Use Participants’ Surfing Habits to Your Advantage
Making your destination website user friendly will help participants add checking-in with your plan website part of their financial routine. Using what is known about their surfing habits can help.
A recent Spectrem Perspective™ What Plan Participants Want from a Destination Website shows that regarding financial activities, eight of ten plan participants used the internet recently to either check account balances, transfer money between accounts or to pay bills. Annual household income is strongly associated with use of these online banking services, with nearly nine in ten of those with household incomes equal to or greater than $100K involved with these activities compared to only seven in ten of those earning under $50K.
Just less than one-half of plan participants use the internet to obtain information on financial products, services, and companies. While the percentage of participants using the internet in this way did not vary substantially by either age or gender, annual household income was associated with this activity. Specifically, those with annual household incomes greater than $100K were more likely than those earning less, to use the internet for this purpose.
To appeal to a broader base of regular Internet users/plan participants, place links within the retirement plan website that are tangentially-related to retirement investing. These could take the form of well-researched filler pieces or links to topics such as elder care, health spending in retirement, or fitness. Additionally, examples of these enhanced content features could appear in print mailings. Using what is known about plan participants Internet surfing habits can potentially help you grab traffic for your plan website.
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