Social Literacy for Your Financial Literacy Program - Social Assurance
 
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Social Literacy for Your Financial Literacy Program

April 30, 2019
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Three Steps to Telling Your Financial Literacy Story Using Social Media

Are you interested in using social media to share more about your financial literacy program and initiatives? By not only showcasing your expertise, but by also showing that you care and value your community, you can generate interest and engagement. We can partner with team to make financial literacy promotions just one part of your full-service content.

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Care: Tell a Story

Make a personal connection

Answer: Why should I care?

Clearly showcase benefits

Answer: Why should I choose you?

Offers a vision for the future

Answer: Why should I invest in Financial Literacy

 

Expertise + Care

Tailor your content

Promote your program/feature of the week

Utilize different channels

Pay to promote on social

Link back to your website

Make it easy for followers to learn more

 

Interest

Show how your staff provides thought leadership in your community

Share and celebrate successes on social media

Promote online follow-ups at in-person events

 

 

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Transcript

Ben Pankonin 0:10
Welcome to a financial literacy talk today with social insurance. We’re going to be talking about social literacy for all of your financial literacy programs and thinking about that as something that is evergreen, something we think about all year round. For those of you who have attended our webinars before, you may recognize my voice. I’m Ben painting in the founder and CEO of social insurance. And it is my privilege to be joined today with Alexander larkey. Welcome, Alexander. Good morning. Thanks for having me. So I I’m excited about this. We had a good conversation earlier today about you’ve been with us for a few years now. I have you started as an intern with us. Yes, at social assurance, finished MBA program and and have had a great Rate education in the business side. But I want to talk just a little bit about your start at social assurance. Oh my gosh, I’ll never forget

Alexander Lahargoue 1:07
it Really? So yeah, for those who don’t know, we have orientation here like anywhere else, but one of those orientation days isn’t being with Ben. And I’ll never forget this meeting, because he you pitched it to me as just a regular meeting to talk about banking and how the financial world works. I thought, Okay, all right. Cool, be 1015 minute conversation, probably no, hour and a half later. And you only really asked one question, you know, which was how do banks make money? And yeah, use that as the introduction to then explore more the financial world and really, I just had no idea just how wide range and all the different topics were.

Ben Pankonin 1:46
Yeah, so that so this sort of classes as earned a little bit of a tradition here at surance. It has, I believe you’ve appreciated watching some other new employees go through a little bit of training. Yeah, absolutely. But But one of the things that You know, I know a lot of people have had questions on, as we’ve talked through with new employees is not just how does a bank make money? Yeah. But what are their competitors? Yeah. How How does the whole system work? And we’ve had some great conversations about that.

Alexander Lahargoue 2:15
Oh, yeah. You know, we get into the details of it, too. You know how some with some competitors, your deposits are insured with banks, they typically are and just learning more about the smaller details is just fascinating. Yeah.

Ben Pankonin 2:27
Yeah. So so one of the things though, I think we want to highlight is we’re continuing to learn about financial literacy even internally to our own company. But the way we think about it in, in the banking system to understand how do we educate our community? How do we educate people who are in those low to moderate income, places that maybe don’t have that same exposure? We’re seeing the same with folks like yourself who have gone through a master’s degree and and have walked through finance and so I think it’s a great way to think about all of the challenges and responsibilities I think we have being members of the banking system. Yes, absolutely. Also in just understanding, you know, how do we become great content creators, and ambassadors for financial institutions and understand all of those implications that go into it?

Alexander Lahargoue 3:18
Yes. I mean, this is an incredibly important topic. And I think it’s great that we’re covering it today.

