Alternating colored text?

Is it possible to have a single line of text alternate between two colors? If so, how might a young blender padawan go about fulfilling what seems to be a complicated process?

More info, I am trying to alternate yellow and black on a single line of text (resembling a bee).

After creating the text, extrude, go into object mode and convert to mesh.
Back in edit mode, box select every other letter, hit ‘P’ to separate by selection, then apply different material
to the two different selections.

Create two text objects on top of one another. Use spaces to fill the gaps where the alternate colored letters would be. then you don’t have to go through the convert to mesh step.

“B e i e”
" e H v "

Oh well, just 2 cents. Alt-C Convert to Curve.
In edit mode: L-key select letter points, assign material. You won’t loose any Text curve properties/create mesh mess and do not need two objects.