Among the target audience..
- Track a number of key performance indicators including awareness, recognition, and understanding of themselves and competitors.
- Explore consumers’ understanding of pension terms & language.
- Identify drivers of interest and engagement to inform marketing.
- Understand relevant sources of information and accessibility of this information for future research exercises.
- Measure impact of recent promotions.
Savanta developed an annual tracker using an online survey among 1,000+ UK consumers aged 50+ who have a DB pension, or a DC pension having purchased, or considered, an annuity.
Fixed quotas by age, gender, product holding, and affluence were set and adhered to each year. We boosted the 75+ audience to ensure a robust sample of this important audience, one which is often hard to reach online.
The survey is repeated annually and reported to a number of stakeholders in the business.
The research showed that there is low brand awareness, but once known, consumers were comfortable with the brand. It also found that many pension terms were not understood or caused confusion, and education would help.
Insights gained from the research is enabling our client to create a competitive advantage within the pensions market, launch leading services, devise customer centric strategies, and strengthen its brand.