Ben Pankonin 3:21
Awesome. Well, I’m excited to walk through it with you today, Alexander. For those of you joining us. If you’re joining live, you’ll see that we have a hashtag here with hashtag, social bank. Feel free to tweet with that hashtag. We’ll try to answer some questions over Twitter. And always a good dialogue, a little bit of heckling, but but always, always in good fun there. So feel free to join us there. If you’ve got other questions, Alexandra is going to be trying to make sure to interrupt us for over on the GoToWebinar control panel, you’ll see a little chat section you can ask questions there as well. Well, and as always, you can send us an email or tweet to us as well. If we didn’t get to your question, we had a couple rolling in already. So we’ll make sure to try to make sure that we get those questions raised during the webinar, but, but feel free to make this as interactive as you can. I think that makes it more fun, more relevant, more topical, as we’re talking about, you know, financial literacy today. I recognize that for many of you, you might be in a financial institution that has said, Hey, we’re doing financial literacy, because this checks a lot of boxes for us. And absolutely, it does. Really what we’re trying to help with on this webinar is to say, yes, it checks some boxes. Let’s make sure we acknowledge that let’s make sure we get credit where credit’s due. We are doing great work in our community. But we also want to get more out of that investment that you’ve made. If you’ve paid for financial literacy program. You’ve sponsored that at school levels. You You’ve done a lot of online resources, maybe offline resources, maybe you’re dedicating staff to going out into schools, educating teachers, students, all of that is a big and significant investment that you’ve made. We want to figure out some of those ways where maybe we can amplify that story and tell it in a bigger way. So, so really, that’s what this webinar is about, is figuring out how we get more out of our financial literacy program, to both make it more effective and both as a tool to help with financial literacy, but also on the backstroke of that helping it be something that really helps elevate your status within the community. So with that, you know, we’re going to talk about a few different ways that that works. One of those is in the way that with financial literacy, it really helps project a couple things. It helps project, an expertise that we have in in financial literacy ourselves, right, something that we’re learning and really Being able to demonstrate, it also helps demonstrate the care we have for our community because clearly, we want to live in communities where, where people have a high amount of financial literacy. And we’re going to talk a little bit about the blend of those two topics. I think there’s some really cool examples that we’ve uncovered for that. And then we’re going to talk a little bit about interest. We’re going to talk about how how do we gain interest in our financial literacy program? How do we get people to be mentioning talking? How do we amplify that effort? So we’ll be talking about that a little bit. So when we think about the blend of expertise, and care, I think this is a really interesting blend that I’ve wrestled with a number of times in some marketing challenges myself, and one of those ways that I think is a great way to think about it. You know, I serve on the board for our local hospital system, and we ran a campaign just recently and I’d like to highlight for you because I think it helps, really to to bring some things that we don’t often think about in terms of how we we demonstrate financial literacy. And that is really this blend of of care combined with expertise. Now, Dr. Albert onstop, who’s the one who gets highlighted in this video, we’ll talk just a little bit about him but I’m going to just share this video with you. So this is live so bear with me if you’re if you’re dialing in on a phone, you may not hear the audio but, but you should hear it over over your computer speakers.

Now your local hospital system may have a similar ad that’s really trying to highlight expertise and care. But a couple things that this helped really to solidify from a marketing message that I think is important is that it’s not hard for a doctor to say that we have expertise now, but when you meet, you know, Dr. Albert, he has such a care for young people and we actually ran a full campaign with multiple doctors showing a bunch of their expertise. And quite honestly, I think it’s a campaign that you know, some banks should, should take and run with because the way that you’re engaging With multiple ages is showing that care element, and a lot of times we struggle to promote that. But financial literacy helps us to really highlight this in some really unique ways. When we think about the storytelling that we’re trying to bring into our communities, these elements of care do a phenomenal job of showing that. Because you’ll see that here, Brian saying we have 570 specialty and family practice physicians, right. We’re showing the size and expertise there. But then at the same time, you’re introducing one person to show just how much they care. And I think that connection with young people is a phenomenal way from a marketing and storytelling perspective, to be able to demonstrate that. So some great examples here. I think of how we can kind of blend those two. And really what that does is it helps us to say When we’re telling a story, you know, of all of those elements, we’re able to see that it’s not just about those individuals telling that story, but it’s it’s answering the question of why should I care? It’s it’s showing, showcasing the benefit of understanding those. And it’s offering a vision for for how we connect with others. So we think of that that Brian health video, it’s not just highlighting Dr. Albert, it’s also showing how Albert might relate to young people now, typically, he mostly cares for for babies, right that aren’t in his wheelhouse, but he’s able to show that that these have an individual relevance to him. So it looks like our screens not always updating there. So I’m going to try to make sure we’re, we’re displaying here on our screen.

Cool. So when we think of that personal connection, what we can do with an expert in the field, whether they be a CPA from your office, or someone who’s working on lending products, if I can explain it to a child, then the likelihood of someone else feel feeling comfortable with that mortgage, that lending product goes way up. And so that’s part of what we want to show in a great financial literacy program is our ability to connect with people of any age, it shows that we have an ability to connect to be relatable, but also to relate in the context of our expertise. So financial literacy is in many ways a gift for us as marketers because we get to show all of those elements so when we When we do that, well, really what we’re thinking about is embracing what we call juxtaposition. So I like to think about it in the terms of Billy Madison, not only because it was a great movie out of the 90s. But but it also helps us to think about when we’re embracing juxtaposition. It shows odd things. You know, it could be somebody like Billy Madison, sitting at the tiny desks in a classroom. And for those of us who have gone into a classroom recently, and helped out with young people, it’s awkward, but there are elements of awkwardness that are, make it challenging to embrace.

Alexander Lahargoue 12:39
And, you know, we had a great question from Lauren about how we can better engage our followers on social media and I think juxtapositions a great way. But, you know, it’s not always that kind of content. So what is the right balance between having content on juxtaposition and kind of having more thought leadership content?

