Data-driven Communication Strategies - NAGDCA
12
4/10/2019 1 Data-driven Communication Strategies Presenter Jeff Hutson, MA, PRC, ABC Chief Communication Officer Indiana Public Retirement System (INPRS) Data-driven Communication Strategies • What we’ll explore: A standard research process A standard communication process A marriage of the two No‐ and low‐cost methods “If I had one hour to save the world, I would spend fifty‐five minutes defining the problem and only five minutes finding the solution.” – Albert Einstein “If I had one hour to save the world, I would spend fifty‐five minutes defining the problem and only five minutes finding the solution.” – Albert Einstein Photograph by Orren Jack Turner, Princeton, N.J. Modified with Photoshop by PM_Poon and later by Dantadd. [Public domain] https://commons.wikimedia.org/wiki/File:Albert_Einstein_Head.jpg 1 2
Transcript of Data-driven Communication Strategies - NAGDCA
4/10/2019
1
Data-driven Communication Strategies
Presenter
Jeff Hutson, MA, PRC, ABC
Chief Communication Officer
Indiana Public Retirement System (INPRS)
Data-driven Communication Strategies
• What we’ll explore:
A standard research process
A standard communication process
A marriage of the two
No‐ and low‐cost methods
“If I had one hour to
save the world, I would
spend fifty‐five minutes
defining the problem
and only five minutes
finding the solution.”
– Albert Einstein
“If I had one hour to
save the world, I would
spend fifty‐five minutes
defining the problem
and only five minutes
finding the solution.”
– Albert Einstein
Photograph by Orren Jack Turner, Princeton, N.J. Modified with Photoshop by PM_Poon and later by Dantadd. [Public domain]https://commons.wikimedia.org/wiki/File:Albert_Einstein_Head.jpg
1
2
4/10/2019
2
How do you know?Can you believe what you see?
Original by Edward H. Adelson [Copyrighted free use]https://commons.wikimedia.org/wiki/File:Grey_square_optical_illusion.svg
Which square is darker, A or B?
How do you know?Can you believe what you see?
Original by Edward H. Adelson [Copyrighted free use]https://commons.wikimedia.org/wiki/File:Grey_square_optical_illusion_proof2.svg
Which square is darker, A or B?
3
4
4/10/2019
3
How do you know?e·pis·te·mol·o·gy | /əˌpistəˈmäləjē/
Five ways of knowing
#1 Authority#1 Authority #2 Intelligence#2 Intelligence #3 Intuition#3 Intuition
#4 Observation#4 Observation #5 Measurement#5 Measurement
How do you know?Mitigating risk of communication failures by testing intuition & assumptions
Research:Quantitative
Intuition
LogicResearch:
Qualitative
Experience
Explanation
Theory
Test
Adapted from the theory‐building‐research‐cycle. Public Relations Theory. Editor: Carl H. Botan
#3 Intuition#3 Intuition
#4 Observation#4 Observation
#5 Measurement#5 Measurement
5
6
4/10/2019
4
The Four-Step Process – RPIE
Research
Plan
Initiate
Evaluate
Mnemonic: R pie
The Four-Step Process – RPIE
Research
Problem/Opportunity Description
• What problem or opportunity has been identified?
• How was it identified?
• Who is the audience?
• What do we want to happen with the audience?
7
8
4/10/2019
5
The Four-Step Process – RPIE
Plan
What outcome are you seeking?
• Audience:
• Action desired
• So what? What’s in it for me?
• Call to action
• Plan to measure: How will you measure outputs and outcomes?
• Communication Tools
• What; When; Where; How
The Four-Step Process – RPIE
Initiate
This is the output stage.
But, don’t lose focus on the outcomes.
• Communication Tools
• Logistics and timing
• What; When; Where; How
9
10
4/10/2019
6
The Four-Step Process – RPIE
Evaluate
Be prepared to adjust the plan as needed.
• Follow planned approach for measuring outputs and outcomes.
• Report progress toward achieving each.
• Use leading and lagging tracking approaches.
Example: Asset allocationThe “Guaranteed Fund” challenge
11
12
4/10/2019
7
Why don’t members move from the GF?
#1 Authority#1 Authority
#2 Intelligence#2 Intelligence
#3 Intuition#3 Intuition
• Reasonable Explanations:
• Inertia: They defaulted there and are not motivated to move.
• Awareness: They don’t know where they’re invested.
• Disengaged. Related to Inertia, they simply do not care where they are invested.
• Idea: If we could move them into target date funds, would they notice or care?
• Risk: What if none of the things “we know” above are true, and we moved them to TDFs?
Let’s ask ‘em
Questions we asked
• Are you aware there are multiple funds into which you can allocate or invest?
• In the past 2 years, have you:
• Reviewed information about the various investment options available.
• Made changes to the way your funds are invested.
• Intentionally decided NOT to make any changes to the way your funds are invested.
• How satisfied are you with the variety of investment options available to you?
Questions you can ask
• Aware
• Did you know? Are you aware?
• Familiar
• Received a message, or information?
• Utilization
• Choose to act
• Choose not to act
• Advocate
• Are you satisfied with the results of your action?
