Australian superannuation funds, which control around $1.8 trillion in retirement savings, are having a terrible time trying to engage an audience on social media, according to research.
Brands in the financial industry might not be the most fun or well-loved amongst customers but in recent years the major banks have been changing that perception, amassing tens of thousands of Twitter followers, helping the bank to keep customers updated and regularly solving complaints.
By comparison the leading super funds in Australia are only just nudging over the 2,000 follower mark on Twitter.
Research firm Rainmaker surveyed the social activity of the nation’s 50 leading super funds for January 2014, finding while there is a heap of hype within companies around their social strategies they’re only using the leading platforms, including Facebook, YouTube, LinkedIn and Twitter in relatively small ways.
This presents a huge opportunity for the funds that get it right, according to Rainmaker.
“The low social media footprint where no one brand dominates means the contest for which brand or brands will dominate it in future is still wide open,” the report said.
Rainmaker allocated each super fund an overall social media score by combining individual platform scores weighted according to their relative market penetrations. (Facebook 53%, YouTube 28%, LinkedIn 11%, Twitter 8%).
Topping the list of most active social super funds was BT, followed by AMP, CFS, AustralianSuper, Sunsuper and Macquarie.
The study also showed retail groups were more active on Linkedin and Facebook while the remainder focussed on Twitter.