For me, the key parts of its success to emulate are:

- capitalizing on a meme at the peak of its popularity

- combining popular (LMFAO) with nostalgic (Offspring/Bloodhound Gang)

- catchy beat

- using the songs to differentiate the story (Offspring singing about the guy that thinks he has style, while showing the yellow-suited dancer)

- healthy mix of original song and mash-ins (keep the verse to one song intact, but layer the chorus)