Mark Hamrick
Senior Economic
Analyst, Washington Bureau Chief, Bankrate.com
President, Society of
American Business Editors and Writers (SABEW.org)
@Hamrickisms
#EIJ17
-Reporting for
consumers is important
- Virtually all of us are consumers – people who spend money
so they can consume goods and services. Think of all the money washing around
the economy. That’s a lot at stake!
Subsets include savers, borrowers, investors, job hunters,
small business operators.
Factoids:
Median household income U.S. 2017 -- $59K
Total U.S. GDP 2016 (value of all goods and services/output) -- $18.6
trillion
Holiday sales (Nov/Dec) 2016 -- $658 billion
Financial literacy in the U.S. is relatively low compared to other developed economies.
Financial literacy in the U.S. is relatively low compared to other developed economies.
-People need help
resolving consumer problems. Journalists can explain, teach and translate
-Understanding what is happening with business, the economy,
products that are available and where they’re having trouble with a business.
-By extension,
journalists can help consumers solve problems
Examples:
-Unhappy with a landlord, bought a car that was a lemon, not
sure how to afford college education or retirement, selecting the right product
or service (Consumer Reports), what’s happening with the financial markets
(investing/money management best practices), what are the best jobs available,
best majors for college students.
-Sources for
information that you can provide
-Consumer advocates and regulators (Local, state and federal
agencies, advocacy groups like the Consumer Federation of America, National Endowment for Financial Education, Consumer Financial
Protection Bureau, Federal Trade Commission, Consumer Product Safety
Commission, National Highway Traffic Safety Administration, Food and Drug
Administration, U.S. Agriculture Department, your local government(s), state
attorneys general.
-People who come to you to report a problem. (Mistreated,
ripped-off, concerned about water quality, etc.)
-Social media where problems are shared. You can also crowd
source, promote that you’re available to report, investigate or lend
assistance.
-Companies or representatives offering new
products, services or solutions (Is the new iPhone worth it, product to prevent
robo calls, Uber vs. Lyft, cremation vs. burial, credit monitoring)
-Don’t forget follow-ups. What happened a year later after
resolution or attempt to fix.
-Reporting across
platforms
At the AP, treating stories differently for print/text,
radio and television/online video.
-What is visual about your story? Mold damage is easier to
show than a complex financial scam.
-For visual stories, the human side of the story can be the
most compelling.
-Audio or podcasts can be short for either short or long
takes, including longer explanations.
-Text/print is good for material that can be reviewed
repeatedly or used as a reference over time, including lists and dense
material.
-You can break out a longer form version of an interview or a Q&A that doesn't make air or print via the Internet or social.
-You can break out a longer form version of an interview or a Q&A that doesn't make air or print via the Internet or social.
-Getting to the
audience
By sharing your own content via social, you get the
opportunity to own your brand and establish or affirm your credibility. Trust is key for maintaining your relationship with the audience. Even if the material is “local,” the experience or information can travel across
boundaries when the story or advice is compelling and/or useful.
-Ideally, you can provide a combination of these even via
your own distribution channel(s). One thing to remember Many of the
reporters/experts who are most successful are those who have “owned” their own
reporting. Examples, Jane Bryant Quinn, Suze Orman, Jean Chatzky. Within our
group, Greg McBride of Bankrate.com, The Points Guy (TPG).
-Bloggers and digital (sometimes organic) media are moving
into this space. User reviews are taking over some of this function.
As the business changes
and evolves, the distribution channels will change, but the need for good
information (resolving problems) will not.