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Data key for membership growth
The Your Future, Your Super reform is laying the foundation for a new age of customer acquisition and retention wars, according to digital transformation consultancy, Novigi.
Speaking at an international business review webinar, Ash Priest, Novigi managing partner, said his firm had been experiencing an influx of work helping super funds position themselves to acquire and retain members using technology and data.
He said a modern chief marketing officer was really a data officer because they were now placing enormous demand on administrative and third-party domains to provide enhanced, actionable and marketable data rather than messy unstructured data.
“I've been around the industry now for 10 to 15 years and it’s only within the last few years I've really seen this significant rise in the power and the influence of the chief marketing officer inside trustee offices,” said Priest.
“From our point of view, we think that Your Future, Your Super signals the end of the default membership flows.”
Priest said funds were building best practice marketing solutions because they realised stronger brand was becoming increasingly important in a post-default member market which was driven by retail decision making.
There would end up being highly flexible customer platforms that would leverage data to deliver frictionless digital experiences for customers, according to Priest.
“What you will see over time is data functions like artificial intelligence sentiment analysis on things like telephony platforms, attribution models developing to understand cause and effect, there will be really detailed cohort and segmentation work being done,” Priest said.
“And these are not new concepts, they're things that are already developing in various ways, but you're going to see a really rapid acceleration of investment into… and effectiveness of those platforms.”
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