Target Audiences/Stakeholders

Transcription

1 Target Audiences/Stakeholders A Web site by nature serves multiple audiences, each with varying degrees of influence and required functionality. Governmentsite.gov is no exception, and, in fact, as a virtual extension of the Federal Government, it serves the wide audience of the U.S. citizenry. Within this broad-brush definition, we have identified key audience/stakeholder segments and subsegments, which will, through the course of development, help us create a user experience that focuses on the primary audience, while accommodating the lesser needs of secondary constituencies. The growing list of audiences and stakeholders includes: 1. The Investing Public o Youth Segment o Generation X o Baby Boomers o Matures 2. BPD Employees o Upper Management o Marketing Department o Product Managers o Customer Service o Webmasters 3. Federal Reserve Banks 4. Savings Bond Issuing and Paying Agents o Banks o Credit Unions 5. Retirement Benefits Planners o Business Managers o HR Personnel o Independent Advisors o Payroll Managers

2 6. Researchers 7. Education Community o Schools o Educators o Students 8. Gift Community o Gift Recipients o Gift Givers 9. Potential Employees 10. Media/Press 11. Investors o Managers o Brokers o Financial Advisors For purposes of the initial development of Governmentsite.gov and its long-term establishment as an electronic channel for retail transactions, we will focus on defining the Investing Public as the Primary Target Audience. To paint a contextual picture of this audience not only what they re doing now, but, what they will be doing we must view them as evolving within a continuum of technological advances. Trends & Considerations 1. From 2000 to 2006, the online population will grow by 50 percent to over 86 million households Over one-half of the online households will fall into the $50,000-or-less income group The adoption rate of e-commerce transactions increases with user tenure. 6

3 4. By 2006, 89 percent of online population will be tenured One-third of U.S. households will trade online by More than 40 percent of All U.S. households will bank online by There are several key factors to consider when assessing the target audience for Governmentsite.gov with respect to the strategic plan of the BPD as well as its product offering. This applies particularly to public-consumer segment, though consideration for B-to-G constituencies must be kept in mind as government e- procurement initiatives gain momentum. First, the profile of the Internet user is evolving rapidly. As online access penetrates the larger U.S. population, the average user in 2006 will have a lower household income than that of today s user. 10 Second, this rapid growth in audience will mean a significant portion of potential Governmentsite.gov customers will be gaining tenure on the Net through This directly affects transactional behavior: The longer you re online, the higher your propensity to perform e-commerce/financial transactions. However, to hook users early, we will have to educate, gain trust, and build loyalty by implementing features with low thresholds for adoption. 11 Currently, the profile of the financial Web site audience skews higher than the aggregate online population with regard to tenure, income, and propensity to transact online. 12 The complexity of investments offered by the BPD, denominations thereof, and consumer willingness to buy online must all be considered as we examine site architecture, features, UI design, and cross-sell/up-sell opportunities. In essence, who s coming to Governmentsite.gov now is not necessarily an indicator of who will be coming in the near future. Though current users will continue to use the site and its services, new faces with long-term investment value will bring different sets of behaviors, educational needs, and product associations. Likewise, the expectations of current users will progress with technology.

4 The Consumer Public: Defined by Subsegment Key Terms: Tenure Newbie: less than 2 years online Tenured: 2 to 5 years online Net Veteran: more than 5 years online Financial Segmentation Low HHI: <$30K Lower Middle HHI: $30K to $49.9K Upper Middle HHI: $50 to $99.9K High HHI: $100K+ Youth Segment The Youth Segment, more so than Gen X, is immersed in technology. They have come of age with ATMs, the Internet, and interactive computing as the norm, not the new. Financially, the parents establish investment and savings funds for this segment, providing account access through vehicles such as debit and allowancelimit credit cards. As financial planning matures and responsibility shifts to the individual, this segment becomes vital to online financial services companies. The segment s facility with technology will ensure a higher adoption of online transaction behavior with superior long-term value in the relationship. The online penetration is very high and will therefore experience the least growth in the coming years. Youth Segment at a glance: o Born 1980 to 1985 (16 to 22 years old) o High school and college educated o HHI: Low o Tenured and Net Veterans o Financial planning managed by parents o High online penetration o Techno-literate o Play games online, research information for school homework or projects o Communicate through various electronic vehicles: , Instant Messaging, online chat rooms

5 Generation X The seemingly elastic definition of GenX includes people from the ages of twenty-two to thirty-six years. This widening age range has its most volatile implication on HHI, which can range from Low to High with many Xers yet to reach full earning potential. Not withstanding the broad income profile, several defining characteristics can be drawn in the area of attitude and behavior. GenXers have little confidence that Social Security will be available to them when it comes time for their retirement. Growing up with this attitude and amid the parental echoes of 401(k) and IRA, Generation X embraces the concept of financial planning much earlier than their parents did. 13 Often changing jobs, at least in comparison to their forebears, Xers allegiance is to themselves, not to a company. This sense of individual empowerment extends to the financial arena, where playing a hands-on role in financial planning is essential. Though well educated as a whole, this is not necessarily true vis-à-vis finances. Attention to the educational component of Governmentsite.gov is a must for this audience of self-servers. As a saving group, Generation X skews higher than the national percentage, stashing 16.2 percent of their income, with a high percentage invested in mutual funds. 14 In it for the long term, Xer investments tend to be more aggressive. Socially, Generation X is, as an Xer would put it, learning from our parents mistakes. They are marrying later, having kids later, and wanting to spend more time with family. Prior to the terrorist attacks of September 11, 2001, attitudes toward politics and the direction of the country were tainted with cynicism the most notorious Xer trait. Subsequently, national attitudes on government are overwhelmingly supportive, and Xers, as a segment, have likewise adopted a more positive, trusting, patriotic view of U.S. governing institutions. 15 Generation X has grown up with computers, worked through the Internet boom, and embrace technology. They re wired, multitasking, and online mostly Tenured or Net Veterans. They are not afraid to transact on the Web, which trends with the tenure of the group, and they prefer to pay online with credit/debit cards. 16 Generation X at a glance: o Born 1965 to 1979 (22 to 36 years old) o Well educated o Volatile HHI: Low to High o Beginning stage of family development

