World renowned multimedia news publisher Telegraph Media Group wanted to increase engagement in their pension benefits, and by doing so, increase the return on their investment.
By developing an overarching strategy, pensions brand and then using data to provide highly personalised communication we have achieved the following outcomes:
- 53% rise in the number of members making AVCs
- 65% of members registered on the website
- 55% click through rate on email campaigns
- A noticeable shift in the type of questions being asked by members
“Using personalised communication has been extremely successful. When you see members as young as 23 starting to pay AVCs, you just know that they’ve understood your message.”Dipak Wadher – Pensions Manager
Like many employers and Trustee Boards, Telegraph Media Group were finding it difficult to engage their young and transient employees in pension benefits. They wanted to increase engagement with their pension benefits and build understanding, with the ultimate aim of helping both past and present members of their pension scheme to achieve better retirement incomes.
This wasn’t about reducing the number of calls they received from their members but using communication to elevate the nature of those calls. With a small in-house team they also needed to increase the efficiency of the way they managed their communication.
Our strategy began by creating a new contemporary and urban looking pensions brand designed to better connect with the demographics of Telegraph’s workforce. We also agreed a mission statement that every stakeholder involved in the Plan would endorse. “It’s our mission to help you save and prepare for retirement” now appears on every piece of communication we produce.
This new branding was used across a series of personalised newsletters, each focused on a specific area of retirement planning like contributions and investments and used member data to make the content and calls to action specific to the individual.
Having established a foundation of engagement we made the transition to a full digital engagement strategy. Combining our best practise User Experience (UX) with our own in-house engagement software (CORE) we have built a solution that provides members of the Plan with a website that gives them access to their own personal account information as well as a variety of tools and resources to help them take more control of their retirement savings.
Behind the scenes, the solution has empowered the pensions department to issue more regular and targeted email campaigns and track the effectiveness of them when they do.
The pensions department have received very positive feedback from their members and have seen a significant shift in the types of calls they are receiving.
“We are pleased that we can now communicate information to our members quickly and efficiently. We want to maximise the member experience and find ways to bring in efficiencies in the way we administer our plan. Fundamental to this will be the clever use of underlying member data for targeted campaigns and targeted web content.”Dipak Wadher – Pensions Manager