Why your social media practices should include Pinterest
While most businesses’ social-media focus is on Facebook, Twitter and LinkedIn, Pinterest is another platform gaining a larger presence on the web, and should be in your company as well.
In fact, some believe Pinterest is an even better way to advertise through social media depending on the company. The platform is a good place to interact with customers and see what they’re saying about your competitors. Pins stay on Pinterest forever, which can show the popularity of a product at any point in time. This data can help companies make long-term decisions on whether to restock or increase production.
RELATED TOPIC: Should Pinterest be Part of Your Social Media Campaign?
“Advertising on Pinterest is pretty new,” said Andrew Meyer, and account manager at Seer Interactive. “We’ve been seeing some pretty nice results from advertising on Pinterest – seeding pins versus (content) on Facebook or Twitter where it’s more intrusive.”
Although Instagram is the largest visually generated social media site, Pinterest is also quite formidable. According to a Shareaholic Social Media Traffic Report from last year, Pinterest was the second-largest driver of social media traffic behind only Facebook.
And it’s only going to get bigger as Pinterest is set to add buyable pins to its platform beginning later this month in the U.S. Instead of only being able to share the things they like, this will be a button that allows users to make purchases directly from the site and have it shipped right to their door.
Already with users around the world, Pinterest continues to build its user base. As it keeps growing and adding new options for both consumers and marketers, it is quickly becoming one of the most valuable platforms for advertisers on the internet.
“People use Pinterest as a boundless catalog of ideas, but it’s not about how many ideas are in that catalog,” said Ben Silbermann, Pinterest cofounder and CEO. “It’s about how each individual turns some of those ideas into reality.”
RELATED TOPIC: 10 Most Visited Social Media Sites In Australia In 2014
Now valued at $US11 billion, Pinterest is still trying to shed the stigma that it’s nothing more than a scrapbooking site for women. Tech companies such as General Electric (GE) in the U.S. have already found ways to tell visual stories on the site, while the social management system Hootsuite has a board dedicated to helping people use Pinterest better by using case studies and infographics.
Of all social media sites, it seems Pinterest will become the most logical platform to use in retail since the pins are already about customer preference. Pinterest users are already showing you what they want to buy, now it’s time to let them buy it.
Beyond Limits: Cognitive AI in APAC
Courtesy of current estimates, it looks like Asia-Pacific AI will be worth US$136bn by 2025. Its governments and corporations invest more money than the rest of the world in AI tech, the data of its citizens is considered fair game, and its pilots are small-scale and, as a result, ruthlessly effective. This is why, according to Jeff Olson, Cognizant’s Associate Vice President for Projects, AI and Analytics, Digital Business and Technology, the APAC region ‘is right on the edge of an AI explosion’.
Now, startup Beyond Limits is pushing the boundaries of what AI can do, mirroring humans in its ability to find solutions with even limited information. As of this July, it’s partnered up with Mitsui, a global trading and investment company, to expand its impact in APAC.
How Does Beyond Limits Work?
Most AI companies claim that they can help businesses make better decisions. But many need astoundingly large stores of data to feed their information-hungry algorithms. Beyond Limits, in contrast, takes a different tack. Perfect data, after all, is largely a pipe dream kept alive by PhD students. In reality, systems must often make decisions from small, incomplete sets of intel.
But Beyond Limits’ AI is no black box. ‘When little to no data is available, Beyond Limits symbolic technologies rely on deductive, inductive, and abductive reasoning capabilities’, explained Clare Walker, Industry Analyst at Frost & Sullivan. While making these leaps in logic, however, the system also keeps track, ensuring that humans can review the AI’s ‘thought process’.
Why Partner With Mitsui?
Beyond Limits is built for specific applications such as energy, utilities, and healthcare—but lacks the extensive industry network of Mitsui. Partnering allows Beyond Limits to access a portfolio of firms specialising in minerals and metals, energy, infrastructure, and chemicals. ‘We’ve been working on this deal for several years’, said Mitsui’s Deputy General Manager Hiroki Tanabe. ‘Mitsui’s global portfolio and Beyond Limits’ AI technology will...deliver impact’.
In the first test of that dramatic statement, Liquified Natural Gas (LNG) will soon deploy Beyond Limits’ new system. If everything goes according to plan, LNG will optimise how it extracts and refines energy, making money for both itself and investors—including Mitsui. This, in fact, is Mitsui’s strategy: go digital and don’t look back.
Why Does This Matter?
Forty-five percent of Asia-Pacific companies surveyed in Cognizant’s thought leadership ebook consider themselves AI leaders. Positivity bias, that oh-so-common tendency of humans to position themselves as above average as compared to others, strikes again. (Most small companies fail to launch successful AI projects on their own.) And partly, this is because firms fail to integrate AI with industry expertise.
‘A large part of the focus on talent for AI today has been getting the people who are strong in mathematics, AI, and technologies’, said Olson. ‘But where you make your money out of AI projects is when you apply them to your business’. In short: APAC nations looking for ways to bridge the gap might follow Beyond Limits and Mitsui’s playbook—coupling startup AI with a corporate network.