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Canadian finances 101: What you should know as a newcomer
Canada’s financial ecosystem is made up of banks, credit unions, trusts, and other financial and insurance companies and it is considered to be one of the most sound and safest in the world. According to the Global Competitiveness Report 2019, published by the World Economic Forum, Canada ranked 9th globally for its financial system, showcasing stability and reliability. As you plan your move, familiarizing yourself with the Canadian banking and financial landscape can help provide context to key tasks like opening bank accounts, building credit history, borrowing money, and filing taxes. In this article: Types of financial institutions in Canada Getting started with taxes: The Canada Revenue Agency (CRA) Canada: A credit-based economy Banking, investments, and money transfers What are the types of financial institutions in Canada? Financial institutions in Canada can be classified into three main categories: 1. Banking institutions These are places where you can deposit, withdraw and borrow money. Examples of such institutions include banks, online-only banks, credit unions, trust companies, mortgage companies, etc. Banks A bank is licensed to receive deposits and make loans. Most banks are managed by the national government. The five largest banks in Canada are often referred to as the “big five” in banking. They are: Royal Bank of Canada (RBC), Toronto-Dominion Bank (TD), Bank of Nova Scotia (Scotiabank), Bank of Montreal (BMO), and Canadian Imperial Bank of Commerce (CIBC). Sometimes, you may hear the term “big six,” including the National Bank of Canada – although, note that its operations are primarily focused in the provinces of Quebec and New Brunswick. Digital-only banks In addition to these banks, there are a few digital-only banks, such as Tangerine (a subsidiary of Scotiabank), Simplii Financial (a subsidiary of CIBC), and EQ Bank. They provide all services online only and do not have any physical branches. Credit unions A credit union is a smaller financial institution that is owned by its members, who are also typically account holders. They operate under provincial legislation and regulations and provide similar services as banks. The main difference between a credit union and a bank is their structure; credit unions are owned by anyone with money in the credit union. The operations are supervised by a democratically elected board of directors made up of local community members. Due to their scale of operations, note that credit unions may have fewer branches and ATMs than a big bank would. Tip: As a newcomer to Canada, you can choose any financial institution of your choice. However, it is helpful to know that the big five banks (like RBC) have newcomer banking packages that specifically cater to permanent residents and international students and are thus better positioned to assist you in your unique situation. Trust companies Trust companies are legal entities similar to banks that act as an agent (on behalf of a person or business) for the purpose of administration, management and the eventual transfer of assets to a party. Mortgage companies Money lending entities such as mortgage finance companies (MFCs) and mortgage investment corporations (MICs) provide real estate financing. MFCs are non-depository financial institutions that underwrite and administer mortgages sourced through brokers. Their lending is funded mainly through securitization or direct sales to third parties, primarily the big six banks. MICs and other private investors typically deal in uninsured, customized mortgage products that are not available through traditional channels. These products include non-prime loans, second mortgages and very short-term mortgages. Key financial authority: The Bank of Canada The Bank of Canada is the nation’s central bank. Its principal role is to promote the economic and financial welfare of Canada. The Bank influences the supply of money circulating in the economy, using its monetary policy framework to keep inflation low and stable. It promotes safe, sound and efficient financial systems, within Canada and internationally, and conducts transactions in financial markets in support of these objectives. Additionally, the Bank of Canada also designs, issues and distributes Canada’s bank notes and acts as the “fiscal agent” for the government of Canada, managing its public debt programs and foreign exchange reserves. It also sets the interest rates in Canada. 2. Insurance companies These are entities that sell insurance to cover the risk of loss in various situations, caused due to a variety of factors. They include homeowner or renter’s insurance, health insurance, car insurance, life insurance, and more. They compensate you for any loss that’s covered by your insurance policy. Once you purchase a specific type of insurance, you are required to make periodic payments, called premiums, to the insurance company to avail of the agreed-upon coverage. 