It’s safe to say Covid-19 has heavily impacted our lives. We have changed the way we shop, work and socialize. Our decision making has become less irrational and sporadic, however, as the economy returns to normality, the new consumer behavioral trends remain.
Superannuation providers need to evolve with the changing behaviors, not only to retain their current customers, but also to win new ones. We asked participants to undertake a 10 minute discovery task online to find a provider that best meets their needs. The study identified seven insights that superannuation providers need to prioritize when promoting themselves online.
1. Investment Returns has entered the Chat.
In the height of the pandemic, superannuation customers were reluctant to make daring investment choices as the economy became an uncertain playing field. ‘Being a current customer’ and ‘brand trust’ were the top reasonings for brand selection. However, as we come out the other side of the pandemic, customer’s interests have shifted towards better investment results and higher performing brands as drivers for picking a provider. Research indicates that the consumer focus on brand familiarity has decreased in terms of being a top priority for choosing a superannuation provider. Now, the focus has shifted towards investment returns. Customers are will to take more risks as the economy stabilizes. behavior is also being fueled by media headlines.
Our study shows that ‘low fees’ and ‘returns’ played an influential role in customer brand selection in Q1 2021. ‘Low fees’ saw the biggest increase from initial to final preference, jumping from 23% to 35%. By tailoring their digital marketing to suit the decision making drivers, the superannuation provider will win more customers.
2. Can The Search Personas Please Stand Up
Brands can capitalize on winning customers if they know how they search online. From the research, two distinct search behavior types came to surface. ‘Single Searchers’ are those who search once throughout the task. In contrast, ‘Multi-Searchers’ complete two or more searches. 47% of Single Searchers used comparison terms in their searches over more generic search terms. Furthermore, those who searched just once are significantly more likely to choose Australian Super at final preference. Conversely, comparison searches were the least popular search amongst the multi-searchers, standing at 21%.
If a brand can understand how their market research for superannuation, that brand will likely be selected at final preference. Each search group respond to specific keywords and website layouts. Optimizing on long tail keywords will have a greater chance of intercepting the single search audience. Some key search words included ‘superannuation comparison’ or ‘best performing funds’. Promoted ads on comparison sites are another way to capitalize. By appearing on this front page with a promoted and clickable advert, a brand positions themselves in the customers mind immediately. Australian Super does this and appears on the top of the Canstar comparison site page.
Of those who click on this promotion (circled in red), 68% go on to choose Australian Super as their final preference. The multi-searchers have a different search strategy and they tend to dig deeper. They visit the brand website, trying to find out information for themselves. Make sure your website usability has a nice flow to it. Navigation is critical to this grouping.
3. Australian Super are doing Super
It is clear Australian Super are winning in the acquisition journey at every stage. At initial preference, they are winning early funnel battles. Furthermore, 37% of customers are selecting them at final preference. What is even more striking is the next leader, Hostplus are at 9%, a huge drop of over 20%. What is their secret success? Working smarter rather than working harder. Australian Super’s landing pages are tailored to match the SERP results. Each heading leads to a landing page directly in relation to what is advertised on the SERP. As a result, Australian Super are winning more study participants at final preference. While this seems like an obvious technique, many brands fail to match the SERP with the landing page.
4. The Breadcrumb Trail
Landing pages of a brand need to match the promises shown on the SERP. If there are specific words/statements being mentioned on the SERP, they need to be linked to the page it brings you to. Budget Direct are utilizing this insight. There is a direct link from their SERP and their landing pages.
By having a consistent joined up message that follows a seamless progression, consumers will connect the dots throughout the purchase funnel. This is a key insight for online brand optimization.
5. Go Compare!
Comparison sites play a significant role during a customer’s acquisition journey. As I already mentioned above, Australian Super are slaying the game because they are using the comparison sites to their full advantage. As seen via the heat maps, most first clicks on Canstar take place at the top of the page.
Finder.com.au also highlights Australian Super throughout the site which is a likely driver of increased preferences. Brands need to increase presence on comparison sites and ensure they are close to the top results page. Simple and small changes make a big impact.
6. Go Green or Go Home
Transparency on investment choices and ethical investment choices are two key elements of importance for prospective superannuation members. This is particularly important to the youngest cohort, as they are heavily influenced by ethical investments. Here are some of their reasonings for picking a brand;
‘My first priority is the ethical effects of my investments’
‘This is the most important thing to me as there is no need to have a superfund if climate change exterminates me in the next few
This is a key cohort to invest time in studying and tailoring experiences to, as they are the future generation paving the way for superannuation marketing.
7. Personalization Always Wins
Tailoring the online experience will get the attention of specific cohorts. Personalization shows a customer that your brand cares for their needs and preferences, this ultimately leads to final preference selection. For example, while brand reputation is a key motivator for the ‘Age 50+’ cohort, it is not a priority for the ‘Age 18-25’ group. There are clear variations in decision making process between different age groups. A company can make simple but critical changes to their digital marketing strategy to enhance customer decisions. Opportunities elevate content that appeal to segments. NAB personalize their websites for specific cohorts and where their specific needs lie.
By recognizing the variety of customer preferences, it makes the customer feel more valued. Introduce both content and personalisation strategies to elevate aspects that are most important to key segment.
So, now you know about the Secret Seven. This is only a snapshot of the type of work we do at Global Reviews. We offer insights that enable our clients to digital intelligence for their brand. Follow us on LinkedIn for more insights like this. Not so much a Secret Seven anymore, maybe we should change the name – The Seven Wonders of Super? The Seven Deadly Insights? We’ll work on the name while you work on optimizing your brand online.