Again taken from Malcolm Gladwell’s The Tipping Point: Market Mavens are people who truly enjoy helping others when making purchasing decisions. For example, if you were looking to buy a new car you may consult with a friend who is a ‘car-guy’ – who will tell you about all the features about the car you are considering buying. However, this is NOT necessarily a market maven. The ‘car-guy’ will talk to you because they like talking about cars, whereas the market maven will talk to you because they genuinely enjoy helping others and enjoy disseminating the information they collect to others solely for the purpose of their empowerment.
Malcolm Gladwell talks about the ‘maven trap’ in his book, The Tipping Point: How Little Things Can Make a Big Difference. An example would be the placement of the customer information phone number that might be printed on the packaging of a bar of soap. How many people do you know would ever think about calling that number? Probably very few. The person who would call that number would either be very passionate about soap or very knowledgeable about soap – and this person would be a market maven. The soap company would be well advised to listen carefully to the opinions of mavens who, according to The Law of the Few, have very loud and respected voices on behalf of the larger population.
Many Personal Finance Bloggers are Market Mavens
Many personal finance bloggers would be market mavens in that they are very passionate and knowledgeable about personal finance and investment products and strategies, and are gladly willing to share that information with very little personal gain (for the most part, income from the advertisements on blogs are not enough to persuade one to quit their day job). In addition, many personal finance bloggers are also price vigilantes (see yesterday’s post) – quick to point out the price-to-value ratio of various investment products.
Some examples of Market Mavens and Price Vigilante personal finance bloggers are:
…to name but a few.