Just a couple of months ago, the ‘Putting Member’s Interest First’ bill passed the Senate, making life insurance optional for people under 25 with less than $6000 in their super fund. Members that meet the criteria will no longer have to pay compulsory life insurance, reducing costs against their super account.
Of course, it’s not that simple; there are certain exemptions, which create complications that need to be communicated to your members. For instance, those deemed to work in ‘dangerous jobs’ will need to have more comprehensive cover. Further evaluation of occupational risk is necessary for those under the age of 25.
Young super members need to be notified of the changes, but the 18-29 cohort is notoriously hard to engage, especially when it comes to their super. Capturing their attention requires a special touch.
1. Communicate through technology
You won’t find millennials only through TV or print advertising.
Instead, you need to reach out to them online; through social media and video. Developing a strong social media strategy that addresses their financial concerns and includes a strong call-to-action is key.
Video is fast becoming the prefered source of information for the age category. The stats speak for themselves. HubSpot report that 78% of people watch online videos every week, with 55% viewing online videos every day. Cisco predicts that by 2022, online videos will make up more than 82% of all consumer internet traffic with Facebook executives predicting their platform will almost entirely be video rather than text-based soon.
2. Personalise the message
Make the message relevant to the target segment. It must be attuned to the customer’s needs and interests and relevant to the recipient at the point in time it is received.
We use personalised video to tailor content to different cohorts within a fund’s membership. By segmenting and personalising video messaging based on your fund’s data, we can achieve much greater engagement, making sure relevant information finds the right audience.
3. Build trust through communication
Millennials connect with brands they can trust to best represent their interests and respect their privacy and information. No doubt your fund will already be taking this into consideration, so be sure to include it in your communications.
Unlike generations past, millennials are after tailor-made solutions. Adjusting communication to speak their language and talk directly to their needs is critical.
Superannuation might be, to many millennials and Gen Zs, a relatively foreign concept. Therefore, educating them about the benefits of super and why it is important is necessary.
Explaining how your fund works and how it stands out, should always be incorporated into your messaging. Empowering these young adults and engaging them with their financial future ought to be the end goal.
5. Be ‘mobile-minded’
Millennials and Gen Zs, or ‘Zoomers’ as they’re becoming known, are always on the move. It’s therefore absolutely essential to design communications for mobile devices.
Messaging needs to be online and mobile-friendly, but also engaging. There’s plenty competing for their attention so standing out is critical. Quickly capturing their attention is crucial. Video is great way to do this, as is savvy social media communications.
Doing all this requires the communication expertise of a team intimately familiar with the superannuation industry and a knack for creating engaging content.
That’s exactly what we can do – and have done – at Creativa. We’re no stranger to producing video content for superannuation clients and understand the key concerns of funds and their clients.
Our videos transform the complex into the simple and we’re ready to help you with your video production needs. Get in touch!