Why Stay? Renewal Messaging
Tim Riesterer Chief Strategy and Research Officer Corporate Visions Co-Author: Customer Message Management Conversations That Win the Complex Sale The Three Value Conversations
Customer lifecycle New Sales Renewal Why Change? Why Stay?
% % 26 74 You Bake-Off Buying Vision 60% Status Quo Prospect Why Us? Why Change? Engages Them
Defeating the Status Quo Bias Your Solution
Defeating the Status Quo Bias Your Solution Preference Stability De-stabilize their preferences
Defeating the Status Quo Bias Your Solution Preference Stability Cost of Action/ Change De-stabilize Cost of their preferences Staying same
Defeating the Status Quo Bias Your Solution Preference Stability Selection Cost of Difficulty Create enough Action/ Change Contrast De-stabilize Cost of their preferences Staying same
Defeating the Status Quo Bias Your Solution Before and after Preference Anticipated Stability Regret hero Story /Blame Cost of Selection Action/ Difficulty Create enough Change Contrast De-stabilize Cost of their preferences Staying same
Why Change Story Model Improved Unconsidered New Way Need Flawed Story with Current Contrast Approach
Why Change Story Unconsidered Needs Test
Uniqueness 6 5 Statistically Significant Uniqueness Improvement 50% 4 3 2 Standard Value Added Unconsidered Unconsidered Solution Solution Needs Last Needs First
Quality 9 8 Statistically Significant 7 Quality Improvement 10+% 6 5 Standard Value Added Unconsidered Unconsidered Solution Solution Needs Last Needs First
Persuasiveness 8 7 Statistically Significant Persuasion Improvement (10+%) 6 5 4 Standard Value Added Unconsidered Unconsidered Solution Solution Needs Last Needs First
Why Change Story Model Improved Unconsidered New Way Need Flawed Story with Current Contrast Approach
% % 26 74 You Bake-Off Buying Vision 60% Status Quo Prospect Why Us? Why Change? Engages Them
New Sales You Renewal? $$$$$ Why Change? Why Stay? Them
Defeating the Status Quo Bias Your Solution Before and after Preference Anticipated Stability Regret hero Story /Blame Cost of Selection Action/ Difficulty Create enough Change Contrast De-stabilize Cost of their preferences Staying same
Defeating the Status Quo Bias REINFORCING Your Solution Reinforce Preference Reinforce Before and after Anticipated Stability Regret hero Story /Blame Cost of Selection Reinforce Reinforce Action/ Difficulty Change Create enough De-stabilize Contrast Cost of their preferences Staying same
Why Stay Story Messaging Test
Situation Background Small business owner, hired firm to promote retirement plan After two years the contract is up for renewal Started at 20% participation, goal was 80%, achieved 50% Turnover down, but not sure if attributable to program Reminded that they did a thorough investigation originally reviewing multiple competitors for the program Tested messages to Provocative Why Change vs. Reinforcing Status Quo
Provocative Message
You have made great progress on your goals over these last two years. You’ve seen 401k participation grow from 20% to 50%. Your employee satisfaction scores are up, Provocative Message and you’ve said some employees have even taken the time to thank you for the changes you’ve made. In addition, your employee retention rates have started to improve, which you stated was the ultimate goal of making these changes. This is great progress, but we’ve seen that for many companies it can be harder going from 50% to 80% than it was going from 20% to 50%. The latest research shows that it’s no longer just about improving communications of the benefits of contributing to the 401k. In fact, companies that achieve world class participation rates are actually “flipping” their approach to enrollment. Instead of the traditional “opt-in” approach to enrollment where people sign up for the plan, these companies are automatically enrolling their employees in the 401k plan, and requiring them to fill out a form to “opt-out” of participating. We can switch your program over to this “opt-out” approach and waive any additional set-up and administrative costs in exchange for renewing our partnership for the next two years. We’re looking forward to working with you over the next two years to adopt this approach and reach the world-class goals you’ve set.
You have made great progress on your goals over these last two years. You’ve seen 401k participation grow from 20% to 50%. Your employee satisfaction scores are up, Provocative Message and you’ve said some employees have even taken the time to thank you for the changes you’ve made. In addition, your employee retention rates have started to improve, which you stated was the ultimate goal of making these changes. This is great progress, but we’ve seen that for many companies it can be harder going from 50% to 80% than it was going from 20% to 50%. The latest research shows that it’s no longer just about improving communications of the benefits of Open with reporting on progress contributing to the 401k. In fact, companies that achieve world class participation toward goals rates are actually “flipping” their approach to enrollment. Instead of the traditional “opt-in” approach to enrollment where people sign up for the plan, these companies are automatically enrolling their employees in the 401k plan, and requiring them to fill out a form to “opt-out” of participating. We can switch your program over to this “opt-out” approach and waive any additional set-up and administrative costs in exchange for renewing our partnership for the next two years. We’re looking forward to working with you over the next two years to adopt this approach and reach the world-class goals you’ve set.
You have made great progress on your goals over these last two years. You’ve seen 401k participation grow from 20% to 50%. Your employee satisfaction scores are up, Provocative Message and you’ve said some employees have even taken the time to thank you for the changes you’ve made. In addition, your employee retention rates have started to improve, which you stated was the ultimate goal of making these changes. This is great progress, but we’ve seen that for many companies it can be harder going from 50% to 80% than it was going from 20% to 50%. The latest research shows that it’s no longer just about improving communications of the benefits of contributing to the 401k. In fact, companies that achieve world class participation rates are actually “flipping” their approach to enrollment. Instead of the traditional “opt-in” approach to enrollment where people sign up for the plan, these companies are automatically enrolling their employees in the 401k plan, and requiring them to fill out a form to “opt-out” of participating. We can switch your program over to this “opt-out” approach and waive any Introduce Unconsidered Need to additional set-up and administrative costs in exchange for renewing our partnership for the next two years. We’re looking forward to working with you over the next two Destabilize Preferences years to adopt this approach and reach the world-class goals you’ve set.
You have made great progress on your goals over these last two years. You’ve seen 401k participation grow from 20% to 50%. Your employee satisfaction scores are up, Provocative Message and you’ve said some employees have even taken the time to thank you for the changes you’ve made. In addition, your employee retention rates have started to improve, which you stated was the ultimate goal of making these changes. This is great progress, but we’ve seen that for many companies it can be harder going from 50% to 80% than it was going from 20% to 50%. The latest research shows that it’s no longer just about improving communications of the benefits of contributing to the 401k. In fact, companies that achieve world class participation rates are actually “flipping” their approach to enrollment. Instead of the traditional Reduce Perceived Cost of Change “opt-in” approach to enrollment where people sign up for the plan, these companies are automatically enrolling their employees in the 401k plan, and requiring them to fill out a form to “opt-out” of participating. We can switch your program over to this “opt-out” approach and waive any additional set-up and administrative costs in exchange for renewing our partnership for the next two years. We’re looking forward to working with you over the next two years to adopt this approach and reach the world-class goals you’ve set.
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