Human Capital Management Solutions Provider

Retirement Services Case Study

The Challenge

A leading provider in human capital management solutions, specializing in payroll, benefits, human resources, and insurance services, faced a pivotal challenge in their expanding Retirement Services division. The task was to convert previously gathered qualitative insights into actionable strategies, crafting communication that effectively resonates with diverse customer segments.

The Research is Aimed To:

  • Identify key factors influencing buyer choices for retirement plan providers.
  • Highlight the company’s strengths and areas for improvement.
  • Assess the company’s performance against key decision-making factors.
  • Understand the reasons for choosing competitors.
  • Evaluate the market response to the 401K Plan concept.
  • Gather insights for effective communication across different consumer groups.

Attitude and Usage Study and Quantitative Concept Evaluation

Insights in Marketing employed a two-phase approach for this research:

  • Attitude and Usage Study: Focused on understanding attitudes and usage patterns related to retirement plan providers among current and potential clients.
  • Quantitative Concept Evaluation: Tested the new 401K Plan concept quantitatively, measuring reactions, interest levels, and preferences to evaluate its market viability.

Key Insights

  • Communication & Service: Both existing and potential clients value excellent service, clear communication, and user-friendly tools. Compliance support emerged as a key factor.
  • Satisfaction Levels: The enrollment process, compliance support, and administrative support received high satisfaction scores. However, there were lower scores in areas like dedicated service and collaboration with accountants/financial advisors.
  • Market Response to 401K Plan Concept: The new plan’s value proposition received mixed reactions. Positive aspects included worry-free compliance and potential tax credits, while phrases like “bolstering your bottom line” were less appealing. Interest varied, with new prospects showing more enthusiasm than those with competitors.
  • Competitive Landscape: Competitors were strong in enrollment processes and online platforms but showed potential weaknesses in fee structures and dedicated service.

Conclusions and Recommendations

The research findings are integral to refining the company’s marketing and communication strategies. Prioritizing service excellence, clear communication, and ease of use in tools will meet customer expectations. Addressing areas for improvement, such as service delivery and tool functionality, is essential for enhancing customer satisfaction. The insights also provide strategic direction for differentiating the company’s offerings from competitors. Implementing these insights will enable the company to solidify its position in the retirement services market, ensuring continued growth and client satisfaction.