A warm welcome for new members drives up retention 40%
With a deeper understanding of members, Obst and Dugandzic feel empowered to tackle some of HESTA’s biggest challenges. For example, like other financial services organisations, HESTA typically sees its lowest retention rates in the first 12 months after members sign up.
“If we can find ways to engage them in that first year, the numbers tell us members will stay for the long term,” says Dugandzic. “We developed a triggered welcome series campaign using Adobe Campaign, which has been hugely successful, increasing our retention rate in the first year by over 40%.”
The goal is to make new members feel like they belong at HESTA and make it easy for them to get started. In the first 12 months, members receive an email with a single call to action. The action is determined by first-party data and the next best step for the individual – triggered in real time by their behaviour on the website, key milestones in their account balance, personal characteristics and product eligibility.
HESTA reinforces its email messages with personalised content on social media, paid media and its public and member-only websites built on Adobe Experience Manager. If a member receives a tailored email encouraging her to review her super account contribution, then this information could be supported by content as she navigates through other channels, reinforcing the impact of long-term saving and other related topics.
By using Adobe Target to test, measure and optimise website messaging, the team has seen a 44% increase in the number of people who take action. And Adobe Advertising Cloud enables a more sophisticated, targeted approach to paid search ads.
The co-ordinated approach means members get clearer, more relevant communications and a sense of driving toward a healthier financial future. That’s a powerful incentive and has resulted in members interacting more regularly with HESTA. Equally important, the organisation now learns a lot more about members.
“After the welcome campaign, we know enough about members to put them into one of our eight psychographic segments – and that informs everything we do,” says Dugandzic.
Better member experiences lead to better retirement outcomes
Obst and Dugandzic have gone far beyond the welcome campaign. Their team has automated six campaigns and sent more than 380,000 personalised emails, including HESTA’s government advocacy efforts.
“This has been a huge year for superannuation legislation in Australia,” says Obst. “We’ve been able to use the Adobe environment to deliver innovative campaigns on legislative change. That was unthinkable just a few years ago.”
The results have been astounding. “We have about an average open rate of 50% on our email campaigns,” says Dugandzic. “For a superannuation fund, that’s a rockstar number.”
Members are 1.6 times more likely to take positive action when exposed to personalised campaigns. Members seeking out more information about services or using the HESTA website to find answers to their questions has risen by 352%, peaking at more than 456,000 active monthly users. And HESTA has achieved industry-leading member satisfaction rates of 7.45 out of 10. In the end, it’s all leading to better retirement outcomes for members.
For the marketing team, success is fuelled by a collective passion for the HESTA purpose. And with the right tools, the team can move faster, test and learn, expand their skills and continue to improve member experiences.
“We’re excited to help people who spend their lives dedicated to others achieve their best possible retirement,” says Obst. "By giving them more meaningful information and experiences, our members — who otherwise might find themselves unprepared — can prepare for a sound financial future. Our partnership with Adobe helps us to reach these goals."
With its commitment to delivering outstanding member services and its focus on innovation, HESTA was named a finalist in the 2020 Experience Maker Awards. For more information about the Adobe Experience Maker Awards and HESTA’s finalist place in the Architect category, go to https://www.adobeexperienceawards.com/.