Ben Pankonin 12:55
Oh, yeah. So yeah, I think I think that’s a great question about the Thought Leadership because I think thought leadership ties into the expertise side of that, right? You know, it doesn’t always tie into the care side. So I think that’s the the balance, right? So we want to be perceived as thought leaders, but we also want to be perceived as approachable. And so when we do both of those, well, we don’t have to, we don’t have to be Billy Madison with no expertise, right? To have just to have some level of juxtaposition, right? It could be just our age, that presents juxtaposition. me walking into a classroom of third graders immediately presents a juxtaposition. Now, a lot of times if you’re a regular social media content creator, thinking about juxtaposition is a great way to think and challenge yourself in content. So there’s, there’s a lot of funny ways to do that. If you if you watch a lot of the tweets that I’ll push out there. They have elements of juxtaposition, so like Over the weekend, I was laughing about the Big Ben clock that was trying to run the marathon in London and ran into the finish line. So if you haven’t seen that on Twitter, there was a 30 year old guy dressed up as Big Ben clock and he runs into the finish line. So the basically where the time is above the finish line, he couldn’t cross it because he was too tall. So, you know, here he has completed 26 miles but there’s a juxtaposition of of who he was and the ability to run and the clock right that just become interesting. So when we think of, of people like Dr. Albert, being this expert sitting at a table watching kids try to, to say neonatologist that is a juxtaposition that is interesting. And it’s it’s fun to see that. So there’s a lot of ways for us to to present those some of it could be that we’re perceived as serious bankers and We do something funny. It could be, you know, a lot of elements. But those really have a great memorable and lasting impact on social media when we embrace juxtaposition in a great way.

Alexander Lahargoue 15:11
They seem to be inherently captivating to your followers.

Ben Pankonin 15:14
Right? Right. Sometimes it’s just the visual that captures that. Sometimes it’s the text that presents two things that don’t belong together.

Alexander Lahargoue 15:23
Right.

Ben Pankonin 15:24
You know, I was just asked to speak to a group of high schoolers. And so we talked all we talked for an hour about juxtaposition. And I said, you know, the great creative thoughts that you’re learning, most often have juxtaposition him, it could be that somebody said, What if we could have you board a taxi, but it would be somebody else’s car, right? That’s Uber. It is a juxtaposition. Most of the innovations that we have in our culture, have juxtaposition in some way. It’s two things that weren’t supposed to be put together, get thrown together and now it becomes interesting. It’s a great one when we think Think about that in our writing and in our content creation, financial and literacy. Often those two words together become a juxtaposition of sorts. That’s true, right? That’s true. So So when we think about that, and we think about blending this expertise and care as a juxtaposition, it creates some really nice elements here. And here’s a few examples that we pulled out. Some of these are static posts, that we can link back to our website in order to create conversion. So if we’re trying to link people back and say, Hey, you could become educated in financial literacy, here are some ways to do this. Right? So we have some great examples here. Independence bank has some really nice examples of you know, making sure you know your net and not gross monthly income, helping to educate and talk about some of those elements and and really show this connection between two people. It could be sort of this, you know, perceivably and mother daughter relationship on the right It could be this sort of, you know, grandfather and his son, right in the bottom left, you know, connecting to some of those. Yeah, there are a lot of different ways that we can help present that. But we’re often doing that juxtaposition in some sort of relationship.

Alexander Lahargoue 17:18
Right? And another way to I mean, a lot of our listeners are very active in their community. And we and we had a question from Megan about what are some of the better ways that they can track and promote their involvement? So what are some things that you’re recommend for them?

Ben Pankonin 17:30
Oh, yeah, I mean, great question. So you know, when you’re trying to track a lot of that, obviously, you have individuals who are headed out in the community and really talking a little bit more about going into schools. So if you have individuals going out there, obviously we, you know, we shared a little bit of our tracking program for for CRA tracking so you can have employees actually enter their time. So when they’re headed out to financial literacy, we can indicate that we’re headed to a school that does have low to moderate income. You know, or or the majority of students are on free or reduced price lunches when we enter in that information, certainly that can be part of the process of sending out our employees to help with financial literacy programs. So perfect. Right. So, but yeah, you know, I think thinking about, you know, why, why we’re investing in those why people should spend their time doing financial literacy. I think this is a great example. You know, on, you know, Haley, who actually happens to be a teacher was posting about financial literacy and the vocabulary. One of the ways that we often miss when we go into help with financial literacy programs is that a lot of the teachers who are in the schools today are very active on Twitter. It’s one of the ways that they connect and share a lot of ideas with others. And so these are some great ways for them, to be connected with you and to tap into some of that awesome Audience This is a, I think it just a great image of this girl who seems very proud of her sketch, right? I mean, it’s, it’s adorable. But you’re also then seeing, you know, responses and some of that engagement on the right side that you can get, you know, when you’re connecting with teachers. So one of the things that I think we have to keep in mind is that teachers really can be the hero of our financial literacy story. When we connect with them well, and we ask them and we we show them that we want to support them, oftentimes, they can be the center of that financial literacy program.

Alexander Lahargoue 19:37
That’s a great point, right.

