The key element of any pension communication is to ensure your members have a clear understanding of how their pensions work, how to engage/interact with their provider and for them to get an idea of what potential position they will be in once they retire. In order to do so effectively, it is of the utmost importance to ensure that you as a pensions provider understand to whom you are communicating with and in which way conveying this information is the most efficient. When it comes to strategically planning your pension communications there are some factors that we believe should be taken into consideration.
Tailor your message
The delivery of pension communications is never a “one size fits all”. For example, is the person just starting their career, been working for x amount of years already or are they nearing retirement? In either case, the information that will be relevant at the time to each person will be different. By segmenting your members by elements such as age, salary, location, career level etc. you are able to be more specific and deliver personalised information to the recipient, leading to an increase in engagement with your pension members.
Know what works and what does not
It is important to know that – no response is still a response – meaning previous member communication data, can be used to understand what worked and what did not with your pension communications methods. This past engagement data could consist of previous member engagements, response behaviour patterns or member communication preferences. Once effectively processed and analysed this type of data would put you in a better position to plan and build a more effective member communications plan.
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More than one way
As mentioned previously, is it important to understand the value of tailoring your message. This does not only include the content of your communication, but also the method. Your members will prefer to get their information in different ways and there are many online and offline options available to choose from that you as a pension provider can use. From Direct Mail to Email to Social Media, thinking innovatively about communicating this information could be the difference in getting a response or not.
For example, using Direct Mail could help boost your other channels. Royal Mail MarketReach conducted a neuroscience study with Neuro Insight, where research showed that mail is remembered 35% more than social media. However, those who were shown mail first had 30% more dwell time on said social media adverts. It can, therefore, be concluded that a combination of channels is an essential part of good communication.
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