The Power of Authenticity and Inspiring Content: Insights from Pinterest's Growth and the Need for a Chief Content Officer

Kazuki

Hatched by Kazuki

Sep 25, 2023

4 min read

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The Power of Authenticity and Inspiring Content: Insights from Pinterest's Growth and the Need for a Chief Content Officer

Introduction:

In an increasingly cluttered digital landscape, brands are striving to connect with consumers on a deeper level. They understand that traditional sales-focused tactics are no longer effective. Instead, consumers are seeking authentic brands that offer a unique point of view or share similar values. One company that has successfully tapped into this consumer mindset is Pinterest. Let's explore the insights from Pinterest's Q4 2020 earnings call and the importance of hiring a Chief Content Officer (CCO) to develop a credible brand voice.

Pinterest's Impressive Growth:

Pinterest experienced remarkable growth in Q4 2020, with a 37% year-over-year increase in monthly active users (MAUs), reaching a total of 460 million. This growth was fueled by the addition of 100 million new users in 2020 alone. Notably, Pinterest has seen significant traction with Gen Z, indicating its appeal to younger demographics.

Revenue also soared for Pinterest, with a 76% year-over-year increase, reaching $706 million. One key factor behind this success is the platform's commitment to inspiring content. Pinterest recognizes that everything starts with inspiration, and they have positioned themselves as a go-to platform for users seeking inspiration for various projects, such as home remodeling or fashion choices.

The Role of Video and Shopping:

To enhance the user experience and deliver a richer platform, Pinterest has invested in video and shopping features. Video has become the default format for users seeking inspiration. By incorporating videos, Pinterest has witnessed a significant uptick in video views and uploads.

Additionally, Pinterest aims to provide relevant ads, particularly in search results, to benefit both consumers and advertisers. Users come to Pinterest with the intent to buy, making it an ideal platform for advertisers to reach consumers who are in the early stages of their purchasing journey.

Pinterest's International Growth:

Pinterest's international business experienced a remarkable 145% year-over-year growth, contributing 17% to the company's total revenue. This growth highlights the strong demand for advertising in international markets. Pinterest's expansion efforts have paid off, attracting a global user base and generating substantial revenue from outside the United States.

The Need for a Better Agency Tool:

While Pinterest has experienced tremendous growth, it is not without its challenges. One pain point identified during the earnings call is the need for a better agency tool. Advertisers and agencies require more comprehensive access options to manage business accounts effectively. Granting granular permission access to multiple individuals within an agency is crucial for seamless collaboration and control.

The Rise of the Chief Content Officer:

In the midst of evolving consumer expectations and the need for authentic brand voices, hiring a Chief Content Officer (CCO) is increasingly vital. Journalists, with their editorial rigor and storytelling skills, are uniquely equipped to develop a credible brand voice. They excel at creating compelling content that resonates with consumers and transcends mere transactions.

Brands must represent a community in which consumers want to belong. A CCO can shape a brand's narrative by offering a distinctive point of view, aligning with consumer values, and fostering a sense of authenticity. This role has gained significant traction in recent years, with almost 50% of CCOs being hired in the past two years, many of whom are journalists.

Actionable Advice:

  • 1. Invest in Video Content: Following Pinterest's success, brands should prioritize incorporating video content into their marketing strategies. Video has become the go-to format for inspiration, and brands can leverage this trend to engage with their target audience effectively.
  • 2. Prioritize Authenticity: Consumers are seeking authentic brands that offer a unique perspective or share similar values. Brands should focus on developing a credible brand voice that resonates with their target audience and fosters a sense of community.
  • 3. Consider Hiring a Chief Content Officer: To navigate the evolving digital landscape successfully, brands should consider hiring a Chief Content Officer. Drawing on the expertise of journalists, a CCO can develop a compelling brand narrative that captures the attention and loyalty of consumers.

Conclusion:

Pinterest's impressive growth and focus on inspiring content highlight the importance of authenticity and the need for brands to adapt their strategies accordingly. Incorporating video content, prioritizing authenticity, and considering the role of a Chief Content Officer are actionable steps brands can take to connect with consumers on a deeper level in today's digital landscape. By embracing these insights, brands can position themselves as trusted sources of inspiration and build lasting relationships with their target audience.

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