Ben Pankonin 19:40
Now, here’s a couple of examples. You know, for some of you, you may have seen some of the videos we had posted out and we’ll, we’ll make sure to reshare Reese’s video Reese on the on the bottom right there shared some of her advice for us on financial literacy. But you know, we’re embracing that juxtaposition as a country. As well, and Rhys helps us to do that, because she’s our resident expert on financial literacy. She educated us about conferences last month. And you know, we’ve we’ve talked with her a number of times, but her advice is really a fun way for us to connect and engage with our audience, many of you in a in a really fun way to just think about hey, how do we connect with young people and show that relevancy to our brand? And she’s a lot of fun. I mean, I just love the videos. Yeah. And her mom, Stacy works for us does a does a great job of connecting with her and I’ll warn you the raw footage is is tough sometimes. But but but there really are funding to come together and see kind of how we’re telling that story. Now, a couple things when you’re going into a school if if you have people that are going into a school and creating some content for you taking some photos and things, Coppola are something to be aware of, if you’re not familiar, that’s from the child online Protection Act, which is designated for kids that are 13 or younger. Right? So that’s why social media channels require you to be 13. That’s why you have to wait until you’re 13 to get your Instagram account. I know there are plenty of kids who lie about their age. And as a result, they don’t get their social media accounts. Right. So so that’s that’s really why those platforms have said that because a student or a a kid who’s 13, or who’s under 13, can’t consent to their photos being published, right online. So when you go into a school, there’s a couple things you can do. You can ask the teacher who can grant you rights to post a photo in that classroom. some school districts actually our local school district here says we don’t want any public companies To be taking photos for any commercial purposes in our schools, that’s just their statement. They’re actually quite strict on that. Now, the private schools in town here don’t have that law, or don’t have that rule. So they’re fine with it. But that teacher then, typically, most school districts have an opt out strategy at the beginning of the year. For those of you parents, you can sign off and say, my kid can’t have their photos released during the school year. So then that teacher will know if there are any kids that you can’t take a photo of when you’re there. So that’s just something to be very aware of. If they do have really strict regulations, I actually thought Lindsay’s post. Somebody needs to tag her. I know she’s at the summit in DC today. But you know, when she was doing her financial literacy, I think it was just last week she was out with Junior Achievement. I thought she did a really nice job. I don’t know if if she ran into somebody COPPA laws or, or some regulations by that school or that classroom where she couldn’t take a photo, but I thought this is a really great way to connect a brand. So she was connecting ICB a brand with Junior Achievement, and then also showing and highlighting the role there of a community bank in that scenario. I thought that was a really great way for her to kind of tie those three things together in a really nice and cohesive post and just saw that one last week from her. So I think there’s, there’s a few ways I’ve got one of those, you know, we could take a group shot from the back of the classroom if they’ll allow for that. But just ask before you do that, you know, and then you know, if you can’t, you know, maybe you just have to take a selfie of yourself it make it awkward. Make it make it with it, right? Yeah, be the Billy Madison sitting in that awkward chair, or seeing you know how short things are, whatever that might be. Or, you know, like Lindsey did here take a photo of some presentation materials or something with a logo in it, see what you can do to make those those cadet together take a pen with you, you know, set it next to the crayons. I mean, there’s a lot of ways to kind of present that juxtaposition of the seriousness of your banking pen next to the fun of a group of crayons, probably broken in half. Exactly. Yeah. So those are some fun ones. Now, we are going to highlight just really quickly what not to do as well, right? If you didn’t catch this one yesterday, Chase had tweeted this out and actually pulled it back. So they actually removed this tweet apologized for it. But I think it’s worth talking about, you know, today because, you know, really what they did. I think it was probably well intentioned.

Alexander Lahargoue 24:48
I would agree. I think this kind of shows you how sometimes the best intentions can sometimes be ruined if it’s a poor delivery.

Ben Pankonin 24:54
Certainly at my house. When we talk about budgeting, we talk about coffee

We spent a ridiculous amount on coffee. But you know, when we start to look at where we’re at as a society and what we what role we want to have, I really think the tone is what got chasing into big trouble on this one. I would agree.

Alexander Lahargoue 25:17
Yeah, the tone is the big factor here.

Ben Pankonin 25:19
You know, I think there’s some good ways to sort of help people to see that, hey, we want to help you in this process. We don’t want to shame you for the decisions that you’ve made.

Alexander Lahargoue 25:30
I agree, because the way they’re presenting the information is good. I mean, it’s creative. It’s kind of a dialogue format. It’s better than just regular factsheet. It’s just the wording that they’ve chosen itself is what needs to be worked on.

