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One of the biggest conundrums of financial services communication is the question of how to make meaningful contact with members, customers and clients. In a world of ever proliferating communication channels, how do you choose the ones that work?
First things first. If you think the changing media and technology landscape won’t affect the quality and effectiveness of your communications with key stakeholders, then I’m here to tell you that isn’t the case.
As our very own BlueChip MD, Carden Calder, told attendees at a presentation she gave on precisely this topic at last week’s annual ASFA (Association of Superannuation Funds of Australia) conference, the communication wake-up call has already happened. The ‘bomb’ exploded years ago with the rise of the Internet and social media, because they have fundamentally changed the way consumers access information.
As Carden noted: “Member engagement was problematic for superannuation funds BEFORE online communication took off; before the proliferation of channels, before the competing mediums expanded to send already busy people into multi-channel; always on; multi-tasking madness!”
Businesses now have far less control of what information reaches their customers. And even less influence on how and when this information is accessed. Now, people find what they want when they want it – they self-serve with information based on specific needs at a certain point in time.
So what does this mean for superannuation funds and other financial services organisations? Here are some top take-outs from Carden’s presentation which will shed some light on the importance of using digital channels to reach members, customers, or prospects.
- If you're not in search, social and content marketing? You're not being found. Busy audiences are spending their time hanging out with friends on Facebook, Twitter and at work on LinkedIn. You need to be online so that when your members, customers, or prospects go looking, they find you over others
- We are all hit with so many pieces of information and messages all competing to get our attention, it is impossible to retain every little bit every day. That in mind, how likely it is that your message is making its way to your members or customers unless it’s repeated many times; well-targeted; well planned and clearly communicated into the right channels (that is, the places where your target audience is getting its information).
- You need to be always on; found in search; giving free, valuable content that is less about your company and what you do and more about what your audience want (consider: what questions do they want answered? What pain-point can you solve with quality content?)
- If financial services businesses don’t adapt and deliver useful, educational and easy to consume content, they will lose customers to others who are doing just that. Useful content must be delivered to members / customers when they want it – not just when you want them to see it.
Still unsure if you need to adapt to digital communication channels to reach your members, customers and clients?
The TowersWatson’s Changing Times report on the state of digital communications and business released this month identifies some clear benefits from using digital forms for super funds:
- Ease of access and reach
- Immediacy & two-way interaction
- More personalized & targeted communication
- Enables ‘self-help’ member behaviour
It is important to note that alongside the argument for digital channels, is the one for quality content. Unless you have meaningful and useful information as a starting point, which channel you use to distribute it doesn’t matter because the audience will vote with their feet – or their iPhones – and go elsewhere. Because they can. So easily.
So as a final tip (and this applies to organisations outside of super, too): become the reliable, knowledgeable and trusted partner for members by helping them with great content to make the right financial decisions for the long term.
Do this and you will be able to better control the whole path to purchase; increase members’ savings; and drive retention because you have built trust through your open, valuable – and two-way – communications.
