Frugal and the Beast: And Other Financial Fairy Tales by Nicole Dieker

Author:Nicole Dieker [Dieker, Nicole]
Language: eng
Format: epub
Publisher: The Billfold
Published: 2018-11-28T05:00:00+00:00

The Twelve Dancing Princesses

There once was a man who led a very large advertising division of a very large company. It was one of those companies that demands continuous growth, and the man had given his direct reports the same instruction he’d been given by his boss: if we do as well this quarter as we did last quarter, we’re failing.

“So,” the man said, as he walked around the conference table. “We need to start targeting the people who don’t want to be targeted.”

He clicked the small plastic oval in his left hand. Next slide: the familiar buyer persona template.

“This is Maya. She’s 22 years old, a recent college graduate — private school — living in New York and working in media. We know from her purchase history that she loves dancing. Like, clubs, not ballet. She buys a lot of shoes. More than average for her demographic. A lot of times we see her reorder the same cheapo flats from the same low-range retailer, the kind that you fold up and stick in your purse so you can put them on when you walk home at the end of the night. Because your feet hurt from wearing heels.”

He clicked again. “Maya is part of our Tracking Savvy group. She knows how to access privacy settings and turn off geolocation. She uses incognito browsing and prefers to create guest accounts for her purchases instead of signing up through Facebook. Obviously we can still track her” — and the men around the table laughed — “but we’re missing some information that could help us market to her more effectively.” Next slide.

“For example. Those cheap shoes. If you wanted to change Maya’s purchasing habit and get her to start buying disposable flats from one of our retailers, and bump up her spending by 10 percent, how would you do it?”

He let his team discuss. Then he issued the challenge.

“Those are all great ideas, so I’m going to let you put some of them into practice. I’ve just sent over datasets on twelve real women who are a lot like Maya: recent grads, major metropolitan areas, spend a lot of money on shoes. They’re all Tracking Savvy. The person who figures out how to fill in the tracking gaps, market our retailers, and increase their spending wins. $10K bonus.”

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