The document discusses using social media, social marketing, and brain research to improve financial education. It provides an overview of key concepts from a symposium co-sponsored by Tuck School of Business at Dartmouth and the FINRA Investor Education Foundation. The document covers using social media to engage different audiences, applying principles of social marketing, and utilizing findings from brain research to improve learning outcomes for financial education. Practical tips and examples are presented in areas like content strategy, audience analysis, and message design for social media platforms.
In Module 1, you will learn the basics of searching government websites that will prepare you to perform civic engagement activities. In addition, you will learn to search the websites to get information about services and other information you may need. Community organizations often need to know how to search government websites for information and/or data on community issues. Upon completion of this module, you will be able to:
Define civic engagement.
Search the City of Chicago website for information.
Review school report data on the Illinois State Board of Education website.
Access election results.
Use CPD CLEARMAP to access neighborhood reported crime data.
Search the Cook County website for healthcare service information.
Use CTA Bus Tracker to determine bus arrival times for specific bus stops.
A century from now historians may look back on the beginning of the era of ubiquitous computing and note how human behavior fundamentally changed, when access to information and communication became instantaneous for nearly every person across the world.
Social Media notes for 2.5 hour workshop. National Service grantees, AmeriCorps, Senior Corps, VISTA and Learn and Serve America. Including Social Media Game.
This presentation describes a process by which learning takes place using social media, provides an example of the process in action, and includes an invitation to join a network devoted to bookmarking learning resources on del.icio.us.
In Module 1, you will learn the basics of searching government websites that will prepare you to perform civic engagement activities. In addition, you will learn to search the websites to get information about services and other information you may need. Community organizations often need to know how to search government websites for information and/or data on community issues. Upon completion of this module, you will be able to:
Define civic engagement.
Search the City of Chicago website for information.
Review school report data on the Illinois State Board of Education website.
Access election results.
Use CPD CLEARMAP to access neighborhood reported crime data.
Search the Cook County website for healthcare service information.
Use CTA Bus Tracker to determine bus arrival times for specific bus stops.
A century from now historians may look back on the beginning of the era of ubiquitous computing and note how human behavior fundamentally changed, when access to information and communication became instantaneous for nearly every person across the world.
Social Media notes for 2.5 hour workshop. National Service grantees, AmeriCorps, Senior Corps, VISTA and Learn and Serve America. Including Social Media Game.
This presentation describes a process by which learning takes place using social media, provides an example of the process in action, and includes an invitation to join a network devoted to bookmarking learning resources on del.icio.us.
"Social networks constitute the greatest global information platform on the Internet today. They have become an indispensable part of our daily lives as people spend more time socializing on the Internet. They have witnessed their collective fortunes rise as they become ubiquitous in our lives. The penetration of these technologies into the popular culture has been pervasive. However, creating online social networks raises privacy concerns of possible misuse. This paper provides a brief introduction to social networking and its diverse applications. Matthew N. O. Sadiku | Adedamola A. Omotoso | Sarhan M. Musa ""Social Networking"" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-3 | Issue-3 , April 2019, URL: https://www.ijtsrd.com/papers/ijtsrd21657.pdf
Paper URL: https://www.ijtsrd.com/other-scientific-research-area/other/21657/social-networking/matthew-n-o-sadiku"
The University in the Age of Web 2.0: A Value PropositionPaul Brown
Brown, P. G. (2013, January). The university in the age of web 2.0: A value proposition. Presentation at the Dalton Institute on College Student Values, Tallahassee, FL.
AYN Brand : T3 Workshop - Social Media & Web 2.0 PrimerGrace Rodriguez
AYN Brand : T3 "Tech Tools & Tips" Workshop Series - Social Media & Web 2.0 Primer : Presented by Grace Rodriguez for the Houston Arts Alliance (HAA) RenGen initiative
Government use of Social Media and how it can be used in messaging with violent extremism on the social web during "Counter Violent Extremism Media Training" in Kuwait for the Ministry of Information and U.S. Embassy staff organized by the U.S. Department of State
What I Learned About #SocialMedia Editing Social WorksMichael Stoner
This is a handout for the presentation I did at PRSA's summit for the Counselors to Higher Ed section on 18 April 2013 in Washington, DC. I shared reflections about what I learned about social media in researching and editing the case studies for our book, Social Works.
Social media Marketing Presentation by vaibhavjainVaibhav Jain
This is a Social media Presentation made by me a few months ago with a few Basics inside the PPT. Hope it Helps you to Grow your business. the Images used here are From Search Engine's and i hereby do not Claim to be the owner of the same. This PPT is in the interest of People and the content is wholly Written by me(@followvaibhav).
Impact of Social Media on Organizational Culture: Evidence from PakistanMuhammad Arslan
This paper investigates the impact of social Media on Organizational culture. The approach used in this paper
was to give the application and significance of development of Social media for organizations. With an
introduction to social media, organizational culture is focused by studying communication, business focus,
workplace harmony, workplace behaviors, and business discipline. A self-administered survey is used to collect
responses from employees working at different organizations through e-mail and various social media tools. The
main result of the research is the validation of the research framework of employees operating in the SME’s of
Pakistan. It has been found that organizational culture is considerably affected by development and application
of social media for business related activities in organizations.
"Social networks constitute the greatest global information platform on the Internet today. They have become an indispensable part of our daily lives as people spend more time socializing on the Internet. They have witnessed their collective fortunes rise as they become ubiquitous in our lives. The penetration of these technologies into the popular culture has been pervasive. However, creating online social networks raises privacy concerns of possible misuse. This paper provides a brief introduction to social networking and its diverse applications. Matthew N. O. Sadiku | Adedamola A. Omotoso | Sarhan M. Musa ""Social Networking"" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-3 | Issue-3 , April 2019, URL: https://www.ijtsrd.com/papers/ijtsrd21657.pdf
Paper URL: https://www.ijtsrd.com/other-scientific-research-area/other/21657/social-networking/matthew-n-o-sadiku"
The University in the Age of Web 2.0: A Value PropositionPaul Brown
Brown, P. G. (2013, January). The university in the age of web 2.0: A value proposition. Presentation at the Dalton Institute on College Student Values, Tallahassee, FL.
AYN Brand : T3 Workshop - Social Media & Web 2.0 PrimerGrace Rodriguez
AYN Brand : T3 "Tech Tools & Tips" Workshop Series - Social Media & Web 2.0 Primer : Presented by Grace Rodriguez for the Houston Arts Alliance (HAA) RenGen initiative
Government use of Social Media and how it can be used in messaging with violent extremism on the social web during "Counter Violent Extremism Media Training" in Kuwait for the Ministry of Information and U.S. Embassy staff organized by the U.S. Department of State
What I Learned About #SocialMedia Editing Social WorksMichael Stoner
This is a handout for the presentation I did at PRSA's summit for the Counselors to Higher Ed section on 18 April 2013 in Washington, DC. I shared reflections about what I learned about social media in researching and editing the case studies for our book, Social Works.
Social media Marketing Presentation by vaibhavjainVaibhav Jain
This is a Social media Presentation made by me a few months ago with a few Basics inside the PPT. Hope it Helps you to Grow your business. the Images used here are From Search Engine's and i hereby do not Claim to be the owner of the same. This PPT is in the interest of People and the content is wholly Written by me(@followvaibhav).
