Jeff Hoffman prepared a nice video on the statistical differences between MySpace and Facebook. This video is about 9 minutes long and is worth the time. The comments I posted in response to this material follow:
Jeff does a real nice job of presenting data on the demographic differences between Facebook and MySpace. What is most clear to me is that the demographics of both sites are shifting rapidly. There are people who have been successful building networks on Facebook and who are now working to do the same on MySpace. So I wouldn’t ignore MySpace based on this information.
However, given limited resources, Jeff objectively delivers the message to businesses to spend time marketing on Facebook vs. MySpace. For me there remains a very serious question when considering Facebook vs. all other marketing tools. That is whether Facebook should be used at all. I don’t see compelling evidence of the value for companies spending time developing social networking on Facebook. However, I advise all companies , entrepreneurs, and solopreneurs to be actively developing a presence on at least Facebook. I offer that advice because I believe we are just at the beginning of understanding how to market effectively on social medial sites including Facebook.
Thank you Jeff for this video and I look forward to more content on this topic.
Steve Pohlit, President
IR Consulting, Inc
PS One comment I failed to include is the potentially high ROI for paid advertising on Facebook and MySpace. This should be tested.
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