MySpace. Let’s be honest , at one time you fell under the umbrella of MySpace Mania. We all know it. We’ve all used it. We all have a MySpace page floating around in the dust out there. But when it comes to social media and marketing, MySpace is old news. Many marketers feel that MySpace is losing its relevancy in contrast to the outstanding popularity of other social media networks like Facebook and Twitter. Here at Flank Marketing, we’re not so sure. We’ll tell you exactly why you shouldn’t give up on MySpace.
Have you ever seen the movie the Beautiful Mind? If you have, you might know exactly what we are talking about. Our idea revolves around the idea of Game Theory. It’s seen in a particular scene of the movie, where Nash and his friends all have their sights set on the same Blonde woman at the bar. In the movie, Nash surprises his colleagues with the idea that if they all want the same woman, nobody wins. But if they avoid the blonde and go after her friends, everyone wins: “We won’t get in each other’s way.” Ah ha! Here is the idea behind Game theory, “an analytical tool to guide us to understand the phenomenon behind the way decision-makers interact.” The main purpose of game theory is to consider situations where agents can make strategic decisions in reaction to the actions of other agents.
So what does all this heavy talk about mathematical theories and strategic formulas for decision making have to do with you?! Let’s apply it to the Facebook vs MySpace arch-rivalry and social media marketing. The truth is Facebook has become an over-saturated media market for advertisers. Research shows 9 out of 10 marketers use Facebook to grow and promote their business. It also found that Twitter, Facebook, Blogs and LinkedIn – in that order – are the top four social media tools used by marketers. With everyone fighting over the space to market on these mediums (comparable to fighting over the Blonde at the bar), consumer behavior market research proves the marketing of these agents becomes overwhelming and irrelevant, with no one clearly winning. Instead what would be smart, as Game theory suggests, is to strategically make a decision to market where the other agents are not. A great opportunity for this can be found on MySpace, which is falling completely under the radar with many marketers in competition.
While we don’t deny that MySpace isn’t as popular as it once was, it is still a very valuable social network to millions of people, and it is not going to disappear. Just last month, the hit TV show Glee hosted an online casting call on MySpace, encouraging participants to submit audition videos via the MySpace medium. Nearly 28,000 people responded to the call. If that doesn’t prove MySpace is relevant, I don’t know what will!
Furthermore, MySpace is the12th most visited website in the US, the 17th most visited website in the world. While it might not be the perfect marketing medium for all, it is most definitely significant to many. The most popular MySpace traffic divides its interest between celebrity & entertainment content (23%) and video games (28%); And as seen with the Glee casting call, it makes the perfect medium for those related to these industries. Based on internet averages, MySpace demographics show it is most visited by users who are in the age range of 18-24, have no children and received some college education; And these people are most likely to click on the bright flashy ads or have their attention grabbed by interesting marketing campaigns. What an ideal audience to market to!
When it comes down to it, MySpace still shows great opportunity for marketers. It is out there, mainstream, waiting to be utilized in every way. Can it be the right fit of social media and marketing for you?! We challenge you to think about it!
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