3. Investment companies These are organizations that focus on investing, administering or managing funds or money on behalf of other persons. Examples of such companies are investment banks, hedge funds, underwriters, and brokerage firms. Note: There might be an overlap in the services provided by financial institutions. For instance, a leading bank like RBC offers banking services, mortgages, a wide variety of insurance options, investment solutions, and more. Tip: Beware of predatory lenders offering payday, instalment, and other types of loans with very high interest rates. These lenders often prey upon people who need cash quickly and who have run out of all other options. They usually have exorbitant interest rates, confusing and misleading representations, and a lack of transparency and documentation. Therefore, always double-check money lending claims that seem too good to be true. Note that payday loans are provincially regulated while instalment loans are unregulated. What this means is – while interest rates cannot exceed 60 per cent, lenders are effectively free to change terms and add fees and other charges almost at will. Getting started with taxes: The Canada Revenue Agency (CRA) The CRA administers tax laws for the Government of Canada and for most provinces and territories. It administers various social and economic benefit and incentive programs delivered through the tax system. The CRA website is the go-to place for everything related to your taxes: filing annual tax returns, checking receipt of Government benefits and subsidies, viewing tax documents, etc. Important: To register for CRA’s “My Account,” you must have filed a tax return for the current or a previous year. Download Arrive’s free tax guide for newcomers for insights on how to file your taxes and to make sure you’re prepared to manage the expectations that come with paying taxes in Canada. Note: Beware of a long-running CRA scam with callers posing as representatives of the CRA. The CRA will never use threatening language nor ask for information about your passport, health card, driver’s license, or demand immediate payment by Interac e-transfer, bitcoin, prepaid credit cards or gift cards from retailers such as iTunes, Amazon. Canada: A credit-based economy North American countries such as the U.S. and Canada are known to be credit-based economies. This essentially means that most people use their credit cards (instead of debit cards or using cash) to make purchases and then repay the entire amount owed either at the end of their credit card billing cycle or in installments. You will need to build your own credit history, since this is essential to many aspects of life in Canada. Once you receive your first credit card, start by making payments for small expenses such as phone bills or groceries, and be sure you pay the balance in full by the end of the billing cycle. Tip: Keep in mind that credit cards have limits and do not offer free money. They can carry very high-interest rates, so your balance should be managed and paid down promptly – this will help you maintain a good credit rating. A credit score is a way for financial institutions to measure your ability to repay loans. Some scenarios where you may be asked for a credit report are while renting accommodation, applying to certain jobs, and obtaining mortgages or other loans from the bank. Additional resources Download Arrive’s free Credit guide to learn more about credit cards, credit scores, and credit ratings in Canada. For tips on staying debt-free and building your credit history in Canada, read How to build a good credit score from scratch as a newcomer. Banking, investments, and money transfers in Canada Banking Like many other countries, in Canada, you can conduct all your banking and money transfer transactions by walking into a branch or online, through internet banking. See How to open a bank account in Canada as a newcomer to know the process of opening a newcomer account. The article will also provide tips and resources to help you learn more about credit and direct deposits. Investments There are many financial products available to save and invest your money in Canada. They can be broadly classified into savings accounts, registered savings plans and investment products. Depending on your goals and your appetite for risk, you can choose one or a combination of several of these. Read Savings and investments for newcomers in Canada for deeper insights into all available investment products. Money transfers For domestic peer-to-peer payments (think: sending money to a friend, relative, co-worker, or acquaintance in Canada), there are a couple of ways to send and receive money online: Interac and Paypal. Interac is a bank-based tool, while Paypal is a non-bank, third party service. Among these, Interac e-transfers are the most popular and widely used form of peer-to-peer payments in Canada. You can send money overseas through online or mobile banking, by telephone, by email, or in-person. Banks like RBC have a simplified, affordable, and convenient process for international money transfer through online banking. If you have the recipient’s banking information handy, all it takes is a few clicks! Some popular options for international remittances are: Banks Credit unions Money transfer operators like Western Union, MoneyGram, WorldRemit, etc. Peer-to-peer transfer providers such as Transferwise (now, Wise), CurrencyFair, Paypal, etc. Currency exchange businesses When sending money overseas, the Canadian federal government tracks large sums (over $10,000 CAD) through Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) to prevent money-laundering, terrorism funding, and related crimes. Understanding financial products and regulatory agencies in Canada can make you feel overwhelmed. Start with the basics so you can build awareness and a strong foundation to manage your finances in Canada. Original article located here, published by Arrive.
