Even though the MySpace juggernaut appears to be slowing, the social networking site boasts nearly 200 million profiles, which is more than double the number it had just last year.

In addition to gaining access to a vast worldwide audience, a MySpace marketing campaign has the advantage of affordability. According to Luke J. Bodley of Vibrant Promotions, the social networking site sells advertising through banner impressions rather than clicks at a cost of around $5 per 1,000 impressions. (Minimum buys are usually between $5,000 and $10,000.) Banners can be targeted at a remarkably defined audience: You can choose everything from location and school affiliation to weight and sexual orientation.

So what do you need to know before you dive in? Bodley recommends:

Include a form that collects email addresses. Your sign-up rate will be five times higher if you offer an incentive for entering email addresses. Also, be sure your page includes an obvious link to your Web site.

Remember that MySpace users are Web savvy. They know basic html and like to promote favorite products on their personal pages. So provide the html code for a pre-made banner ad that links to your company’s site. If you're lucky, your friends will promote your company for you.

Give visitors a reason to come back. Give visitors fresh content of something entertaining to do or they'll stop visiting.

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