While MySpace may not have the same social networking power of Facebook, the mere fact that it still around (since 2003) does still give one some thought. Even after its near disaster under the hands of News Corporation, MySpace is still trying to get on its feet under Justin Timberlake. So what can we learn from the mistakes of the former social network giant? Can it be applied to our own business? How will it help improve our B2B leads efforts?

Effective innovation – this was a point that MySpace did wrong. Sure, it did a lot of changes in its site, but it all pretty much offended current users. Also, with all the changes being made, the management failed to consider its impact on users. This is a bad business move, one that your own company should avoid when trying to shore up your sales leads.

Playing on strengths – News Corp wanted MySpace to be another news and commercial channel for its business, an aspect that the site’s current users dislike. MySpace is young, hip, and vibrant. These strengths were ignored by top management. That can happen to your lead generation efforts as well – if you fail to play on your strengths.

Security – this was a real weakness. Considering the number of problems that hounded MySpace, especially in privacy, protection of children, fraud, etc. it is only expected that its users would migrate to the competition. You have to prove your business is stable, or else your appointment setting efforts would be weakened.

What more can you add in the list?