Baylor Consumerism Expert Shares Five Tips to Make the Most of Your Stimulus Check
With President Joe Biden’s $1.9 trillion American Rescue Plan Act, citizens nationwide received a second round of stimulus checks in the form of $1,400 per person and an additional $1,400 per dependent. The Rescue Plan also brought increased child tax credits and unemployment benefits. James Roberts, Ph.D., The Ben H. Williams Professor of Marketing in the Hankamer School of Business, is an internationally recognized expert on consumerism and the author of “Shiny Objects: Why We Spend Money We Don’t Have in Search of Happiness We Can't Buy.” He said the latest round of stimulus funds offer consumers bright opportunities, but he also cautioned against pitfalls in uncertain times. Roberts said that people should first consider building up their emergency savings funds – a step, he said, more Americans seem to be taking during this time of pandemic and economic fluctuation . “Over the last 20 years or so, Americans have not saved much. However, in the first nine months of the pandemic, the U.S. savings rate increased by a whopping 100 percent. By some estimates we are at a national savings rate that hovers around 20 percent – which is incredible,” Roberts said. Roberts shared a few tips on how to get the best value for your stimulus check and prepare for times ahead: 1. Enhance your savings. Save a portion of your stimulus check for the inevitable rainy days ahead. Start with $1,000 to your short-term emergency fund. If possible, every family should have a $2,500 emergency fund. This provides peace of mind and avoids having to borrow from friends or family, or even worse, max out your credit cards or take out a “payday” loan, which I strongly advised against. 2. Invest in experiences. Given that a lot of Americans have significantly increased their savings and lowered their credit card debt, I say people should splurge a little on something for themselves or their families with the remaining $400. Remember, experiences bring more lasting happiness than buying stuff. Good mental health is critical to our well-being. 3. Start early. Don’t forget that the $1,400 stimulus check is only a small part of the money that may come your way. The child tax credits are a great opportunity to save for your children’s college. The earlier you start saving, the better. This is the beauty of compounding interest. 4. Save while unemployed I suggest any extra boost you might get in your unemployment check be saved for the days ahead. Don’t let money burn a hole in your pocket. 5. Plan ahead. Every family’s goal should be to set aside six months in living expenses so if you do lose your job, it doesn’t put you and your family into an immediate financial death spiral. ABOUT DR. JAMES ROBERTS James Roberts, Ph.D., is The Ben H. Williams Professor of Marketing in Baylor University’s Hankamer School of Business. He is a nationally recognized expert on consumer behavior and has been quoted extensively in the media and has appeared on the CBS Early Show, ABC World News Tonight, ABC Good Morning America, NBC The Today Show, Yahoo.com’s “The Daily Ticker,” and has been quoted and/or featured in The New York Times, The Wall Street Journal, National Public Radio, USA TODAY, TIME, FOX News, The Doctors on CBS, US News & World Report, Cosmopolitan, Glamour, and many other media. His books include “Shiny Objects: Why We Spend Money We Don’t Have in Search of Happiness We Can't Buy” and “Too Much of a Good Thing: Are You Addicted to your Smartphone?” ABOUT BAYLOR UNIVERSITY Baylor University is a private Christian University and a nationally ranked research institution. The University provides a vibrant campus community for more than 19,000 students by blending interdisciplinary research with an international reputation for educational excellence and a faculty commitment to teaching and scholarship. Chartered in 1845 by the Republic of Texas through the efforts of Baptist pioneers, Baylor is the oldest continually operating University in Texas. Located in Waco, Baylor welcomes students from all 50 states and more than 90 countries to study a broad range of degrees among its 12 nationally recognized academic divisions. ABOUT HANKAMER SCHOOL OF BUSINESS AT BAYLOR UNIVERSITY At Baylor University’s Hankamer School of Business, top-ranked programs combine rigorous classroom learning, hands-on experience in the real world, a solid foundation in Christian values and a global outlook. Making up approximately 25 percent of the University’s total enrollment, undergraduate students choose from 16 major areas of study. Graduate students choose from full-time, executive or online MBA or other specialized master’s programs, and Ph.D. programs in Information Systems, Entrepreneurship or Health Services Research. The Business School also has campuses located in Austin and Dallas, Texas. Visit baylor.edu/business.
