The nSSS provides funds with valuable insights about how members and employers view the Superannuation industry, and particularly, how each fund is seen to be performing in comparison with similar superannuation funds.
The nSSS provides valuable member and employer insights, benchmarked against past data and across the industry. The result of this is being able to provide contextual information with which to make more informed and better quality decisions.
Each participating fund will enjoy a minimum sample of 300 members per fund, leading to a large, statistically robust sample which can be directly compared against similar sized and positioned funds.
As with any market research, engaging with participants in a non-intrusive way and through a channel convenient to them is key to participation. In this way, the nSSS offers two channels through which data can be collected. The primary sampling will take place via an online methodology, whereby members will be contacted by email inviting them to participate in the syndicated study. We also offer Computer Assisted Telephone Interviewing (CATI) options for clients to target specific hard-to-reach members or those of strategic importance.
Using the newfocus world class in-house facilities, the online sampling is fully integrated with any optional CATI components at all stages through data collection to coding and analysis. By conducting the research in-house, newfocus can guarantee confidentiality and consistency of data. As the largest syndicated study of its type in the Australian Superannuation Industry, the results offer unparalleled accuracy with a large, statistically robust sample with an error margin typically less than ±2%.
Most funds regularly obtain metrics for their own business but are unable to compare these metrics with competing or similar funds in the market place. The key benefit of the nSSS is this ability to benchmark against other funds, providing context through which more accurate and relevant decisions can be made.
The benchmark results will allow funds to compare their performance against similar funds based on fund size (small, medium, large) and type of fund (Industry, Retail etc.) ensuring that you are only compared against funds relevant to your situation.
Unlike similar studies currently offered, the nSSS does not rely on a single marketing metric, but combines multiple metrics. The result is a comprehensive snapshot of the industry and a more in-depth analysis of member sentiment. The following 10 metrics are currently measured in the nSSS, and may be updated in the future.
1. Advocacy score
Measures the loyalty and advocacy of your fund against other funds.
Establishes the level of member satisfaction with your fund against other funds.
Determines the future membership/switching intention of your fund members against
4. Brand equity
Determines what members and non-members believe your brand and other funds’ brands actually are – guides your brand strategy.
5. Brand utility
Determines how your brand utility (hygiene factors) compares to other super funds (eg perceptions of returns, fees, call centre, website and communications).
6. Purchase drivers
Determines the key purchase drivers of your target market and how you and other funds perform against these drivers.
7. Level of member engagement
Determines how engaged your members are compared to other funds.
8. Situational segmentation
Determines where members see themselves on their retirement savings journey.
9. Brand awareness
Ascertains the level of awareness of your brand and that of other funds.
10. Brand favourability
Identifies the market’s favourability towards and affiliation with your brand and you.
These metrics have been chosen due to the wealth of data and research highlighting the importance of each metric in painting a picture of organisational and market performance.
By combining these measures, the nSSS provides a fully integrated and overarching measure of your fund’s performance, both in isolation and in comparison to other funds.
We understand that different funds have different reporting requirements. This is why newfocus offers customised reporting based on your needs, and is able to offer optional extras on top of the base report. These optional extras include additional splits of the data by a range of demographics, strategic analysis of your fund’s position and recommendations for future improvement.
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