Ben Pankonin 25:42
Yeah. And they’ve shamed me of a few things that I’m really feeling conscious of right now. My coffee, and my coffee budget. So I’m drinking coffee from the office today. And yeah, you know, I think when you start to think about those, yeah, there’s some there’s some really great ways. Of course, the The troll comments on Twitter. If you want to catch my tweet, you can go see what many of those were my tweeted out earlier today, you can see what what some consumers were talking about. Right? So I think that’s, that’s really where it can get you into trouble very quickly. So we’re going to kind of transition a little bit then and talk about the interest. How do we, how do we amplify some of this message? We’ve talked about some storytelling, we’ve talked about this juxtaposition between care and expertise. And now we want to talk a little bit about how we amplify that and make that a bigger picture. So one of the things I did in preparing for this webinar, about a month ago, I reached out to Evan over at ever fi and I said, you know you are you know, you’re essentially marketing a financial literacy package product. And, and certainly ever, as a leader in this space. You’re working with a lot of banks of various sizes, and my personal Is there they’re doing a good job with a financial literacy program? What is it that that you would like to tell marketers about getting more out of your financial literacy program? And I said I, my expectation is that it’s a frustration of financial literacy programs when they don’t get marketed as positively as they could be. And he said, Yes, that is a frustration, would love to share a few slides with you? So, so I’m going to kind of walk through a couple of seven slides, which I think are valuable to understanding, you know, how does a financial literacy program regardless of the one that you’re using, you know, what sort of benefits does it have? And how do we think about its impact? And how do we sort of highlight the impact that it’s making? We’ve got a couple of examples here for you. But, you know, Evans on here, you know, he’s saying, hey, like, when we think about the numbers, I think this is a really interesting slide to compare. You know, many of Americans are handling their personal finances at work. Like interesting to me, that stat was Really kind of surprising to me Actually, yeah. When we start to think of that, that high of percentage, it means a few things. One, it means there’s probably a lot of people here at the office that are that are working on their budgets, and paying bills. But it also means that they’re probably in a context that we don’t always associate in a workplace. Now, because we’re in the business that we are, we talk pretty openly and freely about where do you bank with the experience? Right, what sorts of things happen, but I think a lot of other workplaces probably have those types of conversations, because it’s top of mind.

Alexander Lahargoue 28:36
Yeah, that’s a great point. I would agree.

Ben Pankonin 28:39
So when they’re thinking about it at the workplace, I think that’s a great example. Now, there’s a cost of workplace financial stress that I think is really significant. And I know you know, everybody’s working on that. There’s another other platforms that are working on that in the adult financial literacy space, which is really important. for employers to be thinking about that. And then you know, when we think about how employers want to help financial stress and well being, you know, much of that is, is by helping them to understand what they can do you know, how they can leverage their retirement plans. And then you understand how employers could design a financial literacy program,

Alexander Lahargoue 29:22
right. I mean, I think these stats point out to me at least that Meanwhile, financial literacy is important for CRA, there’s also a huge opportunity to use it to connect with your followers and your community.

Ben Pankonin 29:32
Yeah, and, and specifically businesses, right, understanding how they’re interacting. Now I highlight one of these examples. You know, First National Bank actually did a really interesting study and this wasn’t connected to ever fi but, you know, this really is showing how you can take interest and move it into action. So they did a kind of cool hashtag campaign unforgettable firsts Where they had people tweeting, and messaging on social media about the firsts that they’ve experienced financially, right, right first home, it’s that first car. It’s that first job, all of those firsts. And so then they celebrated those and curated that content back to a central landing page to continue driving traffic for that campaign. This was about two years ago that they ran this campaign, maybe three. But it was a really powerful campaign because we focused on those first opportunities. Obviously, it’s something you have to curate. We can’t have people open tweeting with all that, but but we can help them celebrate firsts, and I think is a really powerful campaign. And I

Alexander Lahargoue 30:46
think it’s it’s really powerful because it was a mix of interest, care, expertise. I checked every single box and then it was inherently interesting because they were crowdsourcing their ideas as opposed to just creating the content themselves.

Ben Pankonin 31:00
Right. Yeah, I think you’re right. It checked all the boxes. I love the graphic over on the right side to say the first time you realize that the world was bigger than your own backyard. Right? Yeah. So So your first start very young. And so I think it’s a throwback to for those of us who, you know, have have aged a little bit have matured, right. And now I’m looking back thinking, Oh, yeah, I remember the first time I boarded an international flight. Yeah. Been astonished with it. Like I remember the first time that I bought a house. I remember. And and I think they’re like you said, yeah, it’s it’s the nostalgia of that, that that really is powerful, too. Yeah. So some good interaction with that now, ever fi you know, Evan had mentioned to me I said, you know, can you can you throw me a couple of examples of banks that you think are doing well, in financial literacy, marketing, right marketing of the program that you’re providing. And, you know, one of the ones that he brought up was Was TCF and for a couple of reasons that I thought were interesting to note. And I know, I saw in our registration, we had a number of banks that that may overlap in, in geographic in the geographical area there. But you know, one of the things that I think is interesting about the way TCF is doing it is, this is actually a main header in their website graphic is financial education. So right on the top of their website, their marketing, financial education, and then when you scroll through this page, they have a very clear and understandable way to understand what they’re doing in financial literacy. And that culminates towards the bottom of that page with a video and this is just a clip of that video in which their bank CEO is sitting down in what looks like a library setting, in a sort of ad produced video, very quality video that really tells a good story about the impact that They have in marketing to their financial literacy program and sponsoring it within the Minneapolis Public Schools.

Alexander Lahargoue 33:07
I like how they’re also going after a new form of content, which is video and we had a question from Danielle who asked about ideas to remote content with limited resources. How important is video today and going to be in towards the future?