A federal budget is coming soon – and as Canada is still stuck in the grips of COVID-19 and the thin ice its economy is still walking on, it is expected sooner or later, the tab will have to be paid and that bill will be satisfied with taxes. Recently, Don Scott, Director of Tax Services at Welch wrote an insightful piece where he lends his many years of wisdom, experience and perspective to share what he thinks will be how Canada’s federal government digs itself out of what has been more than a year of bills and bailouts. In his piece, he looks at whether or not the government will raise such revenue streams as: corporate and business tax rates personal income taxes capital gains principle residence redemptions and even the GST It’s required reading for anyone interested in the finances of the federal government – and if you are a journalist looking to cover this topic, then let us help. Don Scott is the Director of Tax Services at Welch and is a nationally recognized expert for his extensive knowledge in the area of Personal and Corporate Tax Planning. Don is available to speak with media regarding the upcoming budget, to arrange an interview today – simply click on his icon now.
Volunteers receiving government aid while unemployed face scrutiny, bias from public
With the worldwide spike in unemployment caused by the COVID-19 pandemic, many people may turn to volunteerism as a way to pass their newly found free time. But new research suggests that volunteers who also receive government aid are often judged negatively as "wasting time" that could be used to find paid employment. "We found that aid recipients are scrutinized to a greater extent than those who are working, including the underemployed, with observers demonstrating a strong bias toward believing that aid recipients should be using their time to pursue employment opportunities above all else," said Jenny Olson, an assistant professor of marketing at the Indiana University Kelley School of Business and corresponding author of the research forthcoming in the International Journal of Research in Marketing. "This is beyond education, personal leisure, and spending time with family and friends. "As a result, they are given less latitude in how they use their time, and can even be seen as more moral for choosing not to engage in prosocial behaviors, when such behaviors take time away from gaining paid employment," Olson added. "The simple act of volunteering among aid recipients -- versus not mentioning volunteering -- not only shapes judgments of the individual aid recipients, but this information can also impact views toward federal tax policy more broadly." Although volunteering is a positive activity that partially combats the negative stereotype of a welfare beneficiary, Olson and her colleagues found that it also sparks anger among observing consumers, with aid recipients being perceived as being "less moral for choosing to volunteer." Factors that minimize these judgments include being perceived as taking strides toward gaining employment via education and being perceived as unable to work. Other co-authors of the paper, "How Income Shapes Moral Judgments of Prosocial Behavior," are Andrea Morales of Arizona State University, Brent McFerran of Simon Fraser University in Canada and Darren Dahl of the University of British Columbia. The research was supported in part by grants from the Social Sciences and Humanities Research Council of Canada. According to a 2019 report from the Organisation for Economic Cooperation and Development, public spending on government assistance averaged more than 20 percent across 36 countries in 2018. Many countries -- including those in Asia, Europe, and the Americas -- have seen a rise in the number of people receiving benefits over the years, a total now reaching into the billions. The extent to which the welfare state is supported depends, in no small part, on public sentiment. Previous research has shown that support for government spending on welfare programs is directly related to how the voting public perceives the beneficiaries. This is the first paper to document a link between prosocial behavior and support for federal spending on welfare programs. "Given that individuals perceive opportunity costs for their own time, it stands to reason that they perceive them for others as well," Olson said. "Because government programs are supported by 'their' taxpayer dollars, observers often feel justified in suggesting how aid recipients spend their time." The research shows that consumers prefer different patterns of tax redistribution as a function of viewing aid recipients making nonfinancial choices. Specifically, consumers support allocating fewer tax dollars toward supporting government assistance programs after hearing about an aid recipient who volunteers his time. Researchers conducted nine studies across three countries. They randomly presented participants with scenarios about hypothetical aid recipients and asked them to offer judgment about how the recipients used their time, such as engaging in volunteer activities or sending out resumes. Participants were asked how they viewed target individuals on a morality index and how they felt about them emotionally. For interviews with Jenny Olson, contact George Vlahakis at 812-855-0846 or vlahakis@iu.edu.
