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When most people talk about making money on MySpace, they’re usually either talking about striking it rich by getting noticed by someone in a position of power; or they’re talking about selling some product or service and reaching a massive audience. Interestingly enough, there’s an entirely different way to use MySpace to make money.

Rather than trying to sell your own product, you can simply concentrate on creating profiles and stocking them with friends who fall into a particular demographic. Perhaps you have decided to seek out all people who are interested in aviation or in bowling. Create a specific profile for that demographic and then seek out everyone who is interested in that activity.

Once you have done this, your next step will be to find advertisers who you can match up to your specific niche profiles. For instance, if you have created a niche profile for outdoor sports, you can then look for companies who sell mountain bikes or tents or campers. You can then contact them to let them know the amount of “warm prospects” you have access to, as well as some rate for advertising to them.

One place you can do this is http://www.sitepoint.com; however, the advertisers you find may not be well matched to your specific niche. If your audience is “general,” this may not matter to you or the advertiser.

To make this even more effective, you will want to consider finding advertisers who are willing to create a contest. This will allow you to blatantly advertise for the company, but without giving overt overtones about your intent. In fact, you may even want to create one large, general MySpace account for announcing contests.

Regardless of the way in which you decide to do this, you will want to remember to segment your prospects into different groups according to profiles. You will also want to make sure that you are able to find warm prospects for a given topic. Last, you will want to make sure you match up the right advertisers to those lists.

There are a several important tricks to making money on MySpace. In this section, I will go over some of these tricks – and how you can best use them to your advantage.

The first trick to making money on MySpace involves leveraging all power available to grow your friends list by adding “interested prospects” (friends). You can do this by contacting people who have massive friends lists and offering to pay them to send out a bulletin. You should do this in conjunction with some contest you are having on either your MySpace profile or on your website.

Simply have the account owner announce that you have started a contest – and that all people who fit a certain profile (i.e. swimmers, football fans, etc.) should enter. This will allow you to build a list of prospects, rather than people who simply join your friends list unwittingly or because you have invited them.

Now that you have this list of prospects, you will want to begin making your pitch to them by baiting them with contests and money – and then slowly revealing your product or service to them in an attempt to gain long term customers.

Now, another trick you can use for making money on MySpace involves creating some contest around adding friends to your profile. For instance, you could offer to do something interesting and videotape it if you get a certain amount of friends (100,000, for instance) or you could offer to give away $500 to the person who gets the most friends to join your MySpace.

Regardless of what you do, it is important to find ways in which you can leverage any power that you do have to get people to join your friends list at an increasingly faster rate. Additionally, if you are able to find warm prospects, rather than random people, that as an additional bonus.