Impact of Social Media on Organizational Culture: Evidence from PakistanMuhammad Arslan
This paper investigates the impact of social Media on Organizational culture. The approach used in this paper
was to give the application and significance of development of Social media for organizations. With an
introduction to social media, organizational culture is focused by studying communication, business focus,
workplace harmony, workplace behaviors, and business discipline. A self-administered survey is used to collect
responses from employees working at different organizations through e-mail and various social media tools. The
main result of the research is the validation of the research framework of employees operating in the SME’s of
Pakistan. It has been found that organizational culture is considerably affected by development and application
of social media for business related activities in organizations.
Gaining and Maintaining a Competitive Advantage with SOCIAL MEDIA (WSI - Cyprus)WSI (Cyprus)
You keep hearing about social media and how it's spreading like wildfire. But as a business
person with a crazy schedule - saddled with the added stress of rocky economic times and a
shrinking marketing budget - you need to know: Is there any real business value to social media,
or is it mostly buzz? And if there's value, how on earth will I have time to learn it and use it
effectively?
Powerpoint presentation created for a workshop hosted by CASLIS-Ottawa, "Connecting with Our Clients: Marketing and Communicating Information Services". January 12 2009.
Social Media for the Equipment Finance CompanySuzanne Henry
A presentation on how an equipment finance and leasing company may use social media and social networking for marketing and communications purposes. Findings from original grant research conducted in summer 2010 are included.
Social media platforms provide a vast audience base, allowing businesses to reach a wider range of potential customers. By creating engaging content and actively participating in social media conversations, companies can enhance their brand visibility and recognition.
Source: https://buysocialpack.net/product/buy-google-reviews/
Workshop delivered for the Enterprise and Innovation Academy on digital marketing for SMEs and workplace teams. The workshop is divided in five parts. Introduction, Digital Disruption, Content Marketing, Social Media and Planning.
This workshop was delivered along with practical tasks in another PowerPoint presentation. Participants were also encourage to use the internet to look for answers to the some of the tasks presented.
Next Generation Social Media: Alignment of Business Processes and Social Inte...Vinay Mummigatti
As enterprises try to catch up with the social media buzz, many companies are starting to realize that it is difficult to define tangible business outcomes around social media investments. Social intelligence and social analytics are new con- cepts which have the potential to help enterprises move beyond basic marketing and define a goal-oriented strategy around social media.
The next wave of social media investments will be in enterprise programs that are designed to facilitate participation in social media interactions, analyzing the data generated and taking real time actions that govern product, marketing, distribu- tion and pricing processes.
The larger ecosystem of any enterprise includes business partners, employees and customers. Each of these constituents plays an important role in processes that govern innovation, customer experience, collaboration, supply chain, talent management and overall business growth. Social media is emerging as the glue that binds these groups and creates tidal waves that can make or break the fu- ture of any company. The only way organizations can ride this wave successfully is to track the social interactions, derive events and patterns that can lead to business process improvements across different functional areas. Another aspect of social media which is internal to an enterprise is in terms of collaborative busi- ness processes where collective knowledge sharing and decision-making is greatly enhanced through social tools.
Certain emerging trends in technology such as the collaboration between social media and mobile technology providers have created a revolution in the adoption rate of social media. The confluence of social media and mobile technologies is creating upheaval not just in competitive dynamics but also across social and po- litical spheres.
The focus of this paper is to enable organizations to define a strategy around Social Media and tie it to measurable outcomes as defined by core processes that are critical to the survival and growth of any enterprise.
The state-based movement in support of sound money has spread quickly as Louisiana becomes the second state to eliminate taxes on gold. The Louisiana Senate passed by a vote of 25-10 H.B. 682, a bill which removes the sales tax on gold and silver currency and bullion.
Existing law only exempts taxation for purchases of $1,000 and over.
This gives lower and middle income citizens the ability to acquire hard money without a regressive sales tax burden.
By removing taxes, it implicitly recognizes gold and silver coins as money.
MEASURING PEACE AND ASSESSING COUNTRY RISK
This is the eighth edition of the Global Peace Index (GPI), which ranks nations according to their level of peace.
The Index is composed of 22 qualitative and quantitative indicators from highly respected sources and ranks 162 independent states, covering 99.6 percent of the world’s population. The index gauges global peace using three broad themes: the level of safety and security in society; the extent of domestic or international conflict; and the degree of militarisation.
Today the face of HR is often a portal, rather than a person. Almost all firms now provide universal access to HR services through technology and web- based applications, dramatically changing the practice of human resource management. These changes often result from the need to cut costs and expand or improve services.
President’s Advisory Council on Financial LiteracySteven Reta
On January 22, 2008, president George W. Bush signed an executive order creating, for the first time, a president’s advisory Council on financial Literacy. The charge was simple, yet daunting: improve financial literacy among all americans.
Princeton, N.J. – A new NPR/Robert Wood Johnson Foundation/Harvard School of Public Health (HSPH) poll released today that examines the role of stress in Americans’ lives finds that about half of the public (49%) reported that they had a major stressful event or experience in the past year. Nearly half (43%) reported that the most stressful experiences related to health.
More than half of those who experienced a great deal of stress in the past month say too many overall responsibilities and financial problems were contributors (54% and 53% respectively).
Driving Performance Through Enhanced Collaboration between HR and Finance.
Effective working relationships across functions — particularly HR and Finance — have traditionally eluded many organizations. A siloed approach won’t work in the future.
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
NO1 Uk Divorce problem uk all amil baba in karachi,lahore,pakistan talaq ka m...Amil Baba Dawood bangali
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FINRA FinWell & FinEd Social Media
1. Using Social Media, Social
Marketing and Brain Research
to Improve the Design and
Delivery of Financial Education
Developed in partnership with Tuck
Executive Education at Dartmouth
2. Using Social Media, Social
Marketing and Brain Research
to Improve the Design and
Delivery of Financial Education
As individuals and families are expected to take on more and more
responsibility for their financial security, the need for sound and effective
financial education has never been greater. Social media, social marketing
and psychological and brain sciences offer new ways to think about how
to provide diverse audiences with the financial knowledge, skills and
techniques they need to make sound decisions and take action now and for
the future.
The key concepts, practical tips, examples and readings presented in this
document are based on a June 2010 symposium co-sponsored by the
Tuck School of Business at Dartmouth and the FINRA Investor Education
Foundation. The faculty for this symposium included the following:
Paul A. Argenti, Professor of Corporate Communications at the Tuck
School at Dartmouth, contributed insights on how digital communication
platforms, such as blogs and social media, have changed the methods that
businesses—and now government and non-profit organizations—must use
to effectively connect with their constituencies.
Punam Anand Keller, Charles Henry Jones Third Century Professor of
Management at the Tuck School, and an expert on social marketing,
discussed how marketing concepts can be used to improve financial literacy
and investor education.
G. Christian Jernstedt, Professor Emeritus and Research Professor of
Psychological and Brain Sciences at Dartmouth College, provided brain
principles and practical suggestions that can enable learners to take
advantage of the brain’s capacities to learn and act effectively.
“Social media,
social marketing
and psychological
and brain sciences
offer new ways to
think about how
to provide diverse
audiences with the
financial knowledge,
skills and techniques
they need to make
sound decisions and
take action now and
for the future.”