The Markets never lie – and it looks like Wall Street is smiling about Joe Biden
The Markets never lie – and it looks like Wall Street is smiling about Joe Biden It wasn’t just the Joe Biden campaign celebrating after a monumental Super Tuesday – so too was Wall Street. Dow (INDU) futures were last up more than 580 points, or 2.3%, after the former US vice president was projected to win many as nine states including Texas, Virginia and Minnesota. Sanders captured Utah, Vermont and Colorado, and was leading in California. Futures for the S&P 500 (INX) were up 1.8%, while the Nasdaq Composite (COMP) increased 1.9%. Wall Street has been unnerved by prospect that Sanders, who wants to ban fracking, break up big banks and institute a wealth tax, could win the Democratic nomination and eventually the presidency. March 04 – CNN Business But what impact and influence will investors and indexes have on the actual outcome of the primaries? Will voters be convinced or swayed by the markets or is this result simply a by-product of an election result? It is interesting for sure, and if you are a reporter covering this topic – then let our experts help with your coverage. Jeff Haymond, Ph.D. is Dean, School of Business Administration and a Professor of Economics at Cedarville and is an expert in finance and trade. Dr. Haymond is available to speak with media regarding this topic – simply click on his icon to arrange an interview.
It’s here and it’s time America got serious about Covid-19, known as coronavirus. The CDC is working overtime, and leading government health officials are scrambling to ensure hospitals are equipped, front-line health providers are ready and the public is informed. But with any emergency, there comes the risk of misinformation and unnecessary worry. As the new coronavirus outbreak becomes an ever-looming threat in the United States, state infectious disease specialists say the first step to staying safe is this: Remain calm. Also, don’t worry about buying a mask. “You really have to make sure you get the accurate information and not … ‘Lock your doors, close the windows, buy a generator and hope for the best,’” said Dr. Peter Gulick, an infectious disease expert at the Michigan State University's College of Osteopathic Medicine and director of the MSU Internal Medicine Osteopathic Residency program. That’s not only alarmist and bad advice, he said, it’s a waste of energy. The best advice — like these tips from the U.S. Centers for Disease Control and Prevention — is tried-and-true, Gulick said: Wash hands often with soap and water for at least 20 seconds. It’s especially important after using the bathroom, before eating, and after blowing your nose, coughing or sneezing. No soap and water? Use an alcohol-based hand sanitizer with at least 60 percent alcohol. Avoid touching your eyes, nose and mouth with unwashed hands. Avoid close contact with people who are sick. If you’re sick, stay home. Cover your cough or sneeze with a tissue, then throw the tissue in the trash. Clean and disinfect frequently touched objects and surfaces using a regular household cleaning spray or wipe. If you think you’ve come in contact with someone with the virus (there have been no confirmed cases yet in Michigan) contact your health provider immediately. February 26 – The Bridge Regrettably, that too can often lead to financial reactions that can ripple across the economy. Lately, the surging stock market has plunged with worries from investors and Wall Street about how America’s workforce will be impacted if the virus spreads. Friday ended the worst week the stock market has had since 2008. NBC News 6 sat down with the Dean of the Broad College of Business at Michigan State University, Sanjay Gupta, to talk more about the stocks and what to expect after this week. “The stock market is clearly spooked, and it has become nervous with whatever is going on in the business world,” said Gupta. What has ‘spooked’ the business world, is COVID-19. “The coronavirus is quarantined lots of factories, in fact the whole country,” said Gutpa. Gutpa says the halt in Chinese manufacturing also limits businesses and goods here in the United States. “In our day to day lives, either there will be some things that we count on that may not be available. It might be that the priciest of those things that we count on change, or go up dramatically because we are so dependent on a foreign source,” said Gutpa. February 29 – WLNS TV Covering an outbreak like Covid-19 isn’t easy, there are multiple angles to explore and it is vital that only the correct facts are shared by media to the millions of viewers, readers and listeners that are waiting for the latest information – and that’s where our experts can help. Sanjay Gupta is the Eli and Edythe L. Broad Dean of the Eli Broad College of Business. He is an expert in the areas of corporate and individual tax policy issues and finance. Peter Gulick is currently an associate professor of medicine at Michigan State University, College of Osteopathic Medicine, and serves as adjunct faculty in the College of Human Medicine and the College of Nursing. Both experts have already been sought out by the media for their expert insight on this issue – if you are interested in arranging an interview, simply click on either expert’s profile to arrange a time today.
