Treat your members as individuals with personalised pension videos.
As with everything in life, evolution is key to making sure we’re keeping up with consumer behaviour. Pensions, in general, are a little stuck in the past with scheme trustees often reluctant to alter ways of working.
Take your pension statements for example, they are a key component to all schemes but often fail to hit the mark when it comes to grabbing the attention of your audience. They provide the member with fund value numbers, investment numbers, projection numbers, numbers, numbers, numbers – It can be overwhelming for a member, but this statutory information is key to building knowledge, for members to take control of their financial future and plan for retirement. So, schemes need to ensure they’re doing all they can to ensure the majority of members are digesting important detail.
A key goal for most Pension Schemes is to improve member engagement, one way of achieving this is by simply implementing personalised videos.
So, what are personalised videos?
Personalised videos combine data with text, images, audio, animation and real-life video to deliver a personalised, engaging experience which is completely unique to each individual.
They are so successful because they enhance the user experience by delivering the right information to the right person, rather than the generic and impersonal paper versions we’re all used to.
Simplifying complex processes
Members understand what they need to do! An incredibly valuable aspect to personalised videos is that you can tailor the calls to action at the end of the video, signposting a specific audience to relevant information. For example, younger members might see a link encouraging them to view a pension modeller or increase their contributions. Older generations might see a link to help them with their retirement options etc…
This further enhances the user experience so that it’s tailored to their circumstances.
It really is has taken customer engagement to the next level.
The stats are hard to ignore…
Pension schemes that are using personalised videos have found that by simply moving from text-based communications to personalised videos had a huge impact not only on member engagement but also ROI.
Member action taken
21% conversion
Engagement
94% video completion rate
Business results
18 x uplift in contributions & consolidations
Business results
2 x ROI
Reference: Idomoo ‘Motivating Pension Savings’ Whitepaper 2020.
Key insights
The fact of the matter is that traditional pension communications don’t get the impact that scheme trustees are after. The majority of the content will go over some members’ heads, which means they don’t take time to plan for their future. Members are reluctant to sift through reams and reams of content, leading them to miss key information.
Implementing personalised videos for key pension milestones and updates can have a significant impact on members. Pension Schemes are not only seeing greatly improved member engagement, but they are gaining measurable metrics to take away, build on and improve future communications.
It’s a no-brainer if you’re struggling to improve member outcomes, engagement and help your members create their ideal retirement. It simplifies complex processes and makes them more doable in a clear, relatable and compelling way.