6 o Tenured and Net Veterans o Take active role in financial planning o Characterized by small incremental investment o Tolerate investment risk for long-term gains o Techno-literate o Transact online, research products, participate in online contests and sweepstakes o Communicate through various electronic vehicles: , Instant Messaging, electronic greeting cards Baby Boomers The Boomers, who are the current year-olds (born 1946 to 1964), are at the peak of their earning potential. They have developed huge economic clout by spending instead of saving. They have traditionally had extremely low savings patterns, dragging down the overall U.S. savings rates. Many in this group are attempting to make up for lost time by focusing on high-return, higher-risk investments. Online penetration for this group is currently around 50 percent, with over 35 million Boomers on the Net. 17 Moderate growth in penetration is forecast for this group through As Boomers grow more comfortable on the Web and tenure increases, this audience packs immediate value. The ability to convert their offline buying and account management activities to an online environment is key to building and maintaining a meaningful relationship with this group. Baby Boomers at a glance: o Born 1946 to 1964 (37 to 55 years old) o HHI: Upper Middle to High o Middle stage of family development, impending college considerations o Number of investment vehicles: 401(k) or retirement method, stocks, bonds, money market o Historically poor savers; may make up for lost time by investing aggressively o Newbie to tenured on the Net o Will research products, transact on the Web Matures Born before 1945, Matures were shaped by hardship and conflict the Great Depression, World War II, and later, the Cold War. Economic turmoil, material

7 deprivation and commitment to survival instilled in them core values such as hard work, self-sacrifice, teamwork, and conformity in reaching common goals. 18 Notably, among the Matures is the Silent Generation the nearly fifty million Americans who were born between 1925 and Silents are just about half retired at this point. 19 Either approaching or living within a fixed income, Matures seek security and liquidity in their investments. Though instrumental in laying the foundation for scientific and technological advances, the Matures, as a group, make up a small percentage of the online community. Jupiter Media Metrix reports that of the 35.6 million Seniors (65+) in the U.S., only 4.6 million were online. That s 12.9 percent penetration. Of the 43.5 million Older Adults (50 to 64), 17.3 million were online a penetration of 39 percent. However, these age brackets will realize the greatest growth in online penetration by 2006 surely augmented by aging online Boomers, but a notable trend nonetheless, as access and accessibility are enhanced. 20 Matures at a glance: o Born prior to 1946 (56+ years old) o Retired or near retirement o HHI: Low to High; may be fixed o Short-term investment goals o Strong ties to traditional savings and investment channels o Like personal touch when conducting business o Generous to children and grandchildren o Generally not Web savvy Secondary Audiences Defined BPD Employees o This internal audience of upper management, marketing and product managers, customer service, and webmasters requires a site to effect highlevel goals of BPD strategic plan by executing program strategies through the e-channel. Subsegment goals to this end are varied and include the articulation each product line effectively and efficiently to the target audiences while facilitating sales whether directly or indirectly through e- channel.

8 Federal Reserve Banks o As stakeholders in the initial phase of Governmentsite.gov, the Federal Reserve Banks hold little interest other than the accurate and timely delivery of product information, particularly with regard to rate and maturity data. Moving forward this audience has a significant stake in the integration of internal systems with Governmentsite.gov. Savings Bond Issuing and Paying Agents o This audience, namely the banks and credit unions, requires information on investment products. Effectively being phased out of the purchase process as BPD moves to book-entry accounts, there is no long-term requirement for this audience. Retirement Benefits Planners o Made up of business managers, HR personnel, independent advisors, and payroll managers, this constituency s immediate concern is accurate information on investment products and recurring purchase programs of the BPD. Moving forward, BPD has the opportunity to leverage this relationship via account management and program customization features. Researchers o A vast segment, which cuts across all demographics, researchers require fast, intuitive access to information regarding investment products as well as organizational/historical data. Robust search tools, well structure navigation, and visible orientation are key requirements for this group. Education Community o Discretely stated, the education community has subsegments of schools, educators, and students. This group seeks educational information with regard to the financing of government operations and the workings of each investment vehicle. Additionally, the education community may seek information on cooperative programs sponsored by the BPD. Gift Community o Gift recipients and gift givers need information on the line of investment products and tools to determine maturity thereof. Currently dominated by EE Savings Bond, there is growing potential for the I Bond among the givers and an opportunity to convert both subsegments to recurring investors.

9 Personalization features and account management tools are requirements for developing a relationship with this group and realizing long-term investment value. Potential Employees o This audience is looking for information on employment with the BPD: the opportunities available, the benefits of a BPD career, and the work culture. Media/Press o A vital vehicle for distributing public relations and promotional messages, the media/press requires timely and accurate information for its reporting and dissemination. Leveraging the e-channel for this group requires special accommodation in architecture and navigation. Ongoing leveraging of this relationship could include a press extranet for the efficiency of the BPD as well as the audience. Investors o Similar to the segment of retirement benefits planners, investors (brokers, managers, financial advisors) require accurate information on investment products and investment programs of the BPD. Moving forward, BPD has the opportunity to leverage this relationship via account management and program customization features.