Make Your Expert Profile Stand Out!
Successful organizations know that leveraging their leadership and subject matter experts is important to driving visibility and value for the organization. Most About Us pages and corporate bios fail miserably in their goal of engaging key audiences – and they are often very out of date. Based on our years of working with corporate, professional services clients, academic and healthcare institutions and others, we’ve put together the “Top 5 Tips for Creating a Winning Expert Profile”. By following these simple tips we’re confident you’ll be well on your way to driving better conversations with prospective customers, media, analysts, conference organizers and others. We hope these tips provide you the starting point for better showcasing your people. Tip #1: BE VISUAL Your Headshot Creates a Human Connection Profiles with photos get 14x more views (according to research from LinkedIn). A good head shot humanizes your profile and helps establish trust. Make sure to invest in some professional headshots. Avoid busy backgrounds and lose the props unless they are relevant. Tip #2: BE SEARCHABLE Choose Topics to Help You Get Discovered Pay very close attention to which topics you list on your profile as they help determine search results. Find the right balance between general and specialized terms. For example “tax inversion” is a specialized accounting term. But “offshore tax”, “tax havens’”; and “corporate tax planning” or geographic tags related to specific tax havens such as “Bermuda” are more likely search terms used by various audiences looking for a tax expert. Tip #3: BE APPROACHABLE Create a Tagline that Draws People In Your professional headline (tagline) and biography must create and sustain attention. Don’t misuse this prime real estate to simply restate your current job title. Focus on your value proposition to advertise what you’re trained in and summarize the experience you have. Keep it concise using relevant keywords. Here’s an example of a powerful headline for an accomplished expert: “15 Years Experience in Commercial Real Estate | Author | Adjunct Business Professor | Keynote Speaker | TV & Radio Guest | Architectural Enthusiast.” Tip #4: BE DESCRIPTIVE Focus Your Biography on Accomplishments Keep your biography clear, descriptive and up to date. Describe your responsibilities in concise statements led by strong verbs. Incorporate industry specific keywords and topics. Whenever possible, quantify your accomplishments and responsibilities with numbers or percentages. Don’t forget to mention international experience and any special awards or recognition you received. Remember it’s not your life story or a chronology of all your work experience. Leave that for your resume. Tip #5: BE ENGAGING Multimedia Helps Prove Your Expertise Journalists and conference organizers will often avoid profiles that don’t have multimedia as they need to see how well you present your ideas in front of an audience. Videos, photos and audio of podcasts or interviews provide quick validation of your ability to communicate your ideas. If you’re an author upload a thumbnail of your book. Upload clips of your speaking sessions. Did you appear on TV? License a copy of the interview or upload a screenshot of the broadcast.
