Developing Personas and Mapping Digital Customer Journeys

Background information for MKT70017 The Member Experience Team

Prepared by Dr Eslam Afifi

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Important Information

/01 The Superannuation Ecosystem in Australia

/02 About legalsuper

/03 Our Target Market

/04 Useful References

C o

n te

n ts

The Superannuation Ecosystem in Australia

The superannuation planning ecosystem consist of various providers, contributors, voices and regulators. Looking at the at the superannuation through an ecosystem lens, allows us to observe various sources of information, influence, and interactions between providers and consumers as well as interrelationships between providers. An initial framework of the Australian Retirement Planning Ecosystem is shown in the figure one the right.

The Superannuation Ecosystem in Australia

A framework of the Australian Retirement Planning Ecosystem (ALTSCHWAGER & EVANS 2018)

The Customer Journey

An Overview of the Customer Journey of the Australian Retirement Planning Ecosystem

The customer journey for the Australia ecosystem goes through sex steps: 1. Open (first) super account 2. Consumer engagement from the outset –

reading statements, creating (and monitoring) online accounts, and making voluntary contributions.

3. Merge/transfer accounts when changing jobs 4. Seeking financial advice 5. Creating a retirement plan 6. Convert to decumulation with optional

government support in the long-term.

Please note that this journey is very generic and will differ from one superfund to another and from one segment to another. Figure on the right demonstrates that difference between the ideal journey (Ecosystem Perspective) vs actual journey (Consumer perspective).

Customer Journey of the Australian Retirement Planning Ecosystem

The Customer Journey Through Retirement Planning – Melbourne Business School (2019)

About legalsuper

Our history

Source: legalsuper website

Our members

Source: legalsuper website

Our Products

Source: legalsuper business plan 2020

Our Target Market

Legal Services Industry

Property market demand, one of the industry's major downstream markets, is forecast to increase over the next five years.

Many Australian legal firms expanded into overseas markets, particularly in the Asia-Pacific region, over the previous five-years.

There are no major players in the legal services industry.

Mostly positive trading conditions expected for the Legal Services industry over the next five years.

Industry Insights

Legal Services Industry

Key observations:

• Total of 100,674 people. • 21,752 businesses, on average 4.51 employees per business. • Average wage is $68,036. • Demand for legal services has been resilient compared with other industries and industry revenue was only

moderately affected by the COVID-19 pandemic. • Forecast employment growth over the next 5 years, with employment to increase from 100,674 to 109,004. • Key growth opportunities for legalsuper include law students, large legal firms who have retail funds as their

default fund (and employ around 25% of people in the sector) and legal practitioners with a SMSF.

Industry Outlook

Felicity Rose

Our Target Audience

Solicitors Barristers Conveyancer

Government lawyers

Corporate/in-house lawyers

Community legal centers

Legal aid offices

MEMBERS OF THE LEGAL COMMUNITY

General Attributes

KEY ATTRIBUTES OF MEMBERS OF THE LEGAL COMMUNITY

Due diligence on new

investments.

MODERATE RISK APPETITE

Higher incidence of

mental health issues.

HIGH LEVEL OF STRESS

Ease, accessibility and

convenience.

TIME POOR processes and written and verbal

communication must

stand up to member

scrutiny

and challenge.

EVIDENCE- BASED

Planning processes are

robust and efficient.

DEMANDING WITH ADMINISTRATIVE PROCESSES

READY TO ACCESS THE WEB

Higher level of comfort

with technology.

Higher inflows from

contributions (including

member

contributions).

Higher income

Useful References

Mapping the complexity of the Australian retirement planning ecosystem

Legal Supper Annual Report 2019/2020

2020 National Profile Of Solicitors

Retirement Planning In Australia – An Ecosystem Perspective

Key References