• Would you recommend to others?
#4 Observation#4 Observation#5 Measurement#5 Measurement
13
14
4/10/2019
8
Our reasonable explanations were half wrong
67%
38%
55%
12%
43%
78%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
Aware of Options Reviewed Options IntentionalInvestment Decision
Intentional: Madechange
Intentional: Did notmake change
Satisfaction withOptions
Knowledge
Persuasion |
Decision
Implementation
Confirm
ation
Risk!Risk!
Our reasonable explanations were half wrong
67%
38%
55%
12%
43%
78%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
Aware of Options Reviewed Options IntentionalInvestment Decision
Intentional: Madechange
Intentional: Did notmake change
Satisfaction withOptions
Knowledge
Persuasion |
Decision
Implementation
Confirm
ation
Risk!Risk!
Up to 50,000 participants were aware of where their money was invested … and did not want to change.
15
16
4/10/2019
9
Let’s ask ‘em• Recurring themes
• Fear and uncertainty.
• Loss Aversion: Preserve principal in wake of Great Recession.
• Trust in Guaranteed Fund.
• Social Norms: Everyone I know is in the GF.
• Education respecting the emotions behind participant behavior.
Tracking progress
69.7%
64.1%
58.1%
53.2%
70.3%
64.8%
60.3%
56.3%
50.0%
55.0%
60.0%
65.0%
70.0%
75.0%
Q3 2013 Q3 2014 Q3 2015 Q3 2016
PERF TRF
17
18
4/10/2019
10
69.7%
64.1%
58.1%
53.2%
70.3%
64.8%
60.3%
56.3%
50.0%
55.0%
60.0%
65.0%
70.0%
75.0%
Q3 2013 Q3 2014 Q3 2015 Q3 2016
PERF TRF
• Communication alone is not magic.
• Quick fixes aren’t the norm.
• Integrate your plans with operational decisions.
• Target date funds are defaults for new participants.
• Retiring members in Guaranteed Fund are numerically replaced by new members in TDFs.
• Education – respecting emotions – as part of multi‐year effort.
• Ultimately, the Guaranteed Fund was replaced by a stable value fund option at the end of 2016.
Tracking progress
How can I do this?• Cost Effective: Do it yourself
• Keep it Simple
• Online surveying can be inexpensive• Free or low-cost versions of services
such as SurveyMonkey or Qualtrics
• Discover Likert Scales
• Secondary: No- and low-cost research• NAGDCA member resources
• Employee Benefit Research Institute
• DCIIA Retirement Research Center
• Boston College CRC
CAUTION!
Having access to
scissors does not make
you a barber. Access to
surveying tools, can be
just as … interesting.
CAUTION!
Having access to
scissors does not make
you a barber. Access to
surveying tools, can be
just as … interesting.
Jones, Otto M., photographer [Public domain]https://commons.wikimedia.org/wiki/File:Home_barber_shop_‐_Photo_by_Otto_M._Jones._LCCN2017658682.tif
19
20
4/10/2019
11
How can I do this?• Cost Effective:
Partner with your recordkeeper• Their communicators should be familiar
with the four-step process.
• Should be able to target your unique participants.
• A library of communication resources that can be adapted to your participants.
• May have in-house survey expertise.
CAUTION!
Having access to
scissors does not make
you a barber. Access to
surveying tools, can be
just as … interesting.
CAUTION!
Having access to
scissors does not make
you a barber. Access to
surveying tools, can be
just as … interesting.
Jones, Otto M., photographer [Public domain]https://commons.wikimedia.org/wiki/File:Home_barber_shop_‐_Photo_by_Otto_M._Jones._LCCN2017658682.tif
How can I do this?• I’ve got a budget, now what?
• Network with NAGDCA members re. consultants they use.
• Consider student-lead opportunities from your local university.
• Research Resource:
• Insights Association
• Communication Resources:
• International Association of Business Communicators
• Public Relations Society of America
Credentialsto look for
• Communication:• ABC• CMP/SCMP• APR
• Research:• PRC
Credentialsto look for
• Communication:• ABC• CMP/SCMP• APR
• Research:• PRC
21
22
4/10/2019
12
Data-driven Communication Strategies
Questions?
Jeff [email protected]
“If I had one hour to
save the world, I would
spend fifty‐five minutes
defining the problem
and only five minutes
finding the solution.”
– Albert Einstein
“If I had one hour to
save the world, I would
spend fifty‐five minutes
defining the problem
and only five minutes
finding the solution.”
– Albert Einstein
Photograph by Orren Jack Turner, Princeton, N.J. Modified with Photoshop by PM_Poon and later by Dantadd. [Public domain]https://commons.wikimedia.org/wiki/File:Albert_Einstein_Head.jpg
SAVE THE DATE
Goals, Data, and Improving Participant Outcomes
NAGDCA WebinarWednesday, July 10 | 2‐2:30 p.m. ET
Using goals and data‐driven processes to drive improved retirement outcomes for defined contribution plan participants.
Presenter:
Daniel Powell, Plan Administration ManagerCity of Los Angeles
23
24