Ben Pankonin 33:20
Yeah, good question. I you know, I’m I’m very bullish on videos. You know, we we appreciate our videos here. You know, I think you know, in TCF you, I guess you mentioned limited budget, right? Right. TCS might not appear that way. Right? And it’s, it’s a well produced video. But if you and I can share the link out to the video or if you browse our website, it’s pretty easy to navigate to. But their their video about financial literacy, I don’t think is actually that hard to produce. I don’t think it would take you very long to produce it. And I think there’s some specific elements that they’re checking the boxes for that any of us could do on a, on an iPhone. They’re trying to capture a relationship. First and foremost, they’re capturing a relationship between the teacher and their bank executive. And then the third relationship is with that student. And so what you see, not necessarily in this example, in this example, you’re seeing the teacher and the bank executive connecting. And you see, he’s leaning in, he actually in this part of the video acts are relatively awkward questions. So I’ll encourage you to watch it. Because I think it’s kind of funny, but you know, in the video itself, what we’re trying to do is capture that we’re there to support the teachers, right? You could do that with a photo. But having a short interview, they also interview a couple students. And those students talk about, you know, understanding what the right loan is the wrong loan, their aspirations for college, and how they get through that. I think the are great examples to show young people that have aspirations in life, and how we’re going to help them reach those goals. I think I think we can find a lot of young people to tell that story. We can tell that over an iPhone, it’s a, it’s a great story to tell, finding young people that were willing to be on camera for that and say, you know, I didn’t know, like, I didn’t know about the best loans. I’ve seen loans advertised. We’ve all seen Sophie’s ads from Superbowl to everywhere else. And they’re addressing that message to young people in a really powerful way. I think we have the responsibility now to say, Hey, we’re going to connect with you. We’re going to actually introduce an executive to young people and help them find the right opportunities, so it doesn’t bite them down the road. Gotcha. So I think that’s really what the power of that video is. Now, I’ll also say, if you’re looking for video opportunities, there’s some great ways to Do it well we’ve often done is, you do probably want to create a bumper at the front. So they call it a bumper, which is sort of that element that has your logo, sometimes it has an animated a little bit makes it look kind of cool, right? Put that on the front, put one on the end, and then that in between video, if you shoot that with an iPhone, if you do it well, you’re willing to get up and close with people on that video and have decent audio, you can do it with an iPhone on a on a shoestring budget. And then that that front and end bumper videos really help it to look a lot more premium. Right. And plus practice

Alexander Lahargoue 36:37
makes perfect, you know, and the more you do it, the better you’re going to get.

Ben Pankonin 36:40
Yeah, yeah, absolutely. So, you know, a few other things to think about when we’re making those promotional posts is, you know, when we’re taking something like that video or those other opportunities, you know, we want to have content that does educate, you know, that that actually helps people and we want to show You know, some way that we’re connected with that expertise, obviously not in the condescending tone, like we saw earlier. Right. But but in a way that’s, that’s encouraging to people that says, you can do this right? You, you don’t have to, you know, shut off every bit of your spending, you can still enjoy the experience along the way.

Alexander Lahargoue 37:18
Right. You know, we got a question from Linda, who asked about how would you begin to promote a financial literacy program, if they recently just launched it? And how would you kind of incorporate these general promo posts into that? Oh, great question.

Ben Pankonin 37:31
Yeah, I think if you’re just launching a financial literacy program, the front end of launches are are really a lot of fun because you don’t have this sort of baggage right of other things going on. new things as a marketer are really fun, right? so shiny is the new toy. So Linda, I would say that’s your opportunity to really get out in front of it and say, we just launched this mean that’s why we have ribbon cuttings. That’s why we go into this And we we show what we’re doing there. So if if your program involves schools, that’s a great opportunity to go into the schools, take some photos, you know, maybe, you know, it involves people coming to your office and talking about financial literacy. We’ve done a number of fun exercises, and, you know, feel free to steal, steal this one too. But, you know, we have our major research university that’s 10 blocks away from us. And so students come over here, sometimes I go into the classrooms. So Alexander, you worked with me a little bit on our research project that we were doing with the university that we did this semester, and we’ll be continuing to do that through the summer and fall. But you know, that’s a great way to be connected. So in that project, we’ve both gone onto campus and worked with students there, and we’ve brought them here. And a lot of times, we’ll do that and just ask them questions. Hey, who do you bank with? So when I’ve had come in on a tour, just say, you know, hey, what does that look like? what’s what’s your perception? And you’ll be surprised.

Alexander Lahargoue 39:06
I mean, those insights especially are so key in the beginning to help guide your content and kind of point in which direction you want to go in.