3. Table of Contents
Using Social Media to Improve Financial Education ......................1
What Is Web 2.0?.......................................................................................................1
Using Social Media....................................................................................................4
Implementing a Social Media Program............................................................6
Communication Strategy Framework ..............................................................6
Reaching Younger Audiences and Women Constituents ........................8
Online Engagement with Teens .........................................................................8
Online Engagement with Young Adults .........................................................9
Online Engagement with Women .....................................................................9
Suggested Reading ................................................................................................10
Using Social Marketing for More Effective
Financial Education ................................................................11
Positioning ................................................................................................................11
Types of Positioning ..............................................................................................12
Financial Decision-Making .................................................................................15
Variation in Decision and Choice Processes ...............................................15
Systematic/Utilitarian Decision-Making .....................................................16
Low Involvement Decision-Making ................................................................17
Hedonic and Ego-Expressive Decision-Making .........................................18
Suggested Reading ................................................................................................18
Using Findings from Brain Research to Improve
Financial Education Outcomes ..............................................19
Some Basic Brain Principles ...............................................................................19
Key Principles and Practical Suggestions......................................................20
Key Things to Remember ....................................................................................24
How to Reach Different Audiences ................................................................24
Suggested Reading ................................................................................................25
Key concepts, practical
tips, examples and
readings from
a symposium
co-sponsored by
The Tuck School
of Business at
Dartmouth and
the FINRA
Investor Education
Foundation.
4. 1
Using Social Media to Improve
Financial Education
Professor Paul A. Argenti, Tuck School of Business at Dartmouth
The emergence of digital communication platforms, including blogs
and social media, has shifted the center of control and influence away
from institutions to communities of individuals. Online learning is a
new form of literacy, and it is profoundly interactive. Harnessing the
power of social media involves empowering people to master new media
tools for facilitating two-way conversations and nurturing collaborative
relationships. This section presents key concepts about the new online
environment and related tips and techniques for using social media to
improve the design and delivery of financial education.
What Is Web 2.0?
According to socialnomics.net, here’s what the online world we live in
looks like:
• In 2009, more than 25% of the world’s population used
the internet
• By the end of 2010, Gen Y outnumbered Baby Boomers.
Approximately 96% of Generation Y have joined a social network
• YouTube is the world’s 2nd largest search engine
• 1/8th
of the couples who married in the US in 2009 met online
• 80% of companies use LinkedIn as a primary tool to find employees
• If Facebook were a country, it would be among the world’s largest
• 80% of internet users look online before buying a product
• 78% of consumers trust peer recommendations; only 14% trust ads
Web 1.0 was dominated by published content, publicly accessible online.
It has matured into Web 2.0, the interactive, dynamic internet we
know today. The defining characteristic of Web 2.0 is the collaborative
environment that facilitates the creation and exchange of user-generated
content via dynamic channels, including blogs, wikis and social networks.
Web 2.0 platforms include videosharing, search engine marketing and
optimization, online newsrooms, mash-ups and viral and word-of-mouth
(WOM) marketing.
“Harnessing the
power of social
media involves
empowering people
to master new
media tools for
facilitating two-
way conversations
and nurturing
collaborative
relationships.”
5. 2
These media are all about social interaction, using highly accessible and
scalable publishing techniques. Social media promote the democratization
of content and the understanding of the role people play in the process
of not only reading and disseminating information, but also sharing
and creating content. Social media use web-based technologies to turn
communication into interactive dialogues.
• Communication is in the form of conversation, not monologue
• Social media bring people and organizations together
• Honesty and transparency are core requirements
• It’s all about pull, not push
• It’s about distribution instead of centralization
Social media tools offer new ways to share, collaborate and build
communities. People share news and opinions, photos and videos. They
work together using software, and collectively create and share knowledge.
They join communities of business contacts, friends, family, even strangers
who share their personal and professional interests.
“Social media
tools offer new
ways to share,
collaborate and build
communities.”
Microblogs
Blog
Event
Listing
Offline
Your
Organization
Social
Networks
Unique
Content
6. 3
“Social media
use web-based
technologies to turn
communication into
interactive dialogues.”
Here are some top Web 2.0 applications and what they do best:
g Social Networks: Enable
users to customize,
maintain and control
their own personal
network of contacts.
Leaders: FaceBook,
MySpace, Friendster,
LinkedIn, YouTube
g Blogs: Allow rapid
publication of online
journals with commentary,
descriptions, and other
content, often focused
on a particular area of
interest. Blogs can include
text, photos, video and
other media, and allow
visitors to add their own
comments.
Leading Blog Enablers:
TypePad, WordPress,
Blogger, Weblogs,
Windows Live Spaces
g Podcasts: Let users easily
download audio and/or
video content to a device
like an iPod for playback.
Leaders: Podcast Alley,
Odeo, PodShow, Juice,
iTunes
g Wikis: Allow users to edit
content using shared web
publishing software.
Leaders: Wikipedia,
Socialtext, Basecamp,
jotspot
g Search Engines: Let users
search the web based on
user specified terms.
Leaders: Google, Yahoo!,
MSN, AOL, Technorati, Ask
g Rich Site Summary (RSS):
Simplifies publication
of frequently updated
content such as news,
blog entries, audio
and video using a
standardized web feed
format.
Leaders: Bloglines,
Newsfire, FeedBurner
Pluck, NewsGater
g Tagging: Facilitates in-site
searching and sharing
using descriptive words
assigned to content like
blog postings, photos or
videos.
Leaders: Flickr, Del.icio.us,
Digg, Shadows
7. Using Social Media
Constituents differ in how they use the internet, so you want to learn as
much as you can about their online behaviors. A snapshot of levels of users
and their likely online activities looks something like this:
Source: North American Technographics® Empowerment Online Survey, Q4 2009 (US)
Source: Forrester Research, Inc.
Creators
24%
Conversationalists
33%
Critics
37%
Collectors
20%
Joiners
59%
Spectators
70%
Inactives
17%
4
“Constituents differ
in how they use
the internet, so you
want to learn as
much as you can
about their online
behaviors. ”
• Publish a blog
• Publish your own Web pages
• Upload video you created
• Upload audio/music you created
• Write articles or stories and post them
• Read blogs
• Listen to podcasts
• Watch video from other users
• Read online forums
• Read customer ratings/reviews
• Read tweets
• Maintain profile on a social networking site
• Visit social networking sites
• Post ratings/reviews of products or services
• Comment on someone else’s blog
• Contribute to online forums
• Contribute to/edit articles in a wiki
• None of the above
• Update status on a social networking site
• Post updates on Twitter*
• Use RRS feeds
• Vote for Web sites online
• Add “tags” to Web pages or photos
Base: U.S. Online Adults
“Conversationalists” participate in at least one of the indicated activities
at least weekly. For all other groups, consumers participate in at least one of
the indicated activities at least monthly.
