In a crafty move to secure PR, local start-up and online personal budgeting tool, moneysmart has invited ten journalists to participate in the moneysmart Budget Challenge. An account has been opened in each journalist’s name for R1 500, and they have seven days to budget effectively according to the criteria of the challenge, and utilising the moneysmart online budgeting tool.
Of course we were up for the challenge.
- First, because we want the prize money to go to Unltd South Africa, an organisation that supports people who have innovative, sustainable solutions to social (and employment) challenges in South Africa. This grass roots organisation is worthy of attention and support, and hopefully we can give them both over the course of the next week.
- Second, 70% of South Africa’s salaries service debt. That’s just poor budgeting all round. Our managing editor, Nadine von Moltke, is rising to the challenge to see whether she is able to budget, or if she falls squarely in the majority of South Africans who do not manage their money well.
- Third, the sum of R1 500 is the only money that the contestants have at their disposal for the week of the Budget Challenge because this sum emulates the monthly financial situation of the average South African household. We wanted to see how well we could survive on that sum for the week, and we want you to give us budgeting suggestions – where do you manage to save your money each month?
- Finally, the moneysmart Budget Challenge is an innovative marketing strategy from a start-up spearheaded by two local entrepreneurs, Tobie Van Zyl and Zulfiq Isaacs. As a marketing case study, we are incredibly interested in seeing how much traction the ten participating journalists can give the brand. Social media counts for 40% of the overall challenge, which means the participants need to interact with you – our readers – and get you to follow our stories, support our challenges and rally support. This should amount to great publicity for the moneysmart brand, at a reasonably low cost.
Local online reputation management service, Brandseye will be monitoring the online activity that moneysmart receives over the course of the week, and we will be reporting back on the success of the campaign when the competition is over.
Keep an eye on our Facebook page and twitter to see how the challenge progresses – and don’t forget to lend your support for Unltd South Africa.