Federal Reserve - Consumer Outreach
- 2. What did we set out to do?
- 3. Improve the Fed’s relationship with the public
- 4. Our objectives Moderate long-term Maximize employment Stabilize prices interest rates
- 5. How confident are you that you could explain what the Federal Reserve does? No way Not likely Probably Definitely 0 20 40 60 80 People have a hard time understanding what you do and what you stand for.
- 6. How would you rate the job being done by each government agency? Would you say it is doing an excellent, good, only fair, or poor job? 80 60 40 20 0 Homeland Federal CDC NASA FBI CIA Security EPA IRS FDA Reserve % Excellent/Good “Agency Ratings; Federal Reserve Board Lowest” * source: Gallup Poll (July 2009)
- 7. The public perceives the Fed to be fully in control, but the reality is some responsibility also falls on the public. If we don’t improve their level of responsibility, history will repeat itself.
- 8. Consumer outreach Maximize employment Stabilize prices Moderate long-term interest rates We want to add an initiative that will help accomplish our other objectives
- 9. Definitely Interested 23% Not Interested 9% Interested 44% Somewhat Interested 24% Question: “What is your level of interest in learning more about how the Fed makes decisions?” * source: proprietary survey
- 10. What does public outreach look like? Create a financially well-informed and responsible public.
- 11. What does the Fed need to get there? Branding initiative Transparency. Communication. Engagement.
- 12. Transparency Engagement Communication
- 13. Transparency
- 14. said the word “conspiracy” came to mind when thinking of the Fed. Transparency. Communication. Engagement. * source: proprietary survey
- 15. “Poll: Three in Four Americans Want a Federal Reserve Audit” Transparency. Communication. Engagement. * source: Digital Journal
- 16. 1) Address the general public (Report to Americans) Transparency. Communication. Engagement.
- 17. Release content through various media (video, transcript, podcasts, etc) Transparency. Communication. Engagement.
- 18. 2) Keep a blog Transparency. Communication. Engagement.
- 22. 3) Enable website feedback Transparency. Communication. Engagement.
- 23. Clarity. Trust. Relevance. Interest.
- 24. 4) Go out of your way to connect with others Transparency. Communication. Engagement.
- 27. Communication
- 28. 1) Clarify your message Transparency. Communication. Engagement.
- 31. Moderate long-term interest rates Stabilize prices Maximize employment Central bank Financial education Safe, flexible, & stable monetary and financial systems Transparency. Communication. Engagement.
- 32. Maximize employment Central bank Stabilize prices STABILITY Financial education Safe, flexible, & stable Moderate long-term monetary and financial systems interest rates Transparency. Communication. Engagement.
- 35. Inconsistency between the Fed entities causes confusion in a consumer’s mind Transparency. Communication. Engagement.
- 36. 2) Update the look & feel Transparency. Communication. Engagement.
- 37. Current website
- 38. Even small visual changes can make it feel less static and more modern.
- 39. 3) Create a new consumer-centric campaign Transparency. Communication. Engagement.
- 40. Federal Reserve Consumer Outreach
- 41. Federal Reserve Consumer Outreach 1) Develop a strong sub-brand for consumers Transparency. Communication. Engagement.
- 42. MyMoney.gov functions as a directory for other resources
- 43. People are most interested in content that relates to their life. * source: proprietary survey
- 44. Federal Reserve Consumer Outreach Organize content according to life stages Update tools to be interactive and relevant (PDF’s are ok, but people learn more from interactive tools) Use information graphics (long blocks of text are less likely to be read and understood) Financial terms reference guide Example from mint.com blog on “How the Fed Works” Transparency. Communication. Engagement.
- 45. Federal Reserve Consumer Outreach 2) Continuously create new & original content Transparency. Communication. Engagement.
- 46. Federal Reserve Consumer Outreach Use the unique resources & strengths of the Fed to provide interesting & relevant content Speaker Series Examples of the types of people that may be useful: Christine Lagarde (G-8 Finance Minister) Al Gore (former Vice President) Ben Bernanke Elizabeth Warren (Chair of the TARP Congressional Oversight Committee) Robin Chase (co-founder of Zipcar) Roland Fryer (founder of the Education Innovation Laboratory) Transparency. Communication. Engagement.
- 47. Engagement
- 48. 1) Enable & encourage participation (user submitted content, competitions) Transparency. Communication. Engagement.
- 49. Provides content for you & makes people feel they are part of the cause (example: asking people to submit a video telling their story on a subject)
- 50. 2) Use social media to share your content Transparency. Communication. Engagement.
- 53. 3) Use SEO & pay-per-click ads to have a voice and be sure you’re found Transparency. Communication. Engagement.
- 54. For-profit companies are advertising, so if the Fed doesn’t do it, then we don’t have a voice in the conversation
- 55. 4) Create PSA advertising Transparency. Communication. Engagement.
- 56. Pursue Happiness. Federal Reserve Consumer Outreach
- 57. Make smart decisions Finance responsibly In-office banter at the Fed The Journey of a Monetary efficiency... Federal Reserve Note with everything Pursue Happiness. Army of nerds... Finance Facts working to make you financially smarter Endless creative possibilities... Transparency. Communication. Engagement.
- 58. Feed The Pig (Case Study)
- 59. FeedThePig.org has a similar goal (financial education)
- 60. They provide content using a fun, interesting, and interactive method that gets attention and keeps people engaged
- 61. Within 8 months... Unique site visitors = 2 million Total donated media = $60 million
- 62. Why should the Fed do this?
- 63. Creating a financially well-informed and responsible public supports.... “maximum employment, stable prices, and moderate long-term interest rates” which is the Fed’s mandate and responsibility to the public.
- 64. For questions, comments or further consulting, please contact: Blake Manosh 802-498-4320 [email protected] Linkedin: http://www.linkedin.com/in/blakemanosh