Finance brands, such as banks, insurers, and superannuation funds, are increasingly tasked with engaging a diverse range of customers spanning multiple age brackets, demographics, and socioeconomic backgrounds. Superannuation funds, in particular, serve as a prime example of a finance brand that must cater to all segments of society, from young workers to retirees, each with distinct financial needs and goals. To meet these challenges, your finance brand must develop targeted, omnichannel marketing strategies that address these varied demands and diverse needs. While reaching such a broad audience may seem resource-intensive, when executed strategically personalised engagement can be both efficient and cost-effective. Here we explore how your finance brand can leverage tailored communication and innovative technology to build long-term relationships, enhance trust, and improve satisfaction across your diverse customer base.
Understanding audience segmentation and diverse needs
Effective engagement starts with a deep understanding of your target customer or client. Audience segmentation is a crucial strategy that involves categorising customers based on key characteristics such as age, career stage, and risk tolerance. According to a report by DemandGen, campaigns that are segmented had 14.31% higher open rates and saw 101% more clicks than non-segmented campaigns.
For finance brands, this means recognising the diverse needs of various demographic groups. Taking super funds for example, younger members who are often just beginning their careers may prioritise high-growth investment options and need education on the importance of early retirement savings. In contrast, middle-aged members might focus more on stable returns and planning for retirement. To avoid overly generic assumptions based solely on age and other factors, use data-driven tools like segmentation models and behavioural analytics to create more precise, dynamic personas that reflect your member’s unique financial situation and goals.
To develop sophisticated personas, use advanced segmentation models and behavioural analytics tools like HubSpot, Salesforce Marketing Cloud, or Segment to analyse engagement patterns and financial goals. Additionally, platforms like Google Analytics and Sprinklr provide deeper insights into customer journeys. These tools help create detailed, actionable profiles that ensure your messaging is not only relevant but deeply aligned with the specific aspirations and concerns of each group.
Tailored messaging across life stages and diverse needs
Once audience segments are clearly defined, the next step is crafting highly personalised messaging that not only speaks to their life stage but also addresses their specific financial behaviours and aspirations. To achieve this, communication strategies should move beyond basic topics and leverage advanced segmentation insights, such as behavioural triggers and psychographics.
For example, a campaign targeting first-time investors could integrate interactive tools such as risk tolerance assessments, personalised investment simulators, and progress trackers that actively engage users in the decision-making process. Additionally, content like personalised financial roadmaps—tailored to each user’s specific financial position and goals—can demystify complex concepts like compound interest, asset allocation, and the time value of money.
On the other hand, messaging for more experienced or retirement-focused members could integrate sophisticated financial planning tools that showcase tailored income strategies, tax optimisation techniques, and risk-adjusted portfolio recommendations. By utilising data analytics and AI-driven insights you can create content that adapts to each member’s unique financial journey, making your communications feel more relevant, timely, and actionable.
A study by McKinsey revealed companies that personalise their customer interactions can see a revenue increase of 10-30%. By utilising tailored content, brands like super funds can enhance the relevance of their communications, making members feel understood and valued. Personalisation goes beyond basic demographic data; it can incorporate behavioural insights and preferences gathered through data analytics to create a more engaging experience.
Omnichannel campaigns
In an age where consumers interact with brands across various platforms, implementing an omni-channel strategy is vital. According to a report by Aberdeen Group, brands that utilise multi-channel strategies retain 89% of their customers compared to 33% for those that only use single-channel approaches.
Your finance brand should utilise omni-channel campaigns to ensure you reach your customers on their preferred platforms, whether that be via email, social media, mobile apps, or in-person events. With the growing expectation for digital-first communications, especially in the finance sector, it’s essential to meet members where they are and provide seamless, multi-platform experiences. In fact, in 2023 Aware Super was classed as the “Super Fund of the Future” after it merged 1.1 million members onto one technology platform.
By maintaining a consistent brand voice and delivering relevant, personalised content across these channels, you can boost engagement and loyalty. For example, integrating educational webinars, social media posts, in-app notifications, and personalised email newsletters can create a cohesive, streamlined experience. This approach not only meets the diverse preferences of your audience but also ensures that communication remains timely and accessible, whether members are checking their app during their morning commute or reading an email while planning their retirement.
Building trust through transparency and education
Trust is a cornerstone of successful financial relationships. Your brand can foster trust by emphasising transparency and offering educational tools. For super funds for example, providing clear information about fees, investment options, and performance can empower members to make informed decisions about their financial futures. Research by Edelman found 81% of consumers need to trust the brand to buy from them.
“ The key to long-term success lies in building trust and delivering personalised experiences that resonate with customers across all life stages.”
Furthermore, educational initiatives such as workshops, online resources, and interactive tools can help demystify complex financial concepts, enabling members to navigate their choices with confidence. Australian Super is particularly strong in this area, having a dedicated landing page that lists its educational resources. Whether a client would prefer to read about how much money they need to retire or join a webinar, everything is positioned easily for clients and a diverse range of topics are explored. By positioning yourself as a trusted partner in your customers’ financial journeys, finance brands can enhance customer retention and satisfaction.
Utilising AI and personalisation
Artificial Intelligence (AI) plays a pivotal role in enhancing customer experiences through personalisation. AI-driven tools can analyse customer data to provide tailored recommendations and proactive engagement strategies. For example, chatbots powered by natural language processing (NLP) can offer personalised financial advice or answer member queries instantly.
Additionally, predictive analytics can identify potential audience needs before they arise, allowing you to reach out with timely and relevant information. By leveraging AI and personalisation, you can stay ahead of evolving customer expectations, ensuring a responsive and engaging experience.
Super fund success stories of digital engagement
Superannuation funds, as finance brands that cater to a broad cross-section of society, offer a unique example of how to engage diverse customer segments effectively. AustralianSuper, for instance, launched its ‘Your Future’ campaign to improve member engagement by focusing on the importance of super contributions and retirement planning. According to AustralianSuper’s chief member officer, Rose Kerlin in an interview with Investment Magazine, ‘We have invested heavily in member engagement, we have over 30 engagement programs where we personalise our communications.’ She continues, ‘We’re really focused on providing members trustworthy help and advice and digital enablement.’
- The campaign at a glance:
Email Marketing: AustralianSuper sent targeted emails to members about super contributions, emphasising the importance of long-term savings. - Social Media: They utilised Facebook and Instagram to promote engaging content, including videos explaining superannuation benefits and contribution tips.
- Website Enhancements: The campaign featured a dedicated section on their website with tools and resources for members to calculate their retirement needs.
- Educational Webinars: They offered webinars on topics like retirement planning, investment options, and managing super funds, which were promoted through email and social media.
The key to long-term success lies in building trust and delivering personalised experiences that resonate with customers across all life stages. Embracing these strategies will not only enhance customer satisfaction but also secure a competitive advantage in the dynamic world of finance.
