Time to 'PIN' your bank? Pinterest was the hottest social networking platform of 2012. Some bank marketers have experimented with this new media, but only a limited number have found success so far. We offer some suggestions to help turn 'pinning' into a winning strategy.

• Author: Kastner, Nick

YOU MAY HAVE HEARD OF SOMEONE WHO FOUND A GREAT RECIPE ON PINTEREST, the popular new social networking platform. Or perhaps you know of someone who made a craft item for the home as a result of reading a tutorial on Pinterest.

A number of financial institutions have started experimenting with the development of a Pinterest page. Are they having success, and is it worthwhile for your bank to explore utilizing this new social media? We offer some answers to these questions.

What is Pinterest?

In 2009, Paul Sciarra and Evan Sharp left their jobs to begin working on a new website: Pinterest, a visually oriented-Social media sharing site where users follow"pinners" with similar interests and who are encouraged to create their own "pinboards" on various topics "Pins" are simply links to other Web content (articles, blogposts, pages, photographs, videos, etc.). They could present great marketing opportunities for community banks that write valuable content on, their website or blog.

The site launched in 2010 by invitation-only and attracted only 200 users in its first few months. But the site grew exponentially, exceeding 10 million users faster than any other standalone site in history. As of July 2012, Pinterest had over 27 million users and is considered by comScore to be the third most popular social network in the United States.

What's most interesting is its target audience: Pinterest has been a huge hit with female users. Seventy percent of the site's users are women. Referred to by some as the "Facebook for Pinterest offers an ideal target for community banks as, statistically, women are the primary financial decision makers in a significant number of households in this country.

It is also important to note that according to the editors of "Socially Aware," Pinterest users spend 1.5 hours per month on the site, behind only Facebook and tumblr. So, what are they doing for that amount of time? The majority of pins are related to food, do-it-yourself projects and crafts and home decor according to Repinly.com. The information is disseminated by those the consumer is "following" or as a result of direct searches within Pin terest.

Opportunity for community banks

While still in its infancy as a social network, Pinterest offers interesting opportunities to community banks that participate. Its primarily female audience is a target for '90 percent of all consumer-oriented financial campaigns, and the network itself offers engaging content simply...