How to reduce your benefits postage costs
Some of the UK's largest pension schemes still have a large percentage of their members receiving their pension information via a physical copy in the post, often resulting in some pretty hefty postage fees!
So, how do you reduce those costs? Well, there's an obvious tactic and that is - move them to digital!
I know, I know, some of your audience won't have email's or they rarely access them, some of them will still want a physical copy, but we are reducing, not removing. Just think, how would your quarterly benefits statement postage costs look if a 10% reduction could be achieved?
Well, the first port of call is to get a "portal" where you can send your comms out from, which is a big job in itself but that is a topic for another conversation. But those of you who have an already established portal/website/intranet, then there are some steps you can take to reduce your costs -
1. SET GOALS - before undertaking any project, set goals of what your ideal scenario would look like i.e. 70% of the audience signed up for paperless statements.
2. SPLIT GOALS - you're not going to get everyone signing up in one big bunch (unless you offer them Krispy Kreme doughnuts as an incentive - who can turn those down?) so split those goals into campaigns i.e. Campaign 1 - 10% sign up for paperless statements
3. CALLS TO ACTION - have clear CTA's on your website so that users can register to go paperless (see our other blog post on Calls To Action HERE)
4. REPORT & LEARN - the final step is probably the most crucial because like we say, you aren't going to hit the nail on the head first time and get an overhaul of people wanting paperless. This can be down to many things, style/tone of comms, engaging imagery etc... So you need to pay attention to each bit of communication that goes out, learn from it and adapt where necessary.
Driving the traffic to the website is the easy part, converting them is the challenge, so you need your analytics in place to assess the effectiveness of the campaigns.
We are the Pension Communication Partner for a FTSE 100 client with around 30,000 active members. In 2016 19,663 were not using the online portal, leaving the client with no choice but send printed copies of all communications to the members not online. A typical print example of sending a small booklet/leaflet including postage to around 10,000 members, can cost anywhere between £8,000-£15,000.
Through targeted and engaging communications, we increased the number of members online to 29,408 in 2017. With up to six communications being sent to members every year, there is a potential saving of up to £90,000 per annum.
View our communication page HERE
By Dan Mills - Creative Director