8. 5
“Social media
represent a
shift from one-
dimensional
institutional
communication
to conversations
with constituents
who are ready and
willing to engage. ”
Social media represent a shift from one-dimensional institutional
communication to conversations with constituents who are ready and
willing to engage. These conversations allow your organization to more
effectively reach them through different pathways by:
• Conducting marketing research through listening to your
consumers via ongoing monitoring of constituents’ conversations
with each other, instead of occasional surveys and focus groups
• Marketing your materials and services through listening to,
participating in and stimulating the two-way conversations that
constituents have with each other, and not just using outbound
communications
• Making it possible for your most enthusiastic constituents to be
your best sales people and sell to each other
• Enabling your constituents to support each other
• Relying on your most engaged constituents to work with each
other to come up with ideas to improve your services
The internet’s open structure encourages concise and flexible messaging
for all users. As you reach out to your constituents, here are some tips for
how best to convey your material online:
• Use straight, clear headlines and subheads
• Deliver one idea per paragraph
• Cut word count to half that of conventional writing
• Employ bulleted lists
• Use outbound hypertext links to establish credibility
Having a strong, clear voice has grown more important, and certain
technologies demand different modes of expression. For example, blog
posts resemble conversations; blog comments sharpen debate skills;
Twitter enforces economy.
Active users or “digital natives” expect a two-way dialogue, not a one-way
monologue. Instead of absorbing information, they go out and find it,
and create their own story. Concise and flexible messaging and a strong
clear voice are still critical to capturing their attention, and they expect
transparency and honesty, in tone and style. The Semel Institute for
Neuroscience and Human Behavior at UCLA identifies other key attributes
of digital natives:
• They don’t necessarily read from left to right, or from beginning
to end
• They are sensitive to visual icons and absorb more information
when it is presented with visual images
9. 6
“Your social media
program should
be integrated
into your overall
communications
efforts.”
• They process visual information quickly
• They scan rather than read, in a frenetic cognitive style, displaying
“continuous partial attention”
• They are highly influenced by text size
• They quickly switch tasks, using Google and other digital probes to
obtain information to evaluate
• They abhor promotional language and hyperbole
Implementing a Social Media Program
Your social media program should be integrated into your overall
communications efforts. A coherent communication strategy includes four
key components:
• defining the organization’s overall strategy for the communication
• analyzing the relevant constituencies
• delivering messages appropriately
• analyzing constituent responses to determine whether the
communication was successful
This framework applies to social media initiatives, as well as other forms
of communications.
Communications Strategy Framework
Constituencies
• Who are the organization’s
constituents?
• What is their attitude about
the organization?
• What is their attitude about
the topic?
Constituencies
• What does the organization
want each constituency to do?
• What resources are available?
• What is the organization’s
reputation?
Messages
• What is the best
communication channel?
• How should the organization
structure the message?
Constituent’s
Response
• Did each constituency respond
in the way the organization
wished?
• Should the organization revise
the message in light of the
constituency responses?
10. 7
“Communicate
online or others will
do it for you. Not
communicating is
communicating.”
Here are some steps to follow as you design, develop and implement your
social media program:
Development:
• Plan what active participation will look like and develop a
“playbook”
• Decide who has authority to post and/or respond
• Determine legal parameters
• Develop rules, online etiquette and a “persona” for engaging
• Develop guidelines and protocols for responding and/or incident
reporting
• Develop a decision tree or process flow, if necessary
Content Considerations:
• Create pre-scripted responses or legal copy needed for specific
situations
• Think about what you want to say and develop an engagement
calendar
• Map out planned posts
• Depending on the channel, create or plan content in advance
• Include new program or service announcements
• Set up a process for blog or Twitter posts from the organization’s
leadership related to current issues
Implementation:
• Start talking—launch active participation
• Publicize channels, i.e., Twitter, YouTube, etc.
• Send emails to stakeholders
• Put a link on website home page
• Build a follower base
• Engage in conversation, within rules and guidelines
• Monitor, report, track metrics to determine continued value or
identify success/areas of improvement
Some key things to remember: Listen and then speak. You want to monitor
what your constituents are saying, then post responses, engage and
become social through conversation, social networking, content sharing
and collaboration. You want to monitor the effectiveness of your efforts.
Most important of all, remember this: Communicate online or others will
do it for you. Not communicating is communicating.
11. 8
Reaching Younger Audiences and Women
Constituents
Different demographics behave differently online. Organizations that
understand this will be better positioned to reach their target audiences.
Age and education are the strongest determinants of internet usage, but
the digital divide is narrowing. Teens and young adults seem to live online,
but older generations are catching up. Once online, behavior differences
within different age groups are subtle, but important. For example, teens
are more likely to use instant messaging than email, but are very particular
about which social networks they choose. Women are a key demographic
that any organization devising a digital communications strategy needs
to pay attention to. They are the fastest growing segment of the Web 2.0
audience, and control 85% of household income in the U.S.
Social media are playing a significant role in the changing landscape of
American youth. This has huge learning implications among teenagers.
According to Boyd (Living and Learning with Social Media, Penn State
Symposium for Teaching and Learning with Technology, April 2009):
• Youth engage with each other to work out boundaries and to
understand norms; this is how they learn authority. Today, they’re
working through these social issues online.
• Youth leverage social media for educational purposes and share
online content more than any other age group through links,
references, ideas and original content.
• Educators have a critical responsibility when it comes to helping
youth navigate social media. Young people need to know more
than just how to use the tools; they need to understand the
structures around them.
Online Engagement with Teens
• Youth do not engage in networking. They do not meet new
people online, but reinforce their everyday networks. Social media
comprise the gathering space.
• Email is no longer the place for sociable communication. Today’s
teens are stuck between instant messaging (IM), MySpace,
Facebook, and short message service (SMS).
• Teens don’t care if they lose track of something they put hours into
building; they willingly recreate profiles and passwords.
• Concerning Facebook vs. MySpace, you must know your
demographic. Teens are very particular about which social network
is most relevant.
“Age and education
are the strongest
determinants of
internet usage,
but the digital
divide is narrowing.
Teens and young
adults seem to live
online, but older
generations are
catching up.”
12. 9
“75% of adults
ages 18–24 use
social networks,
compared to just
7% of adults ages
65 and over. ”
Online Engagement with Young Adults
According to the Pew Research Center:
• Young adults ages 18–32 are most likely to be engaged in all
the various online activities—communication, entertainment,
e-commerce and entertainment-seeking.
• Unlike teens, young adults use social networks primarily for
networking purposes.
• When compared to older users, young adults are more active
online reputation managers—71% of social network users ages
18–29 have changed the privacy settings on their profiles.
• 75% of adults ages 18–24 use social networks, compared to just 7%
of adults ages 65 and over. At its core, use of online social networks
is still a phenomenon of the young, though the number of older
users keeps rising.
• Internet users in their 20s do not dominate online life. Gen X
(ages 33–44) is still more likely to bank, shop and look for health
information online.
• 67% of Gen X users bank online, 80% buy products online
(compared with 71% of Gen Y).
• Gen X uses the internet for watching videos and socializing, but
less so than Gen Y.
Online Engagement with Women
According to Blogher, there are important reasons your organization should
care about women:
• Women control 85% of household income.
• Women account for the majority of users on most social media
sites (including Facebook, MySpace and Twitter).
• Women are the fastest growing segment of the Web 2.0 audience.
• As women spend more time with social media, they spend
correspondingly less time with traditional media—39% less on
newspapers, 36% less time reading magazines and 30% less time
watching TV.
• Web 2.0 is all about being social. Traditionally, men are the early
adopters of new technologies, but when it comes to social media,
women are at the forefront.
i
13. 10
“Women are the
fastest growing
segment of the
Web 2.0 audience,
and control 85% of
household income
in the U.S.”
