Fund members turned off from TV ads

6 January 2015
| By Malavika Santhebennur |
image
image
expand image

Superannuation fund members are least enthusiastic about television advertising despite super funds focusing much of their marketing on it.

That's the finding from CoreData's 2014 Member Growth Report, which found members rank TV advertising as second last in terms of preferred super communication, with sponsorship for sporting teams or entertainment events coming in last. Television advertising scored 1.1 out of 10.

Members most commonly said (51.2 per cent) they have seen super fund communications and marketing through TV advertising in the past 12 months.

"Splashing your brand on the TV might be cutting through to members in terms of awareness but it is not an engaging communication tool for members, who would much prefer to hear from their fund via e-mail," head of financial services at CoreData Kristen Turnbull said.

Turnbull also suggested funds should provide economic and investment commentary on the news like banks, with 65.1 per cent of the respondents preferring this method.

Meanwhile, retail fund members are most likely to switch (64.8 per cent), while self-managed super fund members are least likely to switch (38.1 per cent). This means retail members are least likely to be happy with their fund (52.1 per cent).

Members rated robust investment returns and low fees as the top drivers to join a fund, with a score of 9.4 and 8.4 out of 10 respectively.

Also, 65.6 per cent of the 858 respondents in APRA-regulated funds said they would not be comfortable with any merger activity in their fund.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

10 months 2 weeks ago
Kevin Gorman

Super director remuneration ...

10 months 3 weeks ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

10 months 3 weeks ago

The central bank has served up a disappointment for punters on Melbourne Cup Day....

7 minutes 18 seconds ago

The fund’s inaugural chief retirement officer is looking to establish a new venture. ...

4 hours 54 minutes ago

The sovereign wealth fund remains cautious of the impact of high inflation as it announces a strong return in its latest update....

22 hours 58 minutes ago