Tuesday, April 24, 2007

MySpace Marketing Metrics

Today's AdAge mentions marketing to the MySpace set through profiles and tries to quantify what its worth to a marketer when you "add" them to your friends list. The study was brought about due to the much lower CPM that MySpace is receiving as opposed to a Yahoo. In the end of the study, the real value of the brand interaction on MySpace was not simply the brand itself but how the brand actually plays a part in your daily life. Therefore, the value is four times over because of the actual endorsement from someone that you know, and how this person has benefitted from the brand.

The results here are not rocket science however. I think that the more that you engage someone with a feel good about your brand the better. What this study has done was given marketers a way to quantify that (and in essence put a dollar value on it). I wrote about Coke a few days ago and how they are creating a Second Life contest in which you "create the essence of coke." This is similar. How do I capture the essence of your product/brand? Why is your product/brand one of my friends? The brand needs to come up with a reason as to why people should talk about it, whether through a contest, feedback, or comments. Hence the explosion of all of the viral video contests on YouTube. How does my brand make you feel? Hopefully that is a positive experience although in the case of GM's viral video contest there was some backlash.

Finally, the study mentioned that just having a profile on MySpace didn't contribute to much. Three things that the study found were: that they gave a way for consumers to tell their stories, they gave people something to talk about, and they also provided incentive via a contest or promotion. So in the case of YouTube, #1) Video #2) your product #3) the prize. With MySpace's more flexible platform #1 could be a myriad of things. Creativity is the limit and I think that MySpace will work well with a certain type of brand and that clicks on MySpace may go the way of banners.

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