Ben Pankonin 39:12
Yeah. It’s hilarious to ask him, ask him about the size of banks. It’s really fun. Like, you know, just ask him like, how big do you think? What’s the biggest bank in our town? And see, like, what they say, I’ve asked that question. There’s a lot of kind of open ended questions you can ask, and it’ll give you some great insights into marketing. But then it’ll also help you build that relationship with students to say, Hey, here’s what that means. Right? Right. here’s, here’s how big that bank is that, you know, you didn’t think was quite the largest in town. I know they’ve got a stagecoach and that might make them sound a little smaller. But but they’re not. Yeah. And and here’s here’s the difference between these financial institutions. Here’s how big this credit union is down the street. And here’s how big this bank is that’s on on campus for next year. or whatever it is, right? So, yeah, those are fun. I think some pro tips that you had in here about tailoring your content are really valuable to.

Alexander Lahargoue 40:10
Yeah, we also had a great question from Timothy who thought of his bank more as be more b2b focused. And so how would you kind of tailor some of these points if you’re more focused on businesses and consumers?

Ben Pankonin 40:21
As someone who is a business owner myself, financial literacy is critical,

Alexander Lahargoue 40:26
right? Yeah. Right.

Ben Pankonin 40:28
You know, financial literacy in the way that we communicate with small businesses is really important. And when you find ways to talk to, particularly brands that would sort of identify themselves as startups, or, you know, whether they’re a sort of traditional business at the coffee shop, or whatever, or they’re, you know, a software company or something like that. Those are great examples of places that will often listen to you If you create the right culture and framework around that, and let them know that you’re there to help, a lot of them may not know what a line of credit is, a lot of them might not understand, you know, what sort of implications lending products have. So just educating them on the different products around those become really valuable. Oh, gotcha. Okay. Now, you know, I think in a lot of these cases, when we’re creating this content, if we can link back to our website, if it’s if it’s on social media, I think those are great ways to link back to that and say, Hey, we have some advice for you. If you’re looking for, you know, in Tim’s case, in his question, if it’s an SBA loan, maybe we have a place on our website where we feel those or where you describe those. Keep in mind, that’s also a great way to retarget your traffic after they visited. So that’s a great way to promote some ads as well. And when we think about those You know, ads, social media is a great opportunity to cross promote. So if those are emails that you’re sending out to talk about, hey, we have some advice and help for you in financial literacy. here’s, here’s what we know. And here’s what we, we think you can learn from us. Those are great ways to send those out. But then also to remind them on social media and other channels.

Alexander Lahargoue 42:22
Now, when you plan a financial literacy education event, should you always start thinking of ways you can cross promote it?

Ben Pankonin 42:29
Yeah, I mean, not, I would try to think about most everything that we do in marketing. Is there a way to promote that on more than one channel? It doesn’t make sense. Sometimes, you know, I’ll see things on social media that I’ll say I’m not sure if that makes sense quite yet. You know, we have to be careful. I think sometimes when we take things that are print, and we move them into social media, and say, Hey, we might have to change the format or design of this. So the way that gets through Translated online is often quicker, it’s reactionary, sometimes I’ll see forms or things like that, you know, we want to figure out, can we even one click Get the person from where we are to where we want them to go. Right. So, so I think we have to think about those things, invites in particular events, reminders. So maybe we do have to create a Facebook event for that specific event. But then we also want to retarget that get people to interact with that post to get them over there. So yeah, I think there’s a lot of ways to cross promote just about any activity we do. Right. So yeah, you know, we’ve we’ve seen, some recently that are doing giveaways or things like that for financial literacy, you know, guide people into a into a continued relationship. Here’s what that looks like in our bank. I think there’s some messaging around that to say, hey, when you’re looking at it, when you’re Evaluating, again, we’re marketing care with financial literacy. That’s, that’s a big component of what we’re doing. We’re showing that we have expertise, and that we care enough that when you do have questions, we’re going to be there for you.

So another one that, you know, we talked, we hinted at this a little bit.

When we, when we talked about leveraging your community. One of those ways is when you’re in schools, or when you are working with that third party now we, we have an event that happens in our town for 1 Million Cups and actually headed up to to Sioux Falls to speak at their event next week. But, you know, that’s one of those ways where there’s a community around, in that case, a lot of entrepreneurs. And so when we see those types of events, those are great opportunities for us as a financial institution to celebrate the the exchange of ideas that is happening. So when we see an exchange of ideas that’s happening, whether it be small businesses in that case, or it be, you know, lending products, real estate products, things like that, or maybe it’s an exchange of ideas in a school itself, those are great opportunities to celebrate the leaders of those activities. So in a school, we know that often teachers, right, you know, I can say that you are not going to go too far in celebrating the role that teachers play in your community.

Alexander Lahargoue 45:31
Yeah. And that’s some of the most engaging content that you can produce and publish.

