Superannulation funds in Austrlia are a $1.4 trillion industry but its primary problem is member engagement.
Many of the younger generation superannulation fund members do not even bother to know the condition of their fund which is the key to many of the retirement income of Australians. For most of these super funds, the battle is in member engagement.
Some of the funds are now trying new strategies that include social media, especially Twitter, to push the idea of the super fund mainstream and allow more of the younger generation to be part of it. However, industry consultants and social media experts agree that Twitter usage of fund members remains very low.
A number of funds are still learning how to use social media while smaller funds on the other hand do not even have accounts. Other funds do not have any social media strategy at all. For those however that are active in Twitter and other social media channels just want to boost perception of the fund and increase interest in their services.
Hostplus, a $9.9 billion super fund, says that the fund tried out Twitter two years ago. The fund which has 1,900 followers spent more time listening before engaging in talk according to Wayne Sullivan, executive manager of marketing of Hostplus.
Hostplus is one of the funds that have been very active on Twitter. Most of its fund members work in the tourism and hospitality industries and are young social media users.
AustralianSuper, Australia’s largest industry super fund at $46 billion also uses Twitter to accompany its other communication strategies. The fund has over 1.9 million members but only have 860 Twitter followers. Telstra Super, an $11 billion super fund says that the fund has over 100,000 members but only have 600 followers.
Mercer Super Trust also estimates that about 25,000 of their members are active on Twitter and are looking to tap this potential.
- Superannulation funds is a $1.4 Trillion industry
- Hotplus has now 1,900 Twitter followers
- AustralianSuper has over 1.9 million members but only 860 Twitter followers
- TelstraSuper: 100,000 members but only 600 Twitter followers
Wayne Sullivan, Hostplus Executive Manager of Marketing: “It’s not always about super, even though we talk sometimes about super. We just talk about things that we think our community will be interested in. We’re trying to have our members and employers think of us favourably so that when they have some need for information or look for services when the time comes, we’re top of mind.”
In the last couple of years, investment firms have started to leverage social media to not only change people’s perception with more transparency like Vanguard and its CEO engaging on social media channel, but mainly contribute to one of their key goals, turning savers into investors like Saxo Bank or Inversis Banco.
Do you agree that Twitter or Facebook can play a big part in improving member engagement over and beyond consumer banking or even commercial banking? How much effort will it take investment firms to make you, the customer, interested and engaged?
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