iwillteachyoutoberich reader asks question, makes $16,000+

January 11 11 Comments latest by Idea Senator

I am so happy right now.

1. Akshay reads some posts on my site

2. Akshay emails me a question

“I’ve been thinking of an idea to pursue further education and have my company finance it in return for a major research project for quite some time. Your “Companies don’t care about money” post really inspired me to write a proposal but while I’m confident about my research idea, I feel much less confident asking them to finance it. Frankly, I don’t think I’m going about it the right way, especially as I have stated it in my last paragraph.

I’m better than where I started, just planning to walk in and talk to the CIO, but I still feel that this can be refined.”

3. I try to offer some help and we go back and forth a little bit

4. A couple weeks later, Akshay writes back again (I love the followup, making it 100x more likely that I’d help him again…so if someone ever helps you, be sure to let them know how it works out)

“I wanted to let you know that my proposal was accepted and I got hired as a consultant for the XXX organization today! The project is very open-ended with a lot of freedom on my end to mold it and the best part is it pays for my college tuition!”

How much is the project funding for? I asked.

“The project will last the length of my Masters degree (2 years) with summer internships included. I’m still negotiating the summer stipend, but tuition coverage alone adds up to $16,000.”

$16,000 for a few hours of work?

Not to be glib, but that sounds pretty good to me.

See also: Smart People Ask Questions and Don’t Quit Without Asking for What You Want.

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11 Comments latest by Idea Senator

What’s the difference between these two images?

December 22 7 Comments latest by Marcus

Look closely.

My friend got both of these offers mailed to him recently.

Notice the different offers, the different designs, even the salutation “Dear ___.” This is how real marketing is done–not by handwavy marketers saying “I think red is better!” but by actual, rigorous data analysis.

Many sophisticated web sites use split tests to see what really works. For example, when you’re browsing Amazon, you’re often in an experimental group to see what page elements produce more clicks, purchases, or other target behaviors. Just recently, for example, I saw first-hand evidence of how changing an email’s subject line can produce a staggering difference in response rates (over 400%). Although the concept originates in direct marketing, you rarely see split tests offline because you usually only see one version of the test. My friend just happened to receive two different copies of the same mailing, although there are probably dozens more.

Does it make you queasy to think that the next email you get from JCrew or the next time you visit Bestbuy.com, it’s probably been tested against thousands of other people? Maybe. But I’d rather have a company optimizing reasonable offers by adjusting positioning, visual design, etc than by making opportunistic sales pitches to people who don’t know any better.

Somehow this became marketing + ethics day, but I just thought it was interesting. Have a great holiday weekend…shopping.

More on optimization in my delicious bookmarks here, here, and here.

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7 Comments latest by Marcus

Cody McKibben interviews me

December 4 10 Comments latest by George

Cody McKibben interviews me on his blog. This is one of my favorite interviews. Cody reads iwillteachyoutoberich and emailed me to meet up. We met in Sacramento last weekend and talked about entrepreneurship, negotiation, scholarships, blogging, and some stuff I haven’t mentioned before on iwillteachyoutoberich.

PS–I’m sending out my newsletter tomorrow morning with links you haven’t seen. I’ll applaud Warren Buffet, mock Robert Kiyosaki, and point you to a bunch of non-personal-finance stuff I just think is cool. Subscribe, free, in 5 seconds.

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10 Comments latest by George

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