The challenge is that many KiwiSaver members are completely disengaged with saving for their retirement and have limited knowledge on how to get the most out of their KiwiSaver.
Last year, KiwiSaver members missed out on a massive $400 million on Member Tax Credit (MTC) from the Government. An emotional engagement was needed to jolt them into action by using a ‘fear of missing out this year’ strategy that demonstrated the exact amount each member needed to contribute and make it simple for them to contribute enough to receive their Government contribution.
By fully personalising the DM and eDM campaign and reinforcing the message with online content, including videos and easily digested information, members were made fully aware of what they were missing out on. They were educated on the benefits of KiwiSaver through demystifying a relatively complicated product.
Results were outstanding across the board, with all measures and objectives being exceeded. This included an increase of 36% of customers receiving their full MTC compared to the previous year, and a 56% increase in members making voluntary contributions to their KiwiSaver in order to secure the Government contribution.