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What's old is new again

What's old is new again What's old is new again
10/17/12
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facebook has reached its 1 billionth user, but much of the buzz these days is around the new Myspace. It’s been rebranded, redesigned, and re-focused – it will be a place for music. Initial feedback is positive.

What will Myspace need to focus on in order to build a successful brand? As one would expect, Myspace’s Brand Equity is currently very unfocused. Brands like LinkedIn, Twitter, Pinterest – and yes, facebook – have much higher relevance and esteem.

BAV shows that there are clear focus drivers for social media companies – these will be critical for Myspace to attend to in order to succeed. The brand needs to re-establish its value and reason for being.

None of this is unexpected for a brand going through a re-birth; but Myspace must now explore the underlying meaning of these attributes. Social media brands are fairly well-established, but Pinterest’s fast-track to high Brand Strength shows that there is an opportunity to develop a strong relationship with consumers as a brand embarks upon its path to leadership.

The category – and the channels themselves – are evolving rapidly. Myspace must focus first on drivers of Energized Differentiation to begin growing its Brand Equity, so that it can avoid being yesterday’s news.

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