Monday, April 7, 2008

A Fair Price

In college I interned at a small regional bank where one of my responsibilities included attending the Mid-State Fair and wagering on turkeys during the 4-H auction. These were turkeys that local kids had raised as a project for 4-H. The turkeys would be auctioned off to the public and the child would earn some money that we all assumed went to a college fund but in reality could have gone to pretty much any pursuit the child was interested in. (I imagine something exciting like buying even more turkeys.)
It was very important to the bank that I say their name when I went to collect the turkey that I had won. My manager, Karl, explained it to me before sending me on this vital task. "You see Adam, by wagering on these turkeys we are creating goodwill towards the community. At the same time, we're getting free publicity." So if I understood it correctly, the bank's marketing strategy was to focus on the Mid-State Fair 4-H auction crowd. The kind of people who, after seeing a turkey wagered on and purchased by a smart young man wearing a tie (me) would think, 'You know, that's the kind of person that I'd like to have help me refinance my home.'
I performed this duty while being paid $12 an hour. I was allowed to buy a large soda of my choice while at the fair, and I got to keep any and all turkeys that I successfully purchased.

I was the bank's financial analyst.

No comments: