Superannuation - Realising Growth

We developed a membership growth strategy
for an industry superannuation fund.

Client Situation

  • Our client is an industry superannuation fund that has served the community for more than 30 years

  • This membership represents almost 40% of people working within the fund’s target sector

  • However, the client’s membership has been declining in recent years due to a number of factors

  • Our client required assistance to develop a robust strategy to increase membership and funds under management

Our Approach

  • We developed a comprehensive fact base detailing the current superannuation context, market dynamics within its target segment, the fund’s historical performance, and the competitive landscape

  • We then facilitated ideation workshops to identify potential membership acquisition and retention initiatives

  • We engaged with SMEs to add further detail to these initiatives, including a view of the ‘size of the prize’, required activities and capabilities, timeline, and key risks

  • The initiatives were then evaluated at a portfolio level, and the most attractive options were prioritised and sequenced over a 2-3 year timeline

Outcome

  • Our research and analysis provided the client with a comprehensive view of external market dynamics and the fund’s past performance

  • The ideation workshops generated a thorough long-list of potential growth initiatives, and our assessment framework enabled our client to make informed decisions about which initiatives to prioritise

  • The final strategy provided a clear roadmap for the fund to exceed its membership ambition (+10%) organically within its target sector, and was endorsed by the fund’s Board

Darren McGowan