When I think about Edubanking's prototypical customer, Katherine comes to Mind. Katherine is someone who used to be my boss, and now isn't, but we still work in the same building. Katherine is my ideal customer because she is well into adulthood (upper 30's), but has no clue about money matters that she probably should know about. She also has a stable salary income. Katherine's hobby is riding her horse (very expensive hobby). She drives a green Kia that's beat up in strange places (not the most careful driver). She probably exclusively watches old TV shows from her childhood. She has no children, and is overwhelmed by the idea of having that much responsibility. Her favorite book would be the last one she ever read... in middle school (even though she has a college degree from a random community college in Connecticut). She is moderately liberal, but wouldn't be able to carry a conversation about any specifics. She is 38 but feels 60. She's the person who gives a nervous laugh and a shrug when she's unsure or when questioned why things haven't done correctly. She lets out a big "Ohhhhhhh!" when things are explained to her and they click. She needs guidance in her life, is able to admit it, but somehow ignores her problems until they have to be addressed. She does not have a savings account or a 401K, but knows adults are "supposed" to. She has no clear idea of how much she spends on food vs. her horse vs. extras. She has credit card debt and school loans. Katherine wishes online banking was easier. She wishes she could just talk to a real person about her questions.
I don't have much in common with Katherine, except for my interest in horses. Horses are NOT my hobby though, because I can't afford them. I think it's my differences from her that make me want to HELP her, through education. There are certain common sense or wise things that were instilled in me as a child. My parents taught me how important money management is, and I don't think most, like Kat, are exposed to those topics at an early age. It can't be a coincidence that I consider money management to be intuitive, so I want to help those people out there who are clueless on the matter.
April:
ReplyDeleteYou were very descriptive in telling us about your avatar. As I mentioned to another classmate, the market research we did earlier in the semester helped define our prototypical customer. I know that without that research I would not have been able to complete the exercise. However, I did find a lot of similarities between myself and my target market.
Hey April, I think your analysis of Katherine was comedical and very interesting at the same time. It is interesting that you do not share many characteristics with Katherine. So many people these days do not understand even basic financial principles. I think your product is extremely useful. I am glad that you have a desire to help people like Katherine with everything they need to be financially literate adults.
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