In an attempt to draw users back in, Myspace has begun revamping their site for a comeback. As more and more users shift over to social network applications like Facebook and Twitter, the former leader Myspace has been surpassed while quickly losing market share. With their lack of growth compared to the enormous rise in Facebook users and Twitter boom, Myspace isn’t the juggernaut it used to be. For years they were the undisputed king of social networking but they got complacent and failed to innovate, this presented an opening to Facebook and now they dominate the medium with over four times as many members. While Facebook has taken over, Myspace has remained profitable bringing in about $350million a year mainly from advertising, but this too could change very soon. They have a shared advertising revenue deal with Google currently that has been keeping the company profitable but with the recently announced Google Buzz social networking platform it is unclear if they will renew their deal. Between these problems and a recent management shakeup, Myspace has a lot of work ahead to accomplish their goal, but their strategy seems solid.
Instead of looking at Facebook and Twitter as competitors, Myspace is now changing their strategy and looking towards these once rivals and potential partners for distribution and synchronization. They have already synced services with Twitter so tweets or status updates on one service are automatically posted to the other.
They are also shifting their target market and content strategies. They will now appeal to a younger crowd focusing on music, movies, and games by using the service to discover new music, view movie trailers, and play games in a social environment. Instead of being a “place for friends” their new mantra will be “Discover and be Discovered” moving further away from social and focusing more on the media aspect. This rebranding will include simple, clean pages to avoid the unappealing cluttered pages that have become expected with the original design. They are investing a lot in their gaming channel by working with social-gaming firm Playdom. They have also teamed with Microsoft to improve their mobile web services and revamp its look. Lastly, they are keeping music a main focus.
Myspace Music has been an extremely useful and popular medium for bands to increase exposure and connect with fans. While Myspace’s user base is down compared to Facebook, their music channel is still considered quite successful. If they can continue their success of this channel while improving their video and game channels, it could prove successful.
Many argue that Myspace is already done and their failure to innovate along with other social networking sites has already sealed their fate. With social networking dominated by Facebook, Google’s new social network, and Apple trying to take over distribution of digital media there may not be room Myspace. But with their new strategy to reinvigorate the brand and network, their resources backed by their parent company News Corp, and their still popular Myspace Music channel I believe there still is a chance for them to find their niche and survive, it just won’t be focused on networking with friends. It will be very interesting over the following months to see how they choose to re-brand and if their strategies will work.
I know the technology in the above example isn’t directly applied to advertising (yet), but I think it serves as a great example of how constant innovation is necessary for any industry.
Film has been rapidly evolving with new technologies and techniques like digital video, high definition, IMAX, and 3D to make the viewer’s experience as realistic as possible and engage them to connect with the content. This movie has taken innovation a step further by breaking the “fourth wall” and engaging the viewers directly. As the hype for this movie builds it will be interesting to see its effect on future films. This new technology could potentially change the landscape of movies and how they are experienced in the theater much like emerging 3D technology has with movies like Up and Avatar. Now audiences expect to be engaged and the only way to deliver is through innovation to stay ahead of expectations.
Although they are different industries, this example of evolving technologies and increased interaction parallel the changes in the advertising industry over the past decade. Brands that have embraced innovation and engaged consumers through channels like social media have thrived while late adopters are struggling to catch up. As social media marketing continues to grow and we discover new ways to effectively track returns it has become a crucial part of any digital marketing strategy. As companies like Google reinvent the way data is collected and shared it will open up exciting new frontiers in marketing that simply must be embraced. This is why constant innovation is so important for industry growth and must be embraced for survival.
Chado Advertising & Design produced a high concept print ad for the Epic Group celebrating 31 years of Bangladesh Independence. Chado produced multiple concepts centered on the Epic Group’s constant innovation and cutting-edge technologies fused with imagery celebrating Bangladesh’s rich culture and tradition. The final ad will launch March 26th 2010 in major newspapers and magazines throughout Asia. The ad’s main focus is “Cutting-Edge Solutions, World-Class Manufacturing” with the Epic Group’s superior technology, constant innovation, and quality materials resulting in efficient, inexpensive, superior garment manufacturing. The imagery in the ad resembles the Bangladesh flag. The Bangladesh flag, which was adopted January 13th 1972, is green with a red circle in the center. The green background represents the lush vegetation and greenery of Bangladesh with its vitality and youthfulness. The red circle represents the rising sun and sacrifices the people of Bangladesh made to achieve independence. The ad also has a green background and the red center circle formed out of a two-sided coiled ribbon with one side displaying photographs from different Epic Group manufacturing facilities. This represents how the Epic Group is directly intertwined with the country of Bangladesh. The Epic Group was originally founded in Bangladesh in 1971 and maintains their flagship state of the art CIPL facility in Dhaka where they produce the majority of their high-quality garments. This new ad will effectively increase awareness of the Epic Group and their world-class manufacturing services to more potential clients while giving back and celebrating the history, culture, and independence of Bangladesh.
Follow our blog and twitter stream for more updates as the launch date approaches.
Chado Advertising & Design is launching a Twitter campaign leading up to the release of our advertisement for the Epic Group celebrating the Bangladesh Independence Day. Chado will post tweets daily with interesting facts about the country of Bangladesh and the Epic Group, one of the world’s largest textile manufacturers.
Chado Advertising & Design is pleased to announce that for the second year in a row we will be developing an advertisement for the Epic Group celebrate the Bangladesh Independence Day Celebration. Although they are now headquartered in Hong Kong, The Epic Group was originally founded in Dhaka, Bangladesh as a small buying agent in 1971. Since then, they have made grown in leaps and bounds into a giant multinational garment manufacturing company that produces over 36 million garments a year and employs over 15,000 people worldwide. Bangladesh is also the home to the Epic Group’s state of the art manufacturing facilities where thousands of employees manufacture the world’s clothing. With its deep roots and strong local presence in Bangladesh, the independence celebration is very important to the Epic Group.
Bangladesh Independence Day celebrates the start of the Bangladesh Liberation War against West Pakistan on March 26th 1971. This conflict originally started because, although the populations were equal, political power was heavily concentrated in West Pakistan leaving East Pakistan open to economic exploitation. The bloody, nine-month struggle resulted in the secession of East Pakistan as the independent nation of Bangladesh we know today.
To celebrate this national holiday, the Epic Group has requested a high concept, full-page advertisement for the independence celebration that will run in major publications throughout Asia. Epic Group CEO, Ranijan Mahtani presented this important task to Chado again this year after their successful ad last year for the event and the fully integrated marketing campaign for The Epic Group that followed. Last year’s ad helped define the Epic Group’s new brand identity, that follows the vision of a modern, intelligent, state of the art company while celebrating the company’s roots with the nation and people of Bangladesh. This year the Epic Group and the people of Bangladesh have a lot to celebrate; the Epic Group continues to modernize their world-class production facilities in Bangladesh, leading the world in sustainable manufacturing techniques while providing thousands of jobs. In a nation that has given them so much the Epic Group is honored to give back and celebrate the people and nation of Bangladesh.