Ben Pankonin 45:34
Absolutely. And, you know, those teachers know how to advocate for their responsibility. And they continue to do it every day. Standing in front of a classroom for six plus hours a day, to engage students and get their buy in. They can certainly get buy in for for what you’re doing as well. Yeah. So I think that’s a tremendous opportunity that often gets overlooked. And then, you know, it gives us that opportunity to say, Hey, here’s what’s happening. We’re just, we’re on the sidelines. We’re cheering for those, for those heroes in our community. And I think that can be a huge effect. The other one that we miss a lot of times is staff related content. And we talked a little bit about it, I think earlier and in having staff go out and present some level of financial education. But I think, you know, just like we’ve brought up in webinars in the past photo, or it didn’t happen, right, right. This is that opportunity, where we’re saying, hey, go take a photo, find somebody to take your photo, sometimes it’s it’s a little bit awkward, but it’s, you know, when people know you’re there for a purpose, you’re there to educate, you’re there to help. You might just hand your phone to somebody and say, Hey, could you take my photo really quick? Here’s what I’m doing. I’m going to stand up in front of this classroom, or I’m going to stand out here and your you know, could you take my photo? People are more than willing to do that,

Alexander Lahargoue 47:04
especially you told us for social media, they become very supportive of you.

Ben Pankonin 47:08
Yeah. You know, you can, you can take your own but you know, depending on what you’re doing, we had some great posts, as we’re filtering through some, some Twitter content of, you know, people standing up in front of a classroom doing financial education. Clearly, somebody took that photo for them. But that’s, that’s great content. Yeah. You know, I think, I think we want to reach out and survey some of our, our employees understand who they are. So this is the roll that those of us in, you know, in single marketing roles or even working on a marketing team a lot of times, you know, we have that huge responsibility of finding those people and reminding them hey, I see on your calendar, you’re headed out to do some teaching some demonstration. You know, you’re headed out to share what you do to your kids classroom. You know, would you mind sharing a photo With us, and those are great opportunities to just show, you know, even if it’s that parent and child relationship from within, within your financial institution, that’s a great chance for you to say, Hey, you know, here’s, here’s someone from our bank sharing with their, their kids classroom. Those are great opportunities, right? So cool, cool stuff to think about when we’re thinking about that. But employees really helped humanize that content and that topic. So they, they make financial literacy and you know, in many ways seem less daunting, more approachable. And it puts that that face in that connection, we’re about building relationships in our community. So this is a great opportunity and a gift to do that. And it helps us to reach new connections. So, you know, we also talk a lot about you know, lenders and their ability to be out in the community. If they don’t have their own social profiles, you know, this this may be that training. time period for them as well to say, hey, maybe there are some things that we want to help you develop. And sometimes that’s a co OPT sort of marketing position.

Alexander Lahargoue 49:10
Yeah. And how would you encourage banks to approach their team members to encourage them to be more active on social media?

Ben Pankonin 49:17
You know, I would say, you know, we’re all becoming part of a marketing program. You know, we’re all becoming part of our banking, you know, marketing. So, I think that’s something that we can present as an opportunity for them to just share content with us. That’s, that’s one step that everybody can participate in, hey, share some content back with marketing. And then the other step is, hey, maybe some of these people need some of their own profiles. Maybe they need a profile for their role at the bank. And, and that’s another way we can help support them. You know, I think it’s also a role to say, Hey, you know, if you’re going to talk in a classroom There’s 20 kids. That means that there’s, you know, a whole lot of parents behind that. And there’s a whole lot of opportunities, you know, to make connections within our community, maybe it’s with a nonprofit locally. And if you’re doing some advocating locally in your nonprofit, chances are good that nonprofit board hits just about everybody in your community, for the ones I serve on, that’s certainly true. You know, you can hit a couple nonprofit boards, and all of a sudden you feel like, wow, you have some deep roots in that community. So the more ways you can help advocate for that, I was just sitting on a nonprofit board meeting this week. And the head of marketing came over and talk to me a little bit about what we were advocating for and how we were going to share out some content, whether it be social media or things like that. Those are great examples. It’s a great way to be connected with those brands. And so, so, you know, I’m helping Michaela to figure out ways to do that in her role, and at the same time, she recognizes that I’m on the board. They care for, for everything they’re doing.

Alexander Lahargoue 51:02
And then you can leverage that event by having the team member shared on their own account, and then having the brand itself then repost it and celebrate their team members efforts.

Ben Pankonin 51:10
Exactly. It raises the tides for all of those, right? So yeah, when we think about this, you know, when we think about financial literacy, financial literacy itself is critical, obviously, to our communities, to our eyes, but it also helps us to show that expertise and care in relationship, and then when we really gauge and and get some measured interest. I think it has a tremendous effect on our own marketing.

Alexander Lahargoue 51:37
Yeah, I agree.

Ben Pankonin 51:38
So with that, it looked like we answered a lot of questions through that one.

Alexander Lahargoue 51:43
That was probably the record for our webinar

Ben Pankonin 51:44
so thanks so much. For those of you asking questions. We are going to be launching another webinar. Next month, we’re going to be talking a lot more about compliance and marketing. So stay tuned. We’re going to we’re going to tackle Some of the things that often get overlooked in compliance, and so I think that may surprise a few people. I’m guessing it will. And I think it’s going to be a great topic to really to really dive into and make sure that we’re staying on top of right

Alexander Lahargoue 52:15
on May 22, too

Ben Pankonin 52:17
awesome