Consumer reporting presentation -- Anaheim #EIJ17

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. 

-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.

-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.