Organizations looking to reach women have an unprecedented opportunity
through social media to engage them. They can:
• Leverage the opportunity to secure real-time feedback
• Tap into huge growth of interest-based types of sites
• Use data on women’s internet behavior to gain a better idea of
how to develop communities that garner maximum participation
from women
• Leverage the fact that online social tools help people to connect
across barriers to interaction. For example, for women in business,
this alleviates difficulties in securing capital, gaining access to key
decision-makers and finding opportunities to demonstrate their
expertise.
Suggested Reading
Digital Strategies for Powerful Corporate Communications, Paul A. Argenti &
Courtney N. Barnes, 2009, McGraw-Hill
Groundswell: Winning in a World Transformed by Social Technologies,
Charlene Li & Josh Bernoff, 2008, Harvard Business School Press
The Power of Pull, John Hagel III, John Seely Brown & Lang Davison, 2010,
Basic Books
i
14. 11
“Systematic
financial literacy
problems are
pervasive despite
an exponential
increase in providers
of financial
education.”
Using Social Marketing for
More Effective
Financial Education
Professor Punam Anand Keller, Tuck School of Business at Dartmouth
Positioning
Systematic financial literacy problems are pervasive despite an exponential
increase in providers of financial education. Most times the blame is
put squarely on the individual’s inability to grasp basic math and lack of
motivation to act in his/her best interest. However, this perspective does
not empower the provider to improve financial literacy outcomes. This
essay stresses the importance of positioning in the financial literacy and
investor education marketplace.
Positioning is the act of designing the organization’s offerings (products
and services) and its image to occupy a distinct place in the mind of
the target consumer. As such, positioning is integral to creating and
communicating value to target consumers. Segmentation and targeting
need to be followed by a positioning strategy to create a clear customer-
focused value proposition in the mind of the target audience. In other
words, why should the organization be the go-to place for information on
financial literacy and investor education?
An offering’s position is a complex set of perceptions, impressions,
and feelings. A positioning statement is often considered an internal
value proposition that can be used to guide the positioning strategy.
An organization/offer has many associations that combine to form a
total impression. The positioning decision often means selecting those
associations that are to be built on/emphasized (and de-emphasized).
There are three key positioning options varying in depth of relationship
with your audience: natural (feature) positioning, image (who, what, where,
when, why) positioning and relationship or symbolic positioning (level of
closeness or connection).
15. Types of Positioning
No organization can succeed if its products and service offerings resemble
every other product and service offering. Organizations that are designing
their products and services to meet the needs of specific target markets—
such as women, high school students or low-income populations—are in a
better position to satisfy their audiences than are organizations who mass
market.
Rather than letting the consumer figure out where the product or service
exists, successful organizations position their offerings by pointing
out the similarities and differences between organizational “brands.”
Therefore, a positioning strategy requires that an organization determine
a “competitive” frame of reference by identifying the target market, the
nature of the competition (other providers) and the ideal points-of-parity
and points-of-difference in brand associations for the providers. Points-
of-parity are associations not necessarily unique to the brand but may in
fact be shared with other brands. For example, in order to present their
offerings as unbiased or consumer friendly, organizations may share a
claim that their recommendations are not paid for by investment firms
or banks. Points-of-difference are strong positive associations consumers
hold for one organization and believe they could not find with another
“competing” organization.
A starting point in defining a competitive frame of reference for a brand
position is to determine category membership, the sets of products
and services with which a brand competes and that function as close
substitutes. In the United Kingdom, for example, the Automobile
Association has positioned itself as the fourth emergency service after
police, fire and ambulance, to convey credibility and urgency. Organizations
have three main options to communicate their category membership:
12
“Organizations
that are designing
their products and
services to meet the
needs of specific
target markets are
in a better position
to satisfy their
audiences than are
organizations who
mass market.”
Relationship Position
Created by knowledge of the
meaning of the offer in the
person’s life
Natural Position
Created by benefits/attributes
Position
Overall perception of the
organization/product
Constituent’s
Response
Created by information
communicated about
the offering:
- the way it is used
- by whom is it used
- when is it used
- why is it used
16. 13
“Desirability
criteria are based
on what the target
audience finds
personally relevant,
important,
distinctive and
superior. ”
1. Use category benefits. Primary benefits are often used to announce
the category and to reassure consumers that they will deliver on
the fundamental reasons for using the category. Thus an investor
education organization may claim to provide guidelines on how to
invest for retirement.
2. Compare to exemplars. Well-known partnerships in a category
can also be used to specify category membership. For example, an
organization can publicize its affiliations to the U.S. Department of
Treasury.
3. Short descriptors. Relying on the descriptor that follows the brand
is often an effective and concise means of conveying category
membership. For example, the FINRA Foundation uses “Investor
Education Foundation” to explain its category. Or the description
can highlight the target audience, for example, the senior investor.
The choice of points-of-parity and points-of-difference should be based
on desirability and deliverability criteria. Desirability criteria are based on
what the target audience finds personally relevant, important, distinctive
and superior. Deliverability criteria are based on what the organization can
deliver (feasibility), what the organization can substantiate (communicate)
and what the organization can defend (sustainability). Factors influencing
the choice of positioning strategy include:
1. the organizational brand’s existing market position
2. compatibility with consumer perceptions
3. positioning of other providers/competitors
4. desire for innovativeness
5. legal environment
The table below provides a set of differentiation variables.
Products
Form
Features
(e.g., innovation)
Conformance (e.g.,
standardization)
Durability
Reliability
Ser
Services
Ease of use and
accessibility
(distribution and
communication)
Delivery of products
and services including
level of customization
Installation of
software, binders,
posters, etc.
Training for providers
or consumers
Consulting for
providers or
consumers
Personnel
Competence,
expertise
Courtesy
Credibility
Reliability
Responsiveness,
empathy
Channel
Coverage
Expertise
Performance
Technology
support
Resources
Image
Symbols, colors,
slogans
Atmosphere
Events
Brand contacts
17. 14
“Rather than leave
the positioning
of their offers
to chance, good
marketers include
continuous input
from target
consumers…”
Consumers will position offerings with or without the input of the
institution. Rather than leave the positioning of their offers to chance, good
marketers include continuous input from target consumers to avoid five
main pitfalls:
1. Under-positioning, where consumers end up with only a vague
idea of the product/service
2. Over-positioning or consumers have too narrow a picture of the
product/service
3. Confused positioning due to too many claims, claims that conflict,
or frequently changing claims
4. Doubtful positioning because claims are hard to believe
5. Mass positioning because you forgot you aren’t the only institution
who may be attempting to position/reposition products or change
the determinant dimensions
Like a true marketer, I have emphasized the value of positioning from a
customer and an organization’s perspective. Positioning also has important
public policy implications. We would reduce redundancy and waste if every
organization had a clear position in the financial literacy and investor
education marketplace. Imagine a world where all foundations, agencies,
endowments, institutions and organizations were viewed as specialists
and experts for providing specific types of financial literacy and investor
education to different target audiences. Consumers would know that
organization A had the best products for seniors interested in investing
and organization B provided the best guidelines to prevent investor fraud.
Organizations serving the same target segment would form more efficient
and fewer strategic partnerships. Along the same lines, products and
services would be more effective because they would be based on in-depth
knowledge of smaller target audiences shared by organizations in the
“target group partnerships.”
18. 15
“Consumer behavior
is the process
people engage in
when searching
for, selecting,
purchasing,
using, evaluating
and disposing
of products and
services to meet
their goals.”
