Since Pinterest's launch, critics have marveled at the network's ability to aggregate images from around the 'net, and more importantly, sell products to social users. Because the site has seen such significant growth over its short lifespan, new competitors have worked hard to better position themselves as equals to Pinterest. The most notable alternative to the digital pinboard site is The Fancy. The company recently raised $53 million from investors, of which American Express, billionaire Len Blavatnik and actor Will Smith are included, according to Bloomberg.
Social media marketing has proven effective for many B2C companies, and visual websites like Pinterest and The Fancy offer new opportunities to capture leads and conversions. With The Fancy's latest round of funding, the brand is valued at $600 million and it could soon become a force to be reckoned with in the social media world.
Brands that grade their internet marketing strategies on profit margin alone will likely see the inherent value of The Fancy, as it culls products from select brands and markets them to seemingly affluent shoppers. Fancy.com generates approximately $3 million in revenue each month, the source notes.
One more reason marketers should take note of this website: President of American Express Edward Gilligan and Twitter Inc.'s Founder Jack Dorsey are both on the company's board.
However, high-level executive buy-ins and several rounds of investments don't make a brand successful. It can help, but it doesn't guarantee results. Custom content drives the website conversions and ROI marketers look for from their online efforts. Brafton has reported that attractive images increase willingness to read content by 80 percent, and websites with graphics heighten engagement by 47 percent. These statistics support Pinterest and The Fancy's rise to fame, as both websites are driven by visual media. Take one look at Fancy.com and see how compelling graphics can be when it comes to lead generation and conversion.
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