By Jette Doherty, Senior Client Advisor, Global Reviews
For superannuation companies, the industry is becoming more and more interesting with the government increasing the compulsory contribution that companies need to pay into employees Super. Over the next few years this will lead to increased competition for the employees’ share of wallet.
Super is no foreign concept to consumers, in our latest Global Reviews Digital Marketing Effectiveness study (Q2-13), 88% of participants were able to recall a superannuation fund with AMP recalled the most at 43%, followed by Australian Super at 31%. What is interesting to understand is how important that recall really is when it comes to selecting a preferred super fund.
Does high brand recall = preferred brand?
In the case of AMP, unfortunately for the company, the high recall percentage did not translate into an equivalent high preference for the brand as only 22% shortlisted AMP and finally only 7% preferred the brand. This super provider has lost a number of leads through the acquisition funnel, which ultimately comes down to either brand reputation, brand perception, website experience or product composition.
For Australian Super, the story is slightly different, from a recall of 31%, after doing research, 48% actually had Australian Super on their shortlist with 23% finally preferring this brand. Despite a small acquisition leakage through the consumer’s exploration online, the brand has managed to state its value to a large amount of consumers to surpass the well known AMP brand in terms of preferred provider.
Digitally prepared = Success
However the most interesting story is that of ING Direct, whose brand was not on the list of recalled brands at all. However when prompted, ING Direct was the brand recognised the most at 65%. This highlights the importance of exposing your brand to the consumer in the right context, in this case through returning relevant results for generic superannuation terms in search engines. Potential customers recognise the ING brand from other financial services products and are prompted to investigate its offerings in super.
Critically, the success of ING Direct, in the Super industry, is not only due to a relevant SEO strategy, but that the journey through the website is also a pleasant experience. After the potential customer has conducted research, ING Direct is then the second most shortlisted brand at 29%, after Australian Super at 43%. After visiting ING Direct, 52% of visitors would finally prefer this brand, with the majority mentioning the key reason for choosing this provider as ‘the website made it easy to locate products/offers for my needs’ selected over trust and reputation which are key elements to be shortlisted in general.
If we then look at our Digital Sales Effectiveness study (DSE) for Q3 2013 which assesses the ability for a website to convert visitors into buyers, it is no surprise that ING Direct also tops the index here with Australian Super the runner up. In particular, ING Direct shows the highest score amongst the 14 companies assessed in industry for comparing and matching products to needs at 49%.
This story tells us that there is a strong link between the experience you provide on your website and the likelihood of being preferred after a potential customer visits your website.
To win customers in the superannuation industry, good brand awareness does not cut it alone. The ability to be found on search combined with a well executed website experience, simple products which are ‘digitally ready’ is equally important.
To find out more, contact:
Senior Commercial Director
T: +61 3 9982 3419
M: +61 411 962 857