Financial Message Testing
MAKE YOUR CLIENTS PART OF THE STORY
Goal: Boost 401(k) Plan Participation
Mutual of Omaha created a new plan presentation with the goal of improving participation and sign-ups. We market-tested with their audience, leveraging behavioral biases, to show the presentation would improve plan participation. And it did.
CHALLENGING ASSUMPTIONS FOR THE WIN
Looking to launch a new retirement product, our client challenged us to help them develop the tools to deliver an impactful presentation that would compel contributors to enroll. We put their materials to the test, measuring market messages, crafting fresh presentation approaches, and testing again. The result? A 5x increase in enrollments.
VALIDATING THE UNCONVENTIONAL
A Fortune 500 financial services client asked for help validating the effectiveness of a new, unconventional approach to educating employees that broke the model of the traditional 401(k) enrollment meetings. We showed that by focusing less on how to save and more on why to save, the new approach significantly increased employee engagement and enrollments.
LET’S TALK ABOUT CRAFTING THE STORY FOR YOUR PARTICIPANTS
ABOUT RICH THAU
In his over 20 years in market research, Thau has refined messaging for financial services including life insurance, institutional 401(k) plan providers, and others to help bolster plan participation. A recent project resulted in 5x increase in enrollments.
Thau has deep experience working on public policy and advocacy messaging. His recommendations have shaped the national dialogue around Social Security, Medicare, tax reform, and a host of other issues.
ABOUT ENGAGIOUS
Crafting winning MESSAGES is OUR THING.
We are an industry leader in scientifically testing and refining the effectiveness of business and consumer messaging. Working with 401k plan providers and other financial service organizations, we have been able to dramatically improve enrollment and participation rates.
We have also advised leaders in Congress and their staffs, presidential campaigns, and corporate executives on how to improve their high-stake messaging. Recent policy projects have focused on climate change, immigration, foreign policy, energy, healthcare, and trade.
Questions? Let’s talk it through.
RESOURCES
How Stories Drive Economic Events
Economists need to join forces with the English majors, according to economist (and Nobel laureate) Robert Shiller. Because “economics isn’t worth much without understanding what it is to be human.”
Behavioral Research: Know Thy Audience
Not just who they are: Know what drives them; Know what they love. Programs have to fit with people’s lifestyles and beliefs, or they won’t act. Don’t just talk about problems; provide solutions.