Financial Decision-Making
Providers of financial literacy and investor education are interested in
consumer behavior from two perspectives. They are interested in how their
target audiences “consume” an organization’s products and services on
financial literacy and investor education. For this purpose, they research
consumer decisions in great detail to answer myriad questions about what
they know, where they learned it, when they learned it, whom they trust,
how confident they are and why they use or don’t use what they know.
They are also interested in how consumers use information on financial
literacy and investor education to inform their behavior in the marketplace;
how they make trade-offs between current costs and benefits compared
to future costs and benefits; how they think about emergency funds; and
whether they have positive or negative associations about retirement.
Consumer behavior is the process people engage in when searching
for, selecting, purchasing, using, evaluating and disposing of products
and services to meet their goals. Some products and services require a
long, systematic process starting from an extensive information search,
comparisons of competitive offerings in the marketplace, trial, evaluation
and adoption. Other products and services are consumed automatically
with little apparent thought. And some products and services are
consumed primarily on their appeal to the senses such as the way they
look and feel. These three processes are described in detail below in order
to provide guidelines on how an organization’s offering of products and
services needs to correspond with the decision-making and choice process
used by the target audience.
Variation in Decision and Choice Processes
Systematic/Utilitarian
Know Feel Do
• Trigger = Problem Recognition
(Actual–Desired)
• Active Search
• Rational Evaluation of Alternatives
• Mindset: Deliberative
• Choice Heuristic: “Buy the Best”
• Ultimate Choice: Trade-off Among
Competing Alternatives
Low Involvement
Know Do (Feel)
• Trigger = Stock depletion,
Environment Cue
• Passive/Automatic Search
• Limited/No Evaluation of Alternatives/
Least Effort
• Mindset: Implemental
• Choice Heuristics: “Buy the Familiar”;
“Buy the Cheapest”
zzz Hedonic/Ego-Expressive
Feel Do (Know)
• Trigger = Impulse, Emotional Need
• Confirmatory Search
• Rational Evaluation of Alternatives
• Mindset: Emotional
• Choice Heuristic: “Buy What I Like.”
❤❤
19. 16
“Providers of
financial literacy and
investor education
are interested in
how their target
audiences “consume”
an organization’s
products and
services on financial
literacy and investor
education. They
are also interested
in how consumers
use information on
financial literacy and
investor education to
inform their behavior
in the marketplace.”
Systematic/Utilitarian Decision-Making
Problem recognition occurs when there is a gap between an actual and
desired state. “Teachable moments” are created when consumers are
motivated to solve the problem. Sources of problem recognition include
need to replenish (defaulting on loans, declaring bankruptcy), dissatisfaction
with current product/service or state of affairs (weak economy or stability
of Social Security benefits), new needs and wants (new parents or home
owners, newly divorced or widowed), complementary products/services
(401(k) matches, tax credits) and the availability of a new product/service
in the marketplace (health care law).
Once consumers realize the problem can be solved, they begin to search
for information. Initially, they try to scan information in memory, such
as whom they asked for advice in the past. If the internal search is not
satisfactory, they search externally among personal sources (friends,
relatives, co-workers), public sources (internet sources like mymoney.gov,
magazines, books, newspapers, TV, radio shows) or marketer-controlled
sources such as investment firm websites and loan consolidators.
Evaluation takes place during and after information acquisition. The various
options deemed to have the potential to solve the consumer’s problem are
entered into the “evoked” set. The evoked set is the subset of alternatives
that are manageable or make it into the next stage. Communication and
reminders are necessary to create top-of-mind awareness to ensure the
organization’s brand is included in the evoked set.
Problem Recognition
Information Search
Evaluation of Alternatives
Purchase Decision
Post Purchase Decision
Know
Feel
Do
20. The alternatives in the evoked set are then compared on attributes
important to the consumer—such as easy to use, credible, objective,
customized—to maximize functional and psychological consequences.
Functional consequences are concrete outcomes, such as ability to
accurately forecast retirement needs. Psychological consequences are
abstract, subjective, personal outcomes, such as how the service will make
you feel or how others will view you for using it—for example, using a
VITA service.
Final attitude toward the organization or the service is based on combining
beliefs about the organization and its products/services with the
importance of the features of the products/services to the individual.
To predict attitudes, organizations must know how much importance the
target audience attaches to each feature (e.g., ease of use) with their
beliefs about the user-friendliness of each brand.
The consumer process does not end with purchase or consumption.
Consumer expectations are compared with perceived performance to
assess satisfaction with the product/service. Consumers may feel cognitive
dissonance or tension if they have doubts about their choice. They may
rationalize their choice even if they are unhappy or they may spread
negative word-of-mouth if they are dissatisfied. Social media enhances the
speed and reach of negative comments. Post-purchase communication on
Web 2.0 is an important source of influence for consumers who believe
unsponsored information on Web 2.0 is more credible and objective than
traditional sources of information.
Low Involvement Decision-Making
Financial literacy and investor education providers typically face a low-
involvement audience. The audience is deemed relatively uninvolved when
consumers are not particularly interested in engaging in an active search
for information. Rather their decision and choice processes are triggered by
life-stage and/or environmental cues such as getting divorced or starting
a new job. These triggers are often appropriately referred to as teachable
moments. Rather than engage in a systematic process of information
search and evaluation, consumers who are less involved will use a variety
of heuristics to minimize effort to make or avoid choices. These heuristics
include easy access to sources (a relative), materials (online), and decision-
rules (familiar or least risky).
Low-involvement consumers present more challenges for educators
and marketers because their decisions are typically impulsive or short
in duration, with the focus on implementation rather than deliberation.
As such, it is vital for the organization to be the go-to source for the less
involved consumer. Organizations will need to invest heavily in making
low-involvement consumers aware of their offerings in addition to making
the offerings accessible when and where the consumer needs them.
17
“Financial literacy and
investor education
providers typically face
a low-involvement
audience. The
audience is deemed
relatively uninvolved
when consumers
are not particularly
interested in
engaging in an
active search for
information.”
21. Hedonic and Ego-Expressive Decision-Making
Reckless financial decisions are often based on hedonic or ego-expressive
decision-making. White collar professionals and seniors are often victims
of financial fraud because they do not engage in a systematic decision-
making that would involve searching for information such as FINRA
BrokerCheck. White collar professionals make impulsive decisions based on
emotions because financial scammers appeal to their egos and confidence
in decision-making in other spheres of their lives. Seniors become fraud
victims because scammers prey on their need for attention and need to
feel valued.
Financial literacy and investor education offerings need to correspond
with the decision-making process used by our target audiences. We need
to redesign our offerings and use a variety of communication strategies to
help our audiences become aware of their decision biases. We need pre-
commitment goals and plans to prevent loss of control, such as a budget
before a shopping trip or waiting 24 hours before purchasing a big-ticket
item. We need to remember our audiences will use a variety of decision-
making processes—automatic, hedonic and systematic. Finally, we need to
make our services more accessible to help our target audiences remember
our services while they are in the midst of relatively short decision and
choice processes.
Suggested Reading
Marketing in the Public Sector, Nancy R. Lee & Philip Kotler, 2009, Pearson
Prentice Hall
Social Marketing: Influencing Behavior for Good, Philip Kotler & Nancy R. Lee,
2007, Sage Publications
Social Marketing in the 21st Century, Alan R. Andreasen, 2005, Sage
Publications
18
“Financial literacy and
investor education
offerings need to
correspond with the
decision-making
process used by our
target audiences.”
