penny planner Cha-Ching
December 11th, 2018 Chelsea Bretal, RenĂŠe Carraggi, Shannon Farrar, Michelle Wang
Let’s recap really quick
Question: How do we get millennials to understand investment and begin to really think about their current financial situation; how can they prepare them for their futures?
Audience Profile
• Newly hired young women working in the creative industry • Living in Metro/Urban areas (likely renters) • Probably love to eat out and get fancy shmancy coffee • Probably watch Netflix or Hulu and listen to music on Spotify or Apple Music • Amazon Prime users - smaller, but more frequent, more impulsive, purchases
Possible Channels
Combined package with a pamphlet and interface component, video series, book, interface with personalized features to help navigate investment strategy, blog, workbook, planner to organize future investments, a teaching course that is sold to employers, course outline for high schoolers and their parents, rip off calendar with financial advise, app, drinking game / card game involving drinking and financial advise, little kids board game similar to Life, app that limits spending and pulls into investments
“If you’re using your phone, you’re going into different apps for different purposes,” Ms. Reeve said. “Your calendar won’t do everything: You might be using a separate to-do list app, you might be using a separate app for notes. So one of the benefits is having this one book that can have everything in it. You can have it all in one place, and it can be almost as portable as a phone.“ — Jackie Reeve, a writer at Wirecutter, a New York Times company
“According to a 2014 study by Pam Mueller of Princeton University and Daniel Oppenheimer of UCLA Los Angeles, students who write out their notes by hand actually learn more than those who try to type out everything on their laptop.” — Ashley Macey of brit.co
MVP
A planner that helps young adults learn about fiscal responsibility and guides them from the basics of budgeting to intros to investment over the course of a year.
Competitor Space
• The most common ways young adults learn about financial / fiscal responsibility is their parents or the internet. Some may be lucky to have some friends who majored in econ to help them as well. • Planners, while heavily used by our demographic, don’t give the space to track money in a meaningful way and bullet journalling is a very niche group of people who sit down and spend hours in front of a journal • Budgeting and investment apps don’t provide the knowledge these people need to even understand what they’re doing with their money. What does it matter if I can see an infographic of my spendings if it doesn’t mean anything to me.
Prototype
Pilot
Riskiest Assumption in Test Muji: $3.50-$20 Target Price: $12-$20 Urban Outfitters/Anthropologie: $20-$25 Shinola: $30 Nordstrom: $70
Production will be somewhere between $11 a planner to $6
Pilot will test how much of a profit margin the Penny Planner can generate.
@penny.planner
Thank You
December 11th 2018