Nathaniel Thiele

This month I learned the difference between real customers vs targeted customers for a company called Masterworks.io. Masterworks.io is an art investment platform that allows inventors to buy fractional shares in pieces of artwork. If you want to follow my progress and see how I reached my goals, feel free to explore around.

Background about the real customer

To learn the real vs target customer, I first watched 10 ads to explain who the targeted customer was. Next, I built a survey in SurveyMonkey based on the ads and distributed it to 680 people with a total response ratio of 68 people. I filtered the data and found some interesting trends about customer demographics. The data is the population survey, not actual customers.

• 22 respondents were from Kansas, 14 respondents were from Indonesia, 5 respondents were from California, 5 from Texas, 3 were from Florida, 1 from the USA, 1 from Oklahoma, 1 from Delaware, 1 from  Missouri, 1 from Michigan, and  1 from New Jersey.

• 30 Caucasian people responded to the survey, 20 Asian people responded to the survey, 6 African-American/African origin, 5 Hispanic people responded to the survey, 3 Biracial people responded to the survey, 1 skipped the question.

• 38 Females, 26 Males, and 1 Non-Binary person responded to the survey. 

• 47 people had no investments outside of Stocks, Real Estate, or Cash, 10 people were unsure if they had any investments outside of these categories, 6 people had cryptocurrency investments, and  2 people had private business investments.

• The most liked class of assets was stocks with 24 people being their favorite asset class, 22 people liking real estate as their favorite asset class, 15 people liking cryptocurrency as their favorite asset class and 4 other responses were private business(1), animal husbandry (1), none (1), index annuities (1).

• The most disliked asset was Crytocurrceny with 30 people saying that it was their least favorite asset class, 17 people said they disliked stocks as an asset class, 9 people disliked real estate as an asset class, 4 people disliked none of the asset classes, other answers with only one response included animal husbandry, commodities, mutual funds, ones that the person doesn’t understand, and cash.

• 48 respondents made $20K per year, 8 made $35K per year, 5 made $100K per year, and 4 other responses were $30K, $10K, $50K, and $75K.

• 47 respondents didn’t invest in art, 9 invested in art, and 9 were unsure if they invested in art. 

• 39 respondents were most familiar with Pablo Picasso, 12 respondents were familiar with Claude Monet, 9 were familiar with Andy Warhol, and 5 were familiar with Jean-Micheal Basquait.

• 7 respondents had heard of Masterworks.io and 58 respondents had not heard of Masterworks.io.

Real Customer 

The real customer was primarily white/Causation, from Texas, making either $20,000 per year or $100,000 per year, and very few invested in art. They primarily invested in stocks however, the asset class they disliked was not uniform. 

Private business was also common, so if you have a business you might want to invest in art as a “hedge” to protect your business during periods of high inflation (Inflation is the devaluing of money).

 From this study of analyzing data, I learned that most people’s perception of Masterworks.io was the company was selling NFT (Non-Fugiable Tokens). With the next step of the project being to build ads, I will build ads that are memorable and change the misconception about Masterworks.io.

Final Thoughts

The general data was that real estate was the most favorable asset having the most number of likes to dislike ratios. The responses were diversified and gave an interesting perspective to those who answered the survey. 

In the next blog post, I will be sharing the filtered data comparing targeted customers to real customers.