Superannuation Fund Lead Generation
A productivity commission has been drafted up to ‘assess the efficiency and competitiveness of Australia’s superannuation system and make recommendations to improve outcomes for members and system stability.’ With the option to submit a written submission in response to this draft now closed, the release of the final report and the actioning of the expected changes are set to be scheduled. The commission is also going to identify and reduce the barriers that cause obstacles in the superannuation system and allow for the individual not to fall short when it comes to their superannuation.
The superannuation industry heavily incorporates data and data systems, both in new client acquisition strategy and in data management practices. How each company utilises and manages their data system is crucial to their operating success and revenue growth. Without a strategy and relevant plan to gain new clients and keep existing ones, a superannuation company will very quickly become an ‘underperforming fund’.
With the changes to Australia’s superannuation system looking to be on the horizon, super funds need to either innovate the way they conduct their process to better suit the individual or risk falling short of the increasing industry standards.
How a superannuation company conducts its processes and how the individual can take hold of their own retirement is under consideration for how the industry as a whole will change. The productivity commission aims to implement a need for competitive pricing and assess the system as a whole, meaning that with a possible of a regulation changes, super funds will be forced to assess and innovate their policies, systems and processes.
With lead generation, we can profile an individual before they are even on the other side of a sales pitch. Real time leads via API are sent to our client’s CRM, that’s real potential customers coming through as quick as they can be called.
This is a proven strategy that has seen many industry leading companies keep up with the ever changing and growing standards of their industry. For superannuation, this may mean profiling and categorising age, income bracket, interest in super consolidation or current employment – the possibility of question profiling is virtually endless.
A potential client base will very quickly turn from being a mass crowd of various demographics to a targeted and defined group of individuals that have proven to have a need or interest for the service being offered.
The productivity commission is a response following the Financial System Inquiry Recommendation which is a part of the wider inquiry in the Financial System Inquiry. According to the FSI, ‘The Financial System Inquiry will establish a direction for the future of Australia’s financial system. The Inquiry will lay out a ‘blueprint’ for the financial system over the next decade.’ What’s interesting is that The Financial System Inquiry noted to the commission that there has been an ‘absence of consumer driven competition, particularly in the default fund market’. This notable absence is recognisable by the fact that we’ve seen a lower decrease of fees than expected even though there has been a substantial increase in the scale of the superannuation system. Meaning that the industry is being overcrowded with funds not swaying from the industry normal, because at this current point in time, there is no need to. Fees are being accumulated and adding to the whopping industry asset total of $2 trillion. Meanwhile, the consumer is consciously and, sometimes obliviously paying many fees on their super funds.
These are individuals that may not be aware of the best option for their superannuation, may have the top plan they know of or may simply not realise the importance of setting up their financial future. Lead generation allows super funds to effectively acquire potential new clients and either assist them in implementing a financial plan or offer them a better deal on their superannuation, hence being a key component for competitiveness in the industry.
EMBR Lead generation is also very advantageous for financial planners looking to target individuals suited to starting their own Self-Managed Superannuation Fund (SMSF). SMSF Lead generation is one of our specialties, as it involves narrowly targeting couples who are a certain age, of a certain financial literacy and have the right amount of funds in superannuation for it to be a viable investment option for them.
Super funds will need to implement strategy that is ahead of their competitors and create a consistent new client acquisition strategy. With changes to the government standard of the superannuation industry looking to be implemented in the near future, it’s time for super funds to put their thinking hats on and innovate ways for their customers to come out on top.
Ultimately, the consumer will be benefitted with the outcome of this Productivity Commission. But, as with any industry regulated by Government standards, the consumer is the most important. After all, the consumer base aka sales are generating revenue and keeping each business afloat. So, if changes are implemented to better suit the consumer – the businesses must keep up.
Contact us to find out how you can rapidly grow your customer base by receiving high quality real-time leads or ask us about our consultation services in regards to data base management and compliance.