Earned Media: The Secret Weapon of Brand Building
I was reading the newspaper recently and saw an article about tax filing season. The article outlined some of the challenges facing people during tax season but it also highlighted some of the opportunities and useful tips. It wasn’t the reporter outlining this information — it was a tax expert the reporter had interviewed and used as a source in their story. The information was incredibly helpful. The expert being interviewed humanized the issue by telling stories about people she had helped. I was engaged. And, because I was engaged, I read the story very carefully. I even remember the name of the expert and the name of her firm. It stuck. I happen to have an excellent accountant — but if I didn’t — I can guarantee I would have called this expert in the story. In fact, I have no doubt she got calls after the article was published. And, from her standpoint and the standpoint of her firm — they paid nothing to be in that article. Not only did they get valuable space in a news story as an expert without paying for the exposure — the reporter likely even thanked her for helping. Advertising executives, marketing agencies and social media “gurus” typically don’t like people like me — news media strategists. We tell clients that the best bang for their buck is “earned media” which means exactly what it says — media that you have earned (and not purchased) whether it be through relationships or by being in an expert database. We help them tell their organic stories by positioning them as experts in their field, which is not easy today given everyone has a LinkedIn account or website calling themselves an “expert” or a “guru”. It’s one thing to proclaim yourself an expert — it’s something completely different to be recognized as one by the news media. You see, despite what some will say, traditional news media is far from dead. Is it facing challenges and reinvention? Absolutely. But, dead? Absolutely not and it’s still the medium by which earned media legends are made. I want to be clear in saying there can be, indeed, a time and place for paid media. The issue is that for too many organizations, it’s the only tangible tool in their toolbox. And it is, by far, the most expensive tool with, questionably, the lowest return on investment. In my opinion, unless you’re spending Coke and Samsung levels of dollars on advertising (multi millions), there’s a good chance your ads are being washed away in the information tsunami — the white noise that is our over-saturated information ecosystem. In many cases, advertising as a stand-alone marketing strategy CAN BE a colossal waste of your money. Even social media marketing and advertising is fast becoming the most cluttered and noisy space for paid and promoted messaging. Due to its lower cost, people are flooding to it making it increasingly more difficult to be heard in the sea of white noise. The fact is that a well-balanced marketing and communication strategy is one that reaches your target audience on a number of levels — some of them could be paid — some of them organically through social media — and the one many people neglect is to serve as experts to drive earned media. It is often neglected because it’s the one marketing tool that requires working with someone who truly understands journalism and journalists — and what their daily and hourly needs are in terms of getting their jobs done. So – yes – it’s hard work and it’s very specialized work. But there are companies, people and tools out there that can help. And, it’s worth the hard work. Being quoted as an expert in a legitimate news story or feature interview can move mountains in terms of building your brand. First of all, being in a news story gives you an instant status AND credibility. In paid advertising, it’s you saying how great you are — it’s self-declared. People are skeptical — they know you’ve paid to say that about yourself; you are blasting out a one way message. However, the traditional media interviewing you is a two way conversation the public is watching in an engaged way. It’s akin to a third party testimonial. In other words, the viewing/reading/listening audience sees a trusted journalist they feel they know who is putting this expert source in their story — this is someone the journalists trusts as an expert source so inherently the message is that the public should trust them as well. In this case, the medium (traditional news media) truly is a big part of the message. You can’t buy that. Legitimacy. Credibility. The foundation of any successful brand. It is earned. I have a college client that I work with. They decided to focus more on earned media, admittedly, with some hesitation. We media coached a number of their professors and Deans. We put a plan into place to develop some tangible relationships with journalists. It started small with one short interview. Then it was two. Then it was a regular spot. And within one year, the amount of earned media they have received has arguably far outpaced the value of all their paid advertising. Some of their people have become go-to experts for the media where they were non existent just a year ago. Prospective students and parents see this college’s experts in the media and immediately associate true tangible value to the institution in considering where to enrol. We built capacity with this College and now they are rolling on their own. They have momentum. This is what you need to reach for. And earned media is the gift that keeps on giving. That newspaper story, radio interview or television panel you were featured in will be shared by the media outlets to their huge social media audiences. Other interested people will then share it further to their networks. This is increases your third party credibility — in some cases reaching more people than the original news story. This rarely happens with ads or paid media and is the secret weapon of earned media. And if you weren’t already convinced, then consider this: earned media creates huge online traffic and can have an extremely positive impact on organic SEO for your website or brand — something paid media can’t do. So, if you’re a hospital, a university or research centre, one of the core issues you’re facing today is recruiting top talent. Recruiting is competitive and complex — yet most potential recruits will begin their research on Google. They will search your institution and see what’s being said about you. If you are getting a lot of positive earned media, that will quickly show up high on your Google search results. The potential recruit reads those news stories and sees your institution is out there with its experts. Even doctors and professors will associate traditional earned media coverage as a measurement in credibility. So, how do you go about increasing your earned media reach? How do you become known as an expert in your field with the media? Admittedly, it’s not as easy as buying a full page ad in a newspapers or boosting a post on Facebook. Earned media is both an art and a science and it requires an intuitive, expert knowledge of the media. Making sure you are listed in searchable online networks that journalists use is a very good start. But there is a caution. You only have one or two chances to prove yourself as a reliable and value added source for journalists. If you become known as a lame or boring guest, you’ll be blacklisted and that opportunity will disappear. So before you go running into the streets declaring yourself an expert ready for national media exposure. Make sure you’re ready to be interviewed by the media because they won’t give you a free ride. They are journalists and not stenographers. You will be asked tough, challenging questions. The key is to be prepared for the opportunity. How do you do that? Well that’s my next column. Stay tuned.
