Through the Lens of an MBA

That girl that passes you in the hallway whom you've narrowed down is in either Block 4 or 6. That guy you drool over who always has something interesting to say in Okun's class. Your crush is in another world. Alas, do not fret. One of the panelists at the Graduate Marketing Association conference this past week so eloquently stated, "Marketing is business. I hope no one in this room is surprised to hear that." The business concept of marketing also reaps profits in the personal realm. Marketing is the initial key to unlocking that special someone's heart, especially the unbeknownst target.

How can you catch the attention of your beloved and convert them into a purchasing customer? Let's delve into some great ideas from the classroom and industry that we can put into practice.

Apply an iterative process to marketing. When introducing a new product (in this case, you are a new love interest for your crush), the best practice in marketing is to engage in consumer research testing throughout the development phase. Translated accordingly, note the following recommendation: during each interaction with the crush, pay close attention to what sparks the interest of the crush. By taking a phased approach to determining what appeals to your crush, you reduce the risk of rejection. You ensure your ability to offer the ideal mix of benefits to meet the target customer's wants and needs.

Take a simulated test market approach. New product introductions are not rolled out in full force, but in select markets where marketers can better gauge potential demand for the product. Similarly, when pitching yourself as a nascent love interest, tweak the appeal of your product qualities by practicing your "material" around other people. Tell stories that reveal your personality to friends and strangers, so when you speak to your crush, you minimize awkward moments and maximize the interest to purchase level of your crush.

Understand the trade-up phenomenon. In general, consumers don't like taking risks. They are bombarded with a multitude of brands that come at them for trials. In order to attract the wary target customer, what you can do is give a free sample. Metaphorically speaking, let's keep it clean here, folks. Spend time with the crush and give a taste of what it's like to be with you, whether through clever conversation or endearing personal aphorisms during group hang out sessions. Give your crush a free sample of the "product," by gracing them strategically with your presence (see following discussion on "business cycles"). Give enough of the free sample to start building a habit. Disturbingly effective, Marlboro used to give customers an entire carton for free, not just a pack, as its strategic free sample. The free sample approach serves as a good long-term strategy to getting someone hooked on you. Alternatively, in an attempt to attack the target's heart, we can safely say consuming too much of your "product" won't lead to death.

Take into account seasonality and "business cycles." When launching a new product and deciding upon an introduction date, a keen brand manager must be aware of the current environment and assess how receptive the potential customer will be to the product. Introduce your product offering (the prospect of a new relationship) at a time that's ideal for a potential spark. If the product would make a perfect stocking stuffer, it makes sense to introduce it around Christmas, and not say, during Halloween. Befittingly, depending on what phase your love interest is in (for example, in the recovery phase, just emerging from the trough of a broken relationship), strategically assess the target's current propensity to purchase.

Take awareness into account, but be sure to understand how to convert that into an interest to purchase. A customer will not even think of purchasing the product if they do not know the product exists. Increase awareness by planting seeds, using some of the techniques previously listed. Awareness will affect repeat purchases. Albeit, awareness is important, it is nothing without getting the customer to purchase. New product introductions depend on correctly assessing the customer's willingness to purchase. Brand managers examine the 'definitely would buy' and 'probably would buy' percentages, and use these 'top box percentages' as a measure of the target customer's interest level. Similarly, you can apply the same principle by keeping a mental tally of 'definitely' versus 'probably' responses to inquiries of hanging out with the crush in the future. Paying close attention to these figures will give you a better read on your projected success rate of converting that trial into a repeat purchase.

Armed with these key marketing concepts, you are now better equipped to target that special crush. Moving on to further stages, keep in mind other marketing principles: packaging is important, as well as price. As they say in marketing, once you lower your price, it's difficult to raise it again. How are you positioning your product? Is it strategic to position yourself as an impulse purchase? In applying all these principles, remember to stay true to what you stand for as a brand. Thus, there is a fine balance between providing a free sample and preserving and building brand value. To build true brand value, be yourself, and your biggest fan- by serving as your own personal brand ambassador, your excitement can be contagious enough to convert that target customer, and crush any doubts of "purchasing the product."

Enough of all of the marketing mumbo jumbo? Here are the key takeaways: (1) Understand what's important to the target customer, (2) Appeal to the target customer's relevant interests using the above principles but realize that: (3) The truer you are to yourself, the better-highlight your key product benefits, and become a brand ambassador for yourself, to create a future loyal and lasting customer.