Connect Online with Consumers Planning for Retirement

February 25, 2019 Ian Wright

It’s that time of year when many consumers think about their financial goals for 2019, including planning for retirement.

Consumers have endless questions when it comes to retirement:

  • How much money will I need in retirement?
  • When should I retire?
  • Can I contribute more to my 401(k) in the upcoming year?
  • Can I afford to make an IRA contribution for the 2018 tax year before the April 15 deadline? And should it be a traditional IRA or a Roth?
  • How should I rebalance my portfolio to balance risk and reward and meet my financial goals?
  • Younger consumers may want to know how to plan for retirement.

As a financial marketer, you know your company can address many of these retirement planning challenges. However, you have to efficiently get word out to those actually interested in retirement planning.

Target Consumers with Specific Retirement Needs

It may seem logical to just communicate your retirement services to Boomers, and that is a good place to start.

However, many consumer segments are interested in retirement. In fact, Financial Cohorts wealth-based segmentation identifies five clusters that include households with a very high percentage of assets in retirement products – and three of these segments have a median age of about 45. With retirement-focused Digital Targeting Segments, financial institutions can market their retirement products and services to appropriate clusters via online, mobile, and social channels.

Another group that may be interested in your company’s retirement products is IRA investors. You already know which of your clients have an IRA held at your firm, but how about clients, or prospects, that likely have IRAs at other firms? How can you efficiently reach these consumers, or consumers that might be interested in IRA rollovers? The answer is investment-specific Digital Targeting Segments. These segments enable you to quickly and easily connect online with potential IRA customers and inform them about your company’s IRA options.

Millennials may be another group to include in your retirement planning promotions. High-asset and high-income Millennials may not have retirement on their radar just yet, but they probably should. With income over $100K or assets over $250K, wealthy Millennials present a significant opportunity for financial marketers to not only promote their retirement planning options, but all of their financial services. Using Millennial-specific targeting segments and communicating via digital channels can be an efficient way to connect with these ‘always on’ young consumers.

Your retirement services could be a good fit for millions of consumers. The key is to cost-efficiently reach them on the digital devices they use every day.

Check out Digital Targeting Segments from Equifax for robust online targeting.

The post Connect Online with Consumers Planning for Retirement appeared first on Equifax Insights Blog.

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