Numbers Game
For the typical college freshman, financial planning rarely goes beyond scraping between sofa cushions for the coin to cover Friday night pizza and beer. The experiential marketing team at Wells Fargo Bank wants to change that with Stagecoach Island, an online role-playing game developed to teach young adults important lessons in financial literacy.
Over half of U.S. teens graduate high school without a basic understanding of banking, checking and savings accounts, budgeting, credit or investing, according to a study by Jump$tart Coalition.
But they are expert gamers. Over 70% of U.S. college students play video games, according to Pew Internet & American Life Project. Wells Fargo is using one to fuel interest in the other.
“The young adult years are a critical time because many of these people are becoming financially independent for the first time,” says Wells Fargo CMO Sylvia Reynolds. “Stagecoach Island [lets us] educate young people about one of the most important topics to their future success — their finances — in an interactive, comfortable and fun environment.”
Test marketing through the end of this month in San Diego and Austin, TX, the Stagecoach Island game is designed to be “99% fun and 1% educational,” says Tim Collins, senior VP-experience marketing at Wells Fargo.
“Millions of people participate in role-playing games; the typical college student spends nearly as much time playing video games (10,000 hours by graduation) as they do in class,” says Dr. Rodney Riegle of Illinois State University, where he developed and teaches an online role-playing course. “Stagecoach Island provides an opportunity to learn, explore and socialize in an immersive and interactive environment.”
“Young adults are resistant to traditional marketing, but they really respond to opportunities to experience a brand,” Collins says. His team, formed just this year, is targeting 18-24 year-olds with a portfolio that includes online gaming, campus events and other hands-on marketing tactics.
The Stagecoach Island game is part of an umbrella program for young adults, We Take the Fun of Money Seriously. Supported by Swivel Media, an experiential agency that, like Wells Fargo, is based in San Francisco, the bank hosted events in Austin and San Diego during September and October. Young adults participated in karaoke and trivia games, athletic challenges and photo shoots. Prizes rewarded those who learned banking basics.
“There are always surprises when a campaign unfolds,” Collins says, “but we hadn’t realized how novel Swivel’s idea really was — no one else has tried this approach with this market.”
“Education and entertainment are just beginning to merge,” says Swivel Media Creative Director Erik Hauser. “We’re using a sophisticated virtual gaming platform from Linden Lab, the creators of Second Life, to provide a highly engaging experience.”
The game, which launched in September, has been picked up by some 16,000 blogs and tested by thousands of players. Collins didn’t disclose the average time a player stayed engaged, but says it is measured in hours, not minutes of gametime.
Stagecoach Island lets players to select a virtual character and participate in an “island adventure.” They can explore the virtual island — hip cafes, dance clubs, trendy shops, amusement parks, hair salons and more. They can also interact in dozens of virtual, social situations — like skydiving, riding jets-skis, or playing games like paintball with other participants. Many activities on the island are “free,” but participants gain access to other experiences, such as dancing in a club or purchasing new clothes, by spending, saving and earning virtual money. Players can earn more by visiting the Virtual Learning Lounge and answering trivia questions about banking basics such as budgeting, saving and managing money. Learning Lounge content is derived from Wells Fargo’s signature financial literacy program, Hands on Banking.