22. Using Findings from Brain
Research to Improve Financial
Education Outcomes1
The brain is eager to learn new knowledge and skills. In fact, we cannot
stop the brain from learning, from even before birth. Yet in financial
education, we know that learning and remembering can be difficult—
changing behavior even harder.
What do brain research findings tell us about how to be more successful
in promoting financial literacy and sound financial decision-making and
behavior? Problems are typically not because our audiences cannot learn,
but because we do not use methods that maximize the likelihood they
will. This section describes key principles from neuroscience research
and related tips and techniques for improving the design and delivery of
financial education materials and services.
Some Basic Brain Principles
When we learn, we are physically changing our brain, and we can change
most everything, right down to the brain’s circuits, even the expression
of genes. When we learn, our brain grows new connections among the
many neurons that encode the fragments of knowledge and skills that
have already been acquired. The brain continuously collects these bits of
knowledge and skills and then links them into more complex knowledge
and abilities. In this way, learning is like an archaeological dig, rather than
a simple filing system. The problem we encounter in remembering is
retrieval, more than storage.
19
“When we learn,
our brain grows new
connections among
the many neurons
that encode the
fragments of
knowledge and skills
that have already
been acquired. The
problem we encounter
in remembering
is retrieval, more
than storage.”
1
A note from Professor G. Christian Jernstedt: A serious concern in modern
neuroscience is maintaining a balance between narrowly limiting and too broadly
generalizing the findings from scientific research on the brain. Important leading-
edge neuroscience findings were discussed at the symposium. These findings
are still being integrated into a comprehensive understanding of the human
brain. Thus, the descriptions in the current document are broad overviews of
concepts that might be used to think about effective design of financial education
materials and processes in light of evolving trends in neuroscience. They should
be understood as ideas to consider rather than factual prescriptions that must be
followed.
23. 20
“Consciousness has
a narrow capacity.
Studies have shown
it is difficult for the
brain to do more
than one thing at
a time—even blink
and think—in the
conscious association
areas of the brain.
Offering too many
choices results in less
action taken.”
When the brain learns, it relies in part on two specialized modules. The
association module monitors the sequence of events that happen in the
external world and in our head, so we can accurately predict events that
occur with some regularity. The outcomes module monitors how we feel
after doing something, so we learn to do things that bring satisfaction
and to avoid things that are painful. When the association module notices
events that occur together reliably, it changes the brain to anticipate this in
the future. When the outcomes module notices actions reliably followed by
desired outcomes, it changes the brain to remember these actions and do
them more frequently in the future.
These and other things we have learned about the brain strongly suggest
how to most effectively design and deliver learning experiences.
Key Principles and Practical Suggestions
1. Keep your message short and simple. Keep conscious tasks simple.
Limit the number choices you offer your learners—not too few, not
too many.
Consciousness has a narrow capacity. Studies have shown it is difficult
for the brain to do more than one thing at a time—even blink and
think—in the conscious association areas of the brain. Also, offering
too many choices results in less action taken. One study showed that
when consumers were offered many different flavors of jam to sample,
they made fewer purchases than when they were offered only a few
choices. Consumers were more likely to take action when they had
fewer alternatives for selections.
Use images
and stories
Keep tasks
simple
Provide quick
results
Balance emotion
and cognition
Focus on
doing
Take your
time
24. 21
“We learn and we
establish habits when
the brain notices
the outcome that
immediately follows
our taking an action.”
2. Encourage small steps and provide quick rewards.
Outcomes are enhanced when we receive useful or desired feedback,
consistent feedback and rapid feedback. We learn and we establish
habits when the brain notices the outcome that immediately follows
our taking an action. For new skills, it is most effective to provide
practice in very small steps with quick, helpful feedback, and then very
gradually increase the complexity of the practice.
3. Engage both the emotions and intellectual thought in your messages.
Balance emotion and cognition.
The brain is rational and emotional. It is important to find a balance
between emotion and cognition in your materials. Brain studies have
shown that the limbic system—which performs a primary role in the
processing of emotional reactions—shuts down the cognitive systems
of some pilots during night aircraft carrier landings. Pilots’ emotions
ran so high, they did not see the warning lights on deck or hear the
landing officer’s commands inside their helmets telling them to
abort. They crashed their planes in spite of all their knowledge, skill
and training. Conversely, a patient with a brain injury that robbed his
rational center of emotional input and left only his cognitive system
was overwhelmed by all the decisions he faced—daily, hourly, minute-
by-minute—and was unable to act. In other words, not only does too
much emotion wreak havoc on reasoning, but paradoxically, too little
emotion wreaks havoc on reasoning. A balance is needed: not too
much emotion, not too little.
4. Provide opportunities for your learners to do things three ways.
Remember that doing is far more important than simply knowing.
Doing is learning. You want your learners to be actively engaged
in using the knowledge and skills while they are learning. Doing
something in three or more different situations while learning
maximizes the ability to use it in new situations.
Practicing specific desired skills as much as possible improves learning
far more than simply trying to know the material. Studies showed
that when subjects spent 40–80% of the time thinking about the
meaning of material in assigned articles, and not reading all of them,
their performance was better than those who spent 100% of the time
reading all the articles and never practicing the use of the information
they contained. You want your learners to connect, talk, think, write,
type—not just read, watch and listen.
25. 22
“The processes that
shape the networks
of neurons in the
brain to remember
new learning need
time to strengthen
and be able to resist
interference.”
5. Talk about the desired knowledge and actions. Talk only about what
you want your learners to do, not about what not to do.
Positive framing trumps negative framing. Negative information
inhibits behavior. The presence of words like “not” or the presence of
statements about what not to do can both produce negative emotional
states connected with educational materials and make the materials
harder to understand.
6. Help your learners take breaks frequently while examining your
materials. Give them breaks between practice sessions for new
knowledge or skills.
Remembering produces revision, so it makes learning vulnerable to
change. The processes that shape the networks of neurons in the brain
to remember new learning need time to strengthen and be able to
resist interference. The interference comes from the brain’s making
connections with existing fragments of knowledge and skills, especially
ones that are similar to the new information, that are strongly
established, or that are so large in number as to be overwhelming. New
learning requires consolidation—and protection—as soon as possible
after learning. Properly timed practice builds permanence.
7. Incubate complex ideas. Give time for them to sit.
Up to 98% of what we do is typically done outside conscious
awareness. Studies have shown excellent decision making with large
amounts of information when time was allowed for processing the
information outside conscious awareness.
8. Use visual images and words to remind people of learned associations.
We learn associations when the brain notices and stores the sequence
of events, so that what reliably comes first will acquire the properties
of what reliably follows it. Photographs and words can be used to
remind people of learned associations. One cited example describes
legislators at a hearing who noticeably sat up straighter when told the
person testifying was a teacher.
9. Use common images—well understood and quickly grasped—to build
scripts of action into materials.
Externally, life is filled with events that subtly prompt behaviors.
Internally, everyday events invoke scripts of expected behavior. Even
colors can be prompts. For example, studies have shown that the color
red can inhibit performance on examinations.
26. 23
“Early in learning,
protect the new
knowledge and skills
by making them
simple and easy to
achieve. Later in
learning, challenge
your learners to
integrate various
pieces of knowledge
and skills into a
coherent whole.”
