Breaking through the noise: Personalization is crucial for engaging with plan participants
These days, people are bombarded with messages and communications on an hourly—even minute-by-minute—basis. As employees sort through stuffed inboxes and overwhelming web ads, information about retirement benefits is easy to miss or ignore. In fact, the average employee spends an estimated 18 minutes enrolling in benefits, such as retirement contributions and HSA contributions. To put this into context, the average consumer spends almost as much time (17.8 minutes) browsing potential movie and TV options prior to choosing what to watch on any given day.
Clearly, making decisions about retirement benefits has more far-reaching impact than which TV show to watch—but retirement benefit messaging typically isn’t as effective at piquing a recipient’s attention. By offering a more personalized experience based on the employee’s needs and interests, however, retirement education can engage employees more effectively.
The right message at the right time
Streaming services and hundreds of other advertisers are vying for each individual’s attention. For instance, the average office employee receives an estimated 121 emails a day, according to Campaign Monitor. In addition to emails, many marketers also use text messages, phone calls, and social media posts to get people’s attention.
While planning for retirement is crucial for most people, the newest binge-worthy TV show or latest tech gadget tends to be more interesting. For employers to effectively help their employees retire comfortably, it’s vital to cut through the noise and deliver the right message at the right time.
Breaking through this noise is an ongoing challenge—but messages that resonate with a person are usually ones that are relevant to them at that moment. As such, retirement plan administrators must deliver meaningful, personalized experiences, engaging your workforce with messaging relevant to where they are.
The importance of personalization is well documented in the marketing industry with 98% of marketers suggesting it improves the customer experience. On the other hand, 88% of marketers say their customers expect a personal experience.
Consumers also acknowledge that personalized messaging makes a difference: 91 percent of consumers are more likely to shop with brands that provide relevant offers and recommendations, according to Accenture research. With so much competition for their attention, 72 percent of consumers say they only engage with marketing messages customized to their specific interests, according to one study.
Voya drives action with personalization, tailored solutions
At Voya, we utilize a comprehensive, digital suite of educational retirement-planning tools, targeted predictive data modeling, and personalization, which cuts through the noise and creates meaningful moments that matter.
The Voya Financial Wellness Experience*
Voya’s Financial Wellness Assessment consists of a brief set of core questions that are aligned with our six pillars of financial wellness: areas we believe are foundational to money health and necessary to making an on-time retirement possible. Upon completion of the assessment, each employee receives a personalized financial wellness dashboard that makes it as easy as possible to find the resources, tools and topics most relevant to them. And 86% of users go on to further engage by exploring their dashboard and learning how they can make improvements. 1
Personalized Participant Video*
The Personalized Participant Video brings each employee’s retirement account statement to life. These dynamic, quick, 60-second videos incorporate real-time account information —such as monthly income replacement goals, estimated monthly income and potential shortfalls — and highlights a positive next best step the participant can take. Our personalized videos have resulted in 32% increase to savings rates among viewers who took action to adjust savings rate following video.2
Targeted participant journeys
Through data modeling and intelligent automation, we deliver personalized email, call center, and web messages to nudge each employee toward their next action. Whether that nudge is to consider saving more, diversifing their investments, designating a beneficiary, or consuming education that will help improve their overall wellness, we’ll help employees stay focused and reach desired outcomes. And because of targeted email journeys, $8 million more has been saved for retirement each year.3
Our approach to personalization isn’t limited to online interactions; we strategically weave this messaging into our call center, so they are able to drive the desired action and help lead a participant to their best next step.
Reach out to your Relationship Manager at Voya to learn more about how we use personalization to help drive more desirable outcomes.
* IMPORTANT: The illustrations or other information generated by the calculators are hypothetical in nature, do not reflect actual investment results, and are not guarantees of future results. This information does not serve, either directly or indirectly, as legal, financial or tax advice and you should always consult a qualified professional legal, financial and/or tax advisor when making decisions related to your individual tax situation.
This information is provided by Voya for your education only. Neither Voya nor its representatives offer tax or legal advice. Please consult your tax or legal advisor before making a tax-related investment/ insurance decision.
Products and services offered through the Voya® family of companies.
1 Voya internal data, as of 12/31/19.
2 Orange Data Mart Q2 2018 (rollout of video starting in 11/2017 to 7/1/2018, across markets among 40,000 participants engaging with it.
3 Voya internal data, Tableau Report as of 1/16/2020.