KiwiSaver offers a simple way of saving and has great benefits, including free money from the Government called member tax credits. To receive the maximum amount of $521, a member needs to contribute $1,042 during the KiwiSaver tax year. However, every dollar counts, so if you contributed $1, you will receive 50 cents.
As a large KiwiSaver scheme provider, Mercer was concerned that each year a large number of their eligible customers were missing out on receiving their member tax credits.
In 2017, almost 80% of their customers were likely to miss out on some of their member tax credits. A further 47% were not making any contributions into their KiwiSaver accounts, so they would not receive any member tax credits. Come retirement, these members could find their savings goals falling short of their ideal retirement lifestyle.
So, they developed the “Bump up your KiwiSaver” direct marketing campaign to educate customers about member tax credits and encourage them to take action.
The campaign needed to deliver complex information in a simple manner, include personalised account amounts and enable customers to take action.
Customers were segmented to maximise the impact. A multichannel approach was used to communicate with customers using email, SMS text message, Twitter and Facebook sponsored posts through data matching.
The campaign met all its objectives namely ensuring that 60% of all eligible customers would receive a member tax credit of any value and that at least 45% of customers who received a member tax credit would receive the maximum amount available to them.