After a highly successful digital marketing campaign that brought in millions of dollars to the business, Fisher Funds – with the help of krunch.co – has taken home the bronze award in the Financial Products & Services category at the 2020 APAC Effie Awards!
This campaign also earned a Silver and Bronze award at the NZDM Awards in February 2020.
Here’s how we did it.
Every year, millions of Kiwis and their employers contribute at least 3% of their pre-tax income to their KiwiSaver retirement account. What many don’t realise is that the NZ government gives out a bonus of 50 cents for every dollar contributed (up to $521) as a part of its Annual Government Contribution (AGC) scheme.
The problem facing Fisher Funds – one of NZ’s nine default KiwiSaver providers – is that half of all Kiwis are unaware of this scheme, meaning they don’t contribute enough to their accounts to receive the full bonus and therefore miss out on potentially millions of dollars of lifetime investment earnings. It was up to the Fisher Funds team and krunch.co to make sure Fisher Funds’ clients found out and took full advantage of the AGC.
Our objectives were clear:
- Reach all eligible clients, in particular millennials, with a reminder of the AGC and how it works.
- Encourage those already making voluntary contributions to top up so they could maximise their AGC.
- Encourage those not making voluntary contributions to do so, for the same benefits.
- Grow Fisher Funds’ total Funds Under Management (FUM).
We noted that a number of Fisher Funds’ competitors, many of whom are high street banks and other major brands, were spending big on the same objective, but weren’t educating their clients on why they needed to top up. Kiwis required more information to realise that they weren’t being asked to contribute to their KiwiSaver investment for the sake of contributing, but to access what is essentially free government cash.
So, we decided to demonstrate a little ‘money magic’ to get people excited about their retirement savings, educate them on the ACG, and get them contributing before the end of the financial year.
The campaign begins
We enlisted one of NZ’s most talented young street magicians to create sleight-of-hand coin tricks to illustrate how simple it is to conjure a gold coin from thin air. By shooting it in a very Instagram-friendly style, we could show audience members how to get free money in an exciting and entertaining way that was already familiar to them.
We followed up the coin trick with a targeted social media campaign, optimised for square and vertical formats on Facebook and Instagram, which included a supporting series of animated videos showing how to turn 50c into $1.
On top of this very millennial-focused campaign we also ran tightly targeted, incentivised (“top up your account and be in to win $1,000”) SMS and eDM activity directly to Fisher Funds’ database, encouraging and reminding all other eligible clients to contribute.
The numbers we saw from this campaign certainly exceeded expectations:
- 74% of eligible audience members reached with targeted messaging.
- 176x ROI
- $1.5 million of government money contributed to Fisher Funds’ clients.
- “Contribute to Win” email received 49.58% open rates, compared to the industry average of 20%.
As an added bonus, given the long-term nature of KiwiSaver funds, the extra value of these top ups will likely continue to grow and benefit Fisher Funds clients well into the future.