Our society is constantly changing, revolutionizing, and rejuvenating trends. How do businesses keep up? Do you completely rebuild from the bottom or try to adapt and fit in with the new? I read an article a few months back discussing Justin Timberlake’s investment in the plunging social network Myspace. His goal, along with the owning Vanderhook brothers, was to reposition the network as a way for musicians to get their music out to fans. Myspace has always appealed more to the artistic community and while the rest of society moved on and tossed Myspace like a TO jersey musicians stuck around. For Myspace the best idea seems to be completely rebuilding from the bottom. The network needs to step out from Facebook’s shadow and shed its “so 2003” image. I even attempted to look up my old page so I could make fun of it…(probably a good thing I failed since mirror pics are so not the rage anymore). It will be really interesting if Myspace can fully reintegrate itself into the popular social network clique and do so as a business with a completely different goal.
Another company struggling with meeting our trend hungry society’s standards is Yahoo. Over the summer I read an article about Marissa Mayer becoming the flailing search engine’s new CEO…a dramatic job shift as she left none other than Google to take the position. Similar to Myspace, Yahoo began to lose money as bigger and better sites such as Google came along. It kind of reminds me of what happened with Kodak too. Every other company started making steps towards the next best thing while these two businesses were stuck in the past…reminding me of myself eating a PB&J for lunch every single day of my life (until of course I tried a Fantastic Frank for the first time and realized how stuck in the 5th grade I had been). So Yahoo is on the same turnaround track trying to rejuvenate its brand. Mayer just yesterday gave the company a pep talk and laid out her vision for how to increase revenue. Ad sales are a big issue as the site has been losing opportunities to Facebook and Google. Her speech was more visionary than detailed, however, but apparently the vibe is much more positive at the company…but this could also be a result of each employee getting a complimentary iPhone. Mayer seems to have big plans for the company and I am really curious to see how she will reposition Yahoo to appeal more to internet users and businesses looking to advertise. I mean I know I use Yahoo as my junk mail site…except I do visit sometimes when I’m bored to play a little Text Twist. Hopefully Mayer can start adapting the brand to new trends and who knows maybe I’ll be back on soon for a site that isn’t full of junk!