In Q1 2013, Global Reviews ran its Digital Marketing Effectiveness study on the Australian superannuation industry with 46% of consumers confirming that they had a specific company in mind prior to undertaking the research.
63% of these respondents said that their initial preference was due to having used the company before. Trust and brand reputation are also important contributors to initial preference, scoring 62% and 55% respectively.
FIGURE 1: Why did you initially select a specific superannuation provider? (multiple response)
Figure 1 Legend:
Before: I have used them before; Trust: I trust this provider; Reputable: They are a reputable brand; Understand: Their products/offers are easy to understand; Best deal: They would have the best deal/offer(s) for my needs; Recommend: Someone had recommended them to me previously; Promotion: I have recently seen a promotion or advertising from them; Membership: I have a loyalty card or equivalent membership with them.
The ability to present products and offers that are easy to understand comes in fourth (31%), followed by good deals / offer tailored to the customer’s needs (25%).
According to the respondents, advertising campaigns and current memberships have only a limited influence on their initial selection (6% and 3% respectively).
Being an industry super fund is one of the most frequent answers in the ‘Other’ category (13%).
The remaining 54% of consumers who did not have a specific superannuation provider in mind before starting research, stated that they would need more time to evaluate their options (82%). 32% said that they would base their selection on the best possible price/offer.
FIGURE 2: Why didn’t you have a preferred superannuation provider before starting research? (multiple response)
Figure 2 Legend:
Time: I would need more time to research my options; Best: I would typically look for the best price; Needs: I have very specific superannuation needs; Can’t remember: I can’t remember the name of the provider I would choose
The category ‘Other’ (7%) comprises of respondents who would rather leave the choice of a superannuation fund to their employers or who would rather talk to a financial advisor before opening an account.
The Shortlist Report
The Shortlist Report is a subset of the Digital Marketing Effectiveness research and specifically focuses on how consumers recall, research, visit and shortlist providers.
If you would like to understand where you sit in the mix of Australian superannuation funds and gain insights into how and where you can improve the experience in the customer journey please contact:
Senior Commercial Director
T: +61 3 9982 3419
M: +61 411 962 857