Pinterest has listed on the New York Stock Exchange and early signs are good. The scrapbooking tool has been described as lacking innovation – both from a product and business standpoint, but it’s patience and commitment to the customer experience may have paid off.
Pinterest was slow to improve it’s front end experience – the tool that customers actually use, preferring to prioritise backend improvements, speed and uptime percentages. As a result, it grew a steady following, with users taking the initiative to find different ways to make Pinterest work for them. Wedding planning, building inspiration and mood boards were just a few of the uses that customer’s identified and every day, millions of people log on for thousands of different reasons.
According to the social media playbook, having such a diversity of use in your product isn’t a good thing – you want to be controlling the journey from start to finish. Dictating the process has been part of the social media modus operandi since it became a thing, But the result has been much in Pinterest’s favour, with the founders sitting back and seeing where they can add value, rather than trying to commodify customer ideas. In a sense, the product itself has been almost entirely customer led. A good example of this is the ability to share certain boards with certain people and to keep others private from everyone. This came about from customer feedback and took a while to get going, due mostly to the fact that when Pinterest releases a new feature, it has to be seamless. The result is a product people can trust and happily share with their friends and family. People can trust that Pinterest will be up and working when they need it – something that other scrapbooking tools just couldn’t guarantee.
Pinterest was up 23% in early trading.