10. Use stories and concrete examples to create meaning. Connect
everything to the natural, authentic environment.
The meaningfulness of experiences is built from the structure, imagery
and elaboration built into materials. One study showed that putting
information to be learned into a personally meaningful story increased
learning six-fold. Real typically beats fiction, so use real-life case
examples whenever you can.
11. Plan the sequence that people will follow through material that must
be connected together.
Association is created through consistent sequence. Because the
association module of the brain is highly sensitive to connections
between what we are learning and what we already know, it is
important to guide learners. Prompting learners with images or words
that are related to their world and suggest desired behaviors is a very
powerful way to help people know when and how to act effectively.
12. Consider the entire context of materials for your learners. Think about
every word, image and aspect of every message in every media.
Physical experience, perceptual thought and imagined reality can all
be equal in the brain. Everything plays a role in the brain. It does not
matter so much what actually happens; more important is what we
think happened. In this sense, reality is what we create inside our
brains, and we can help people create their reality. Context determines
what we see and know. It is important to consider not only how much
information to show at any one time, but also how to present it.
13. Early in learning, protect the new knowledge and skills by making them
simple and easy to achieve. Later in learning, challenge your learners to
integrate various pieces of knowledge and skills into a coherent whole.
Our habits are stable, our environment is generally stable, and the two
are connected everywhere in well learned sequences that must be
changed if behavior is to change. This is difficult to accomplish. There is
a difference between temporary and long-lasting behavior change, and
differences for the acquisition and retention phases of learning.
27. 24
“Studies have shown
that novices tend
to try to process too
much information
and get overloaded,
while experts tend
to need and
use less.”
Key Things to Remember
• Effective learning is about what the learner does, not what
information you provide to the learner.
• Carefully design materials to guide the learner in doing the most
effective activities.
• In the beginning, seek a bit, not a lot. Start with very small steps
with rapid, rewarding outcomes. Take your time.
• Change your training and materials as you proceed. Start simple;
end with naturally complex, realistic steps.
• Ensure that every item and element—word or image—on a page or
screen serves the purpose of that page or screen.
• Simplify materials so that the user’s attention is easily and
naturally guided to the essential information or ideas.
How to Reach Different Audiences
1. Present less information to novices. Help them learn how to filter what
is important.
There are differences in the way the brain works based on factors
such as level of experience, age and gender. These differences have
implications for how to be most effective in connecting with different
audiences.
Novices and experts can benefit from having information presented in
different ways. Studies have shown that novices tend to try to process
too much information and get overloaded, while experts tend to need
and use less.
2. Provide frameworks for adolescents, not rigid rules.
Adolescents, midlife adults and elder adults can have different
processes occurring in their brains. New imaging studies are revealing
patterns of brain development that extend well into the teenage
years. For example, studies have shown the prefrontal lobe—the
seat of “executive functions” such as planning, impulse control and
reasoning—not fully maturing until young adulthood. When working
with teens, it is helpful to provide guidelines and boundaries that they
are not yet prepared to establish for themselves. For example, advising
them to wait a day before buying something they have seen and want
can be more effective than telling them not to buy on impulse.
28. 3. Provide materials that connect elders to their life experience.
Many studies showed the “Big Five” factors of personality—
extraversion, agreeableness, emotional stability, conscientiousness
and openness—to have a high degree of stability during adulthood.
However, recent research and meta-analyses of previous studies
indicate that change occurs in all five traits at various points in the
lifespan. On average, levels of agreeableness and conscientiousness
typically increase with time, whereas extraversion, emotional stability
and openness tend to decrease or plateau. To work effectively with
elders, you want to create connections to their deep history.
4. Provide both small bits of focused information and larger nets of
related information to enable a message to reach both male and
female brains.
Males and females also tend to process information differently. In a
very general sense, male brains are good at focusing on one thing and
female brains are good at processing a lot of information at the same
time. So an effective message for men might emphasize the #1 thing
to think about, while a message for women might provide 10 things
to think about. Remember, though, that both men and women can do
both, and can learn and practice both.
Suggested Reading
Well written, authoritative, fascinating books that connect to basic science
about the brain:
Welcome to Your Brain: Why You Lose Your Car Keys but Never Forget How to
Drive and Other Puzzles of Everyday Life, Sandra Aamodt & Sam Wang, 2008,
Bloomsbury Publishing
The Accidental Mind: How Brain Evolution Has Given Us Love, Memory,
Dreams and God, David J. Linden, 2007, Harvard University Press
Books that consider important and useful aspects of the brain and how to
use it well:
What You Can Change and What You Can’t: The Complete Guide to Successful
Self-Improvement Learning to Accept Who You Are, Martin E. P. Seligman,
1995, Random House
White Bears and Other Unwanted Thoughts: Suppression, Obsession and the
Psychology of Mental Control, Daniel M. Wegner, 1994, Guilford Publications
Why Zebras Don’t Get Ulcers, Robert M. Sapolsky, 2004, Henry Holt
25
“Carefully design
materials to guide
the learner in doing
the most effective
activities.”
29. 26
The FINRA Investor
Education Foundation
supports innovative
research and
educational projects
that give investors the
tools they need
to better understand
the markets and the
basic principles of
saving and investing.
For details about
grant programs
and other FINRA
Foundation
initiatives visit
www.finrafoundation.org
Broad summaries of the scientific literature emerging from the brain
sciences:
The Seven Sins of Memory: How the Mind Forgets and Remembers, Daniel L.
Schacter, 2002, Houghton Mifflin Harcourt
How the Mind Works, Steven Pinker, 1997, W. W. Norton
Stumbling on Happiness, Daniel Gilbert, 2007, Knopf Doubleday
Paradox of Choice: Why More Is Less, Barry Schwartz, 2004, HarperCollins
The Feeling of What Happens: Body and Emotion in the Making of
Consciousness, Antonio Damasio, 2000, Houghton Mifflin Harcourt
The Ethical Brain: The Science of Our Moral Dilemmas, Michael S. Gazzaniga,
2006, HarperCollins
The Neuroscience of Fair Play: Why We (Usually) Follow the Golden Rule,
Donald W. Pfaff & Sandra J. Ackerman, 2007, Dana Press
Writers drawing in part on brain science and writing on popular topics for a
broad audience:
Freakonomics: A Rogue Economist Explores the Hidden Side of Everything,
Steven D. Levitt & Stephen J. Dubner, 2005, HarperCollins
Blink: The Power of Thinking Without Thinking, Malcolm Gladwell, 2007,
Little Brown
Made to Stick: Why Some Ideas Survive and Others Die, Chip Heath & Dan
Heath, 2007, Random House
Nudge: Improving Decisions about Health, Wealth and Happiness, Richard H.
Thaler & Cass R. Sunstein, 2008, Yale University Press
Sway: The Irresistible Pull of Irrational Behavior, Rom Brafman & Ori Brafman,
2008, Knopf Doubleday
The Tipping Point: How Little Things Can Make a Big Difference, Malcolm
Gladwell, 2002, Little Brown
The Visual Display of Quantitative Information, Edward R. Tufte, 2001,
Graphics Press
This list is a sample of some readings in brain processes that have relevance
for the design of financial education. Reading from this list will keep your
own brain young and will provide further ideas to help you use effective
methods to support your financial learners.
Reading List Copyright 2010 G. Christian Jernstedt. Reprinted with permission.