Put the super back in superannuation2 min read

We are excited to announce the release of our 2013 Superannuation Consumer Recommendation & Loyalty Study. For the first time, Engaged Strategy is lifting the lid off the superannuation industry using the internationally renowned Net Promoter® metric, gaining the ultimate insight into the performance of Australian superannuation providers by listening to the most important source, their customers.

The overall superannuation industry reached a Net Promoter Score of -35%. Such a low Net Promoter Score across the industry goes to show a severe lack of engagement towards the industry as a whole. However, this comes as no surprise.

People may gush about their new TV, their shiny new car or even what they had for dinner last night but getting a customer to even make mention of their super requires a much more concerted effort.

Which is why it is all the more essential for superannuation providers to go above and beyond to deliver customer experiences and a value proposition that is worthy of recommendation.

Superannuation is a low involvement category. In fact, for many people super is out of sight and out of mind, only surfacing to their consciousness when their annual statement appears in the mail, or when they are close to retirement. It is little wonder that when it comes to the topic of superannuation, consumers don’t have much to say.

Despite this, about one-quarter of respondents said that a referral from family, friends and colleagues was the primary reason for selection of their current superannuation provider. So, if a company can kick start the conversation, they will ultimately reap the benefits.

Interestingly the Net Promoter Score is strongly linked not just to word of mouth but stated loyalty as well.

This should be setting off alarm bells within these organisations. If a superannuation provider were to offer a customer experience and value proposition that engages their customers it could open up a world of opportunity and set them a rung above their competitors. These exciting insights are only the beginning as Australian superannuation customers have a lot to say. To get in on the conversation click here to find out more about the 2013 Consumer Recommendation and Loyalty Studies for the superannuation industries.

Net Promoter, Net Promoter Score & NPS are registered trademarks of Bain & co, Fred Reichheld and Satmetrix 

By |2017-07-26T21:30:25+10:00October 17th, 2013|

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