The self-managed super fund (SMSF) market is growing at 40 per cent per annum. As a result an increasing number of financial services providers are developing product solutions targeted at this market.
Undoubtedly one of the most prominent SMSF marketing campaigns of 2013 has been AMP’s Q& campaign. Yet despite an investment running into the hundreds of thousands, if not millions, of dollars, a recent report in the Financial Standard suggests that AMP has only attracted an additional 150 self-managed superannuation fund trustees. Given its investment, AMP must be pretty disappointed.
So, why such poor results? On behalf of a number of our financial services clients, BrandMatters has recently conducted research into High Net Worth (HNW) investors, Ultra High Net Worth (UHNW) investors and investors considering SMSFs. Our research suggests:
AMP and organisations like it have a strong history of providing professional financial advice. This advice to a large extent has long been associated with commissions and ‘hidden’ fees – and “professional advice” and hidden fees are exactly what most SMSF investors are seeking to move away from. Was AMP able to effectively communicate that its SMSF solution allowed investors to retain control? Was its proposed fee structure transparent? Or due to the strength of AMP’s brand strategy and its associated heritage and meaning, did too few investors even investigate to the point where the fee structure was explained?
Was its brand an insurmountable obstacle to engaging with the target audience for this product suite?
The Q& website is full of thought-leadership-style content and lead nurture tools like white papers, articles and seminar invitations, but how many visitors even went as far as the website to learn more? Without access to AMP’s comprehensive web analytics we’ll never know. But it is possible that more of the campaign budget could have been allocated to objective, targeted PR and less to above-the-line advertising in order to better match the media consumption habits of the target audience.
When targeting HNW and SMSF investors, additional factors to keep in mind include to:
Like to learn more? At BrandMatters we pride ourselves on our understanding of financial services brands and how best to position your brand in highly competitive markets. We encourage you to browse our blog and download our brand resources to learn more about how brand can build your business.
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