— OneRandFamily (@onerandfamily) July 15, 2015
Online banking, SnapScan, credit cards, etc., have disconnected us from our money. South African’s are some of the worst savers in the world, with household debt averaging 75% of their tax income.
Last year, we followed the trials and tribulations of the One Rand Man who lived out the month using only R1 coins. When National Savings month rolled around this year, Sanlam wanted to launch an even more ambitious financial education initiative to make people more conscious of their spending habits. Enter the One Rand Family.
What if an average South African family was to be given the entire household’s monthly income in R1 coins? No online banking or access to credit cards and overdrafts. Just like the One Rand Man, they were tasked with surviving the month on only these coins and we wanted to use our social channels to tell the day to day stories that would make our audience think twice about their own spending habits.
While this was an integrated campaign, this case study focuses on how we used social media to spread the message of awareness and relate to the different members of the family.
How did we do it?
“From payday to paying bills, from curbing emotional spending to forecasting as a family, [we shared] the sometimes hilarious, sometimes painful reality of budgeting with only R1 coins.”
We beamed the Sanlam Wealthsmiths philosophy directly into all South African homes on e.tv and YouTube, driving the message further through social media and weekly episodes. On Instagram, Facebook and Twitter, we raised questions about budgeting and family finance that sparked discussion and engagement. Some of these discussions even led to a few seeking financial advice from Sanlam’s experts.
Content was tailored for each platform; Facebook focused on expert’s insights, Instagram provided additional content showing the family’s perspective, and Twitter covered news around the One Rand Family.
Scare tactics to address the issue of saving aren’t effective. We wanted to engage the audience in a realistic and authentic way by sharing the family’s laughs and head-scratching moments. Our social audience was able to connect, and empathise with, the moments and challenges the different family members faced. With reality TV and documentaries being staples of any TV schedule, combining the two online helped address the topic of saving in an engaging and educational way. Adding to that, we found innovative ways beyond Rands and cents to display their spending habits on social media, e.g. ThinkLink.
The response we got from our social audience proved that the message and learnings we shared went beyond the four walls of the One Rand Families home. We left SA with a motivating example of smart money management, underpinned by Sanlam’s values.