ can be applied to various industries and activities, revolutionizing the way we engage and connect with others. By understanding the importance of community-driven experiences and incorporating them thoughtfully into our products, we can unlock the true potential of Social+.