In the world of new technologies – where Digital Marketing relies upon – not being quick enough to make decisions could mean a total strategy failure; it evolves so rapidly that those not being responsive risk of making a decision only when their competitors are already taking the lead.
When a company rejects for the wrong reasons (or for no reasons at all) the impact that a new technology might have on their business plan, the consequences can be dramatic. I have seen this quite often – especially on the early days of the Internet – when a business does not register their domain name in time, allowing somebody else to do it and thus paying later a large amount of money (either to the “usurper” or in the form of fees to some lawyer) in order to recover it. Another good example from recent times was the case of Gerry Harvey (Harvey Norman’s CEO) and his statement back in 2008 that “The whole world was conned with on-line retailing…” Three years later he stepped back from his words and opened an on-line store, however the company is still paying the consequences of that slow decision.
It is important to be responsive when a new technology arrives. However this does not mean accept anything without thinking – as this lack of strategy (or a bad strategy) could be as bad as ignoring the technology itself. However it is important to be quick when analysing the pros and cons of the new technology, and embrace it if required.
These days I am listening to too many businesses managers mentioning “Pinterest is not for me”, but some (most) of them don’t even know what all the fuzz is about! Is there really a strategical thought behind their statement, or is it just a gut feeling? What will they competitors be doing? Are they going to be the new Gerry Harvey?
The benefits of Pinterest
Of course, Pinterest does not work for everyone in the same way as Facebook does not work for all. As I mentioned on my post “Choosing the right tool”, it is important to establish which tools are good for each situation, but to make that judgement it is necessary to have a good knowledge about what is the new technology offering and how it works.
One of the main benefits of Pinterest is its viral capacity without the need of investing great resources and money. By simply creating good images that represent our product or brand, we will have the ability to reach a large audience that is still growing at an incredible fast pace. Besides, it is now clear that social networks based on video and images are developing more and more Furthermore to these three benefits, Pinterest is also a great SEO tool, as pinned images will generate more inbound links to our site.
The list of advantages does not stop here, and in fact there are plenty others: generating leads, easy integration with current sites and other social media platforms, discovering new wants and needs from your audience… plus being a relatively new platform, we could be the first among our competitors to start using it and thus place our business in a much better position in the long run.
So, should you be using it? It all depends on your Marketing Strategy (hopefully the infographic below may help you), but one thing is clear: don’t reject it without doing an exhaustive analysis first…and be quick; I am sure you don’t want to be the new Gerry Harvey, do you?