An important part of any marketing plan consists of profiling your customer. It does not make much sense for a butcher shop to spend a lot of money designing promotion programs for vegans. The same applies to marketing a newsletter.
I have given a lot of thought to how to create a profile for my prospective readers. I have touched on this topic in my mission statement. In this letter, I will expand on that reference to my readers.
I mentioned in that mission statement that a lot of ignorance abounds about topics included in the subject of markets and exchange. I have viewed numerous videos in which the presenters claim to have the final word on their topic. Then, they proceed to make logically unsound statements.
My favorite example consists of the many commentators who claim that The Fed will "raise" or "lower" interest rates. Logic suggests no one can unilaterally raise or lower interest rates. Interest rates are dependent variables.
I have decided to use the Dunning-Kruger Effect as my model for a reader profile. I do not expect to change the minds of people who have convinced themselves of the accuracy of their knowledge. I want to address knowledgeable readers who know they do not know everything, and have a willingness to consider alternative assumptions.
I include myself in that category. I hope, through comments, to engage in dialogue with my readers. I think I have a lot to offer, and I have a lot to learn.
This newsletter offers a draft of a reader profile that I will make a part of my "About" section. I have also included in this newsletter a couple of sketches that I might edit to include in my final reader profile. The first shows a rough sketch of the Dunning-Kruger Effect. The second shows single-loop vs. double-loop learning, described by Chris Argyris. I will describe these more fully in future letters.
References
Dunning Kruger Effect
According to the Dunning-Kruger Effect many people have an inflated perception of their knowledge. I find this particularly true of the many people who opine about free markets and economics. I cannot devote the time and effort to educating people who already know everything. My target reader has the willingness to work with me to question any preconceived notions about how markets function.
Double-Loop Learning
The model of Double-Loop learning developed by Chris Argyris provides another way to describe my target reader. I want readers willing to question their current assumptions about markets and how they work.
