By building a social media presence across the five major platforms – Instagram, LinkedIn, YouTube, Facebook, and Twitter – that’s tailored to your target audience, your superannuation fund can build trust, improve financial literacy and attract new clients. While all of the top five largest Australian superannuation funds (Australian Super, HESTA, Sun Super, Aware Super and Spaceship) are on social media, many of them aren’t making the most of it. Here we do a deep dive into the top superannuation funds on social media to identify what they’re doing right and where they can improve.
Instagram underutilised by all superannuation funds
Instagram is a great method of attracting and engaging younger clients. With over 1 billion users on the app monthly, superannuation funds that aren’t actively posting targeted content are losing out against their competition that does.
All of the superannuation funds utilised Instagram as a section to promote their staff and achievements, limiting their engagement and followers. With the younger demographic on Instagram and Reels becoming more popular, providing educational content that will improve financial literacy will be beneficial to attract an interested audience. In fact, educational content makes consumers 131% more likely to buy a product or service.
“ Educational content makes consumers 131% more likely to buy a product or service. ”
YouTube: helping to educate clients about superannuation funds
The superannuation funds that are nailing YouTube are the ones that are providing educational and inclusive content. Australian Super has done well by creating a series that offers content to improve clients’ financial literacy – from basic topics like ‘What is Superannuation’ to more complex areas like ‘Retrenchment: What you need to know’. They’ve also created a campaign titled ‘Super Moments’ which involves heartwarming stories from a range of Australians which helps to build trust, approachability and authentic connections with audiences.
HESTA on the other hand is underutilising YouTube by using it to promote awards videos and content that has little to no relevance to interested clients. When videos are tailored to a target audience and reflective of their interests, it can be a competitive tool to acquire new customers and improve lead generation, with 87% of businesses reporting that video gives them a positive ROI.
Superannuation funds love Twitter
Twitter was the most actively utilised social media platform for the top four superannuation funds, with Aware Super excluded as they don’t utilise the channel. Overall, Twitter was predominantly used to share new products, funds achievements and recent news, which is generally in line with what users expect and demand from Twitter accounts.
Spaceship has utilised Twitter particularly effectively by creating an always-on content program that balances fund updates, educational content, and their short videos titled ‘Real Money Talk’ in which they chat to regular people about financial topics such as saving tips. Spaceship stands out from the crowd by balancing content everyday consumers want, like financial education, with what informed investors and businesses like, such as market updates. They share this content across social channels, creating an omnichannel approach to their marketing strategy. Also, Spaceship utilise Twitter by replying to clients’ concerns through the reply feature, creating an additional communication channel other than the traditional chatbot function on platforms like Facebook.
Facebook remains steady
In general, Facebook is being utilised as a method of communication between clients and superannuation funds. All funds are effectively utilising Facebook messenger as an omnichannel approach to customer service. Clients can ask general questions and receive help for basic enquiries quickly and easily.
Much of the same content that is seen on Twitter is also seen on Facebook, with a mixture of educational content, market updates and fund information making up the majority of the posts. Aware Super is doing well by tailoring their content to Facebook’s millennial audience, which is their largest demographic.
LinkedIn: tailored to the right audience
Aware Super, Australian Super, HESTA, and Sun Super have great engagement and have accumulated a large number of followers through their tailored and always-on content strategy. Much of these super funds LinkedIn content is utilised for sharing new products, celebrating milestones and market updates. While this content is needed to showcase your superannuation funds’ reliability and transparency, you should also create content that addresses your target audiences’ specific needs and education. Producing high-quality, valuable, and educational content should be a greater focus for your super fund on LinkedIn, as this will help you build strong connections and build value with consumers.
While Spaceship’s content marketing program is top of its game, they could better utilise LinkedIn to extend their reach as they lack a consistent schedule on this platform.
Overall, these superannuation funds highlight the importance of an always-on, tailored content program to reach new audiences, nurture leads and improve brand trust and credibility.