Why are the wolves of Wall Street so worried about Elizabeth Warren?
Elizabeth Warren started her campaign for the presidency far from being the front-runner. She trailed the likes of Joe Biden and Bernie Sanders dramatically, often in third place or worse and usually in single digits. But her resolve stood, she provided plans and policy planks. And … she found a target and took aim at the wealthy. All of her ideas that include costly policies about health care and education come with billion- and even trillion-dollar price tags. Usually these concepts are laughed off the debate stage – but Warren carefully and strategically costed them out. And those covering the costs of her ideas are the banks along with the rich and wealthy. Her ideas caught fire with supporters and now Warren is seen as a legitimate contender for the White House. It has some nervous and many taking notice. It’s a role that Ms. Warren unabashedly embraces, as an increasing number of voters, as well as a few veterans of the finance industry, see her as the policymaker who can address the growing wealth gap in the United States and take on the corruption and excess in the business world. Ms. Warren has made battling corporate greed and corruption a central theme of her fiercely populist campaign, mixing anti-elitist oratory with policy plans calling for sweeping new regulations. On Friday morning she released an ambitious proposal to pay for her “Medicare for all” program, with provisions directly affecting Wall Street: aggressive new taxes on billionaires, an additional tax on financial transactions like stock trades and annual investment gains taxes for the wealthiest households. Just hours later she told an audience in Iowa: “Our democracy has been hijacked by the rich and the powerful.” Interviews with more than two dozen hedge-fund managers, private-equity and bank officials, analysts and lobbyists made clear that Ms. Warren has stirred more alarm than any other Democratic candidate. (Senator Bernie Sanders, who describes himself as a socialist, is also feared, but is considered less likely to capture the nomination.) November 04 – New York Times Are you a journalist covering the race for the Whitehouse? Then let our experts help. Dr. Stephen Farnsworth is professor of political science and international affairs at the University of Mary Washington. A published author and a media ‘go-to’ on U.S. politics, he is available to speak with media regarding this topic. Simply click on his icon to arrange an interview.
Is the bubble bursting – and does America need to prepare for an economic slowdown?
With every news story about trade, tariffs, interest rates, global instability and political chaos…comes with it a hint that each incident could take a toll on America’s economy. And it seems that sub-plot may be slowly becoming a self-fulfilling prophecy for the current administration in Washington. A recent article in Forbes pointed out that most key indicators seem to be pointing down. Trump’s monthly job results are decelerating Trump’s job growth falling short of Obama’s last six years Wage growth is the lowest in a year September quarter GDPNow forecast lower than June’s 2.0% result It seems as if all of these ingredients combined, a slow down and potential recession or worse could be looming. Are you a journalist covering the short and long-term outlook of America’s economy? If so, let our experts help with your stories and coverage. Jeff Haymond, Ph.D. is Dean, School of Business Administration and a Professor of Economics at Cedarville and is an expert in finance and trade. Dr. Haymond is available to speak with media regarding this topic – simply click on his icon to arrange an interview.