At the bottom of this post is a coupon code to give you a $50 credit at MyAds – this is not an affiliate promotion, just a take it or leave it offer from MyAds.

Over the last week or so I’ve had the opportunity to see inside the MyAds from MySpace.

MyAds have been an advertiser here on ProBlogger for a month or two now (consider that a disclaimer) so I wanted to see for myself how it worked. What I found was a very easy to use and pretty affordable way to advertise a product, service or even your blog.

In short – MyAds is a pay per click banner advertising system where you can advertise on MySpace and get your message in front of potentially millions upon millions of MySpace users.

You can use it with an advertising budget of as little as $5 a day and have a pretty good looking ad set up to run within just a few minutes using their ad building tool (or you can upload your own using an uploader).

Worth noting before we go any further is that to run a campaign you need a US address and credit card. As someone without either of these I could only go as far as designing an ad and testing out the targeting features. I did however talk to a number of MyAds advertisers to get their feedback (see below).

Setting up an ad is easy. Even me as a design challenged guy got one set up in a few minutes. I put a mock ad together for my 31 Days to Build a Better Blog Workbook. Here’s a screenshot of the page where you set up the ads (click to enlarge):

As you’ll see there are three ad size options and it’s as simple as typing in your ad copy, adding an image, choosing a background color and adding in a destination URL.

You can then preview your and move on to working out who you want to see it as well as setting a budget.

On the following screenshot you’ll see the section to choose your target audience:

As you make your choices about who you want to see the ad the grey area the bottom of the screen changes. It shows you how many users on MySpace will potentially see your ad as well as giving you a suggested bid price for how much the ad might cost per click to run.

The targeting options look pretty good – not only can you target by demographics (gender, age, education, relationships, parental status and location within the US) but you can also choose categories of interests and occupations of the type of person you want to reach with your ad. I tried a number of options and got the target number of people to reach quite focused and the suggested cost per click quite a bit lower than what you see in the above screenshot.

This enables you to increase the chances of conversion with your ad quite considerably.

All in all from where I stand MyAds seems like something that I’d like to use if I were running an ad campaign for a product, service or even to launch a new blog. I’ve previously used similar ad systems on other social networks with some success and the easy of use of MyAds plus what looks like great targeting make it an attractive option.

How Does it Perform? Testimony from a Heavy User of MyAds

As I was unable to go much further in the process (as a non US resident) I approached a number of people to get their feedback on the ads. One of those I talked with was Joe Frevola from Globalizer who uses MyAds quite extensively. I asked Joe a number of questions to get his insight on the why and how of MyAds:

How have you used MyAds and How has it performed?

Globalizer uses Myspace MyAds to buy media for our GlobalizerNetwork advertisers. We have had tremendous success with several campaigns on MySpace and have been impressed with its powerful targeting tools, which we have utilized to target the demographics and interests of our audience.

In comparison with Facebook, it’s hard to pick a clear cut winner and both should be a part of your media buy in most cases. Each has advantages and disadvantages and the best choice of the two will vary based on the type of campaign you are running.

While MySpace’s targeting tool is more organized and allows you to select keywords sorted by categories and sub categories, Facebook’s keyword search tool allows you to access a more robust database of target interest. MySpace does have useful demographic targeting that you can’t get with Facebook, such as the ability to specifically target mothers or recently married individuals.

Both MySpace and Facebook have solid targeting tools that should allow you to push positive ROI. While the Facebook ad platform is global, you can only target US users on MySpace currently, however word is MySpace is adding new countries later in the year. I would highly recommend the use of both ad networks to just about any advertiser.

Do you have any tips for using MyAds to share with ProBlogger readers?

There are some tricks to getting the most out of MySpace MyAds. Globalizer runs a lot of lead generation campaigns that drive a very high response, but don’t pay high bounties per conversion and therefore don’t allow us to pay very high CPC’s.

Often, when you start a campaign with a very low CPC, the ads delivers very little or no volume at all. We find that in order to kick start this sort of campaign, we overpay on CPC in the beginning and fully expect to take a short term loss as MySpace’s optimization system values the quality of our offers.

In the end, the system just wants to back into the highest eCPM, so the fact that our ads are driving very high click through rates more than compensates for the lower CPC. Once the campaign starts getting significant delivery, we are able to adjust our rate down to a profitable number and continue to experience a great a volume of traffic.

Also, when you first start running a new campaign on MySpace, definitely go with your gut and select targets that you feel will have the best chance of success with your offer. However, don’t neglect to test various demographics that you might not think would typically perform with your ads. You will often be surprised at the demos that respond to your offers.

Get $50 Credit with This Code

If you’d like to test MyAds for yourself (IF you’re in the US) they’ve given me a coupon code for ProBlogger readers to try it out and get $50 credit to use in doing so. You need to be new to MyAds to redeem it (ie if you’ve already used MyAds it’s not redeemable).

To use it – just design an ad and at the end of the process use the coupon code of Pro50. Of course this is only for those who are residents of the US and have US address and credit card details.