Saveday : Market and Competitor Analysis

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Saveday is a financial technology company that provides low-cost 401(k) plans for small businesses. They offer a fully automated platform that makes it easy for businesses to set up and manage their plans, and they provide fiduciary guidance to help businesses comply with ERISA requirements.

Company : Saveday

Industry : FinTechRetirement Savings401(k)

Major Markets

United States

Canada

United Kingdom

Key Competitors

Gusto

Zenefits

Rippling

Saveday Key Value propositions

Low Cost

Easy to Use

Small Business Focus

Automated Platform

Saveday Latest news

Can Your 401(k) Lose Money?

Oct 11, 2023 ... That's why starting your 401(k) soon is so important. ... By partnering with experienced investors like saveday, you can give your money the ...

Elizabeth Warren (@SenWarren) / X

Read: https ... Officials celebrate $67 million federal grant to improve Green Line accessibility https://whdh.com/news ... That's a huge deal – and an important ...

SaveDay Pressroom | $0 Employer-Cost 401(k) Plans | SaveDay

SaveDay Pressroom. Home. Press. Auto-IRA Laws Spread ... Top 401(k) Vendor Q4 2022. Dec 15, 2021 — Horizon ... Jun 4, 2019 — Fiduciary News — The Fiduciary Duty ...

News › The First Bank

The campaign focuses on several important topics that comprise the personal financial landscape with a realistic economic approach including saving for ...

Saveday SWOT Analysis

Strengths

Low-cost pricing model.Automated platform for easy setup and management.Focus on the underserved small business market.

Weaknesses

Limited brand awareness compared to established players.Potential reliance on a single investment management partner (WealthyX, LLC).Dependence on a subscription-based model, vulnerable to churn.

Opportunities

Expand into additional financial wellness benefits for SMBs.Develop partnerships with financial advisors or HR consultants.Leverage content marketing to attract and educate small business owners.

Threats

Competition from established players with broader service offerings.Changing regulations in the retirement savings industry.Economic downturns impacting small business spending on benefits.

Top Marketing Strategies for Saveday

Personalized User Onboarding

Personalized onboarding helps streamline user experience by providing tailored guidance and instructions based on individual needs. This reduces friction and increases engagement, ultimately leading to higher adoption and user satisfaction.

Interactive ROI Calculator

An interactive ROI calculator demonstrates the financial benefits of Saveday's 401(k) plans for businesses. This quantifiable value proposition strengthens the argument for choosing Saveday, making it more appealing to businesses looking for a clear return on their investment.

Content-Specific Call-to-Action Optimization

Tailoring call-to-actions to different content formats and user segments increases conversion rates. This drives more qualified leads and ultimately boosts sales by ensuring that the call-to-actions resonate with the specific audience and context.

Apply these strategies to your business with just one-click at Waxwing.ai

Saveday User Persona

Name:

John Miller

Age :

42

Gender :

Male

Occupation :

Owner

Industry :

Food and Beverage

Education :

Bachelor's Degree, Business Administration

Preferred platforms

GOALS

Expand his restaurant business by opening a second location within the next 5 years, requiring strategic financial planning and investment of his profits
Secure a comfortable retirement for himself and his wife, aiming to retire by 60 and travel, necessitating consistent retirement contributions and smart investing
Provide his employees with competitive benefits, including a 401(k) plan, to attract and retain skilled staff in a competitive industry

Frustrations

Dealing with the complexities of payroll and taxes, especially as a growing business with increasing employee numbers
Finding a 401(k) provider that is both affordable and easy to manage, as he doesn't have dedicated HR personnel
Staying updated on the latest regulations and compliance requirements for employee benefits, fearing potential penalties for non-compliance

Name:

Sarah Chen

Age :

35

Gender :

Female

Occupation :

HR Manager

Industry :

Technology

Education :

Master's Degree, Human Resources Management

Preferred platforms

GOALS

Implement a comprehensive benefits package that helps attract top talent in the competitive tech industry, focusing on attracting experienced professionals and recent graduates
Streamline HR processes, including onboarding and benefits enrollment, to improve efficiency and employee satisfaction, aiming for a completely digital and paperless system
Educate employees about their benefits options, including the 401(k) plan, to encourage participation and financial wellness, potentially through online resources and seminars

Frustrations

Managing employee complaints and questions about complex benefits information, taking up significant time and resources
Dealing with low employee participation in the company's 401(k) plan, hindering their efforts to provide for retirement
Finding a balance between offering competitive benefits and managing costs, especially as a fast-growing tech company with budget constraints

Name:

Mark Rodriguez

Age :

55

Gender :

Male

Occupation :

Owner

Industry :

Construction

Education :

Associate's Degree, Business Management

Preferred platforms

GOALS

Attract and retain experienced construction workers in a physically demanding industry by offering a competitive compensation and benefits package
Prepare for his own retirement within the next 10 years, maximizing contributions to his retirement account and ensuring a comfortable post-retirement life
Simplify administrative tasks related to payroll, benefits, and HR to focus on managing his construction projects and growing his business

Frustrations

Finding affordable and comprehensive health insurance options for his employees, as construction work carries inherent risks
Managing the paperwork and compliance requirements associated with employee benefits, especially with a largely offline workforce
Educating his employees about the importance of saving for retirement and encouraging participation in the company's 401(k) plan

Saveday Geographic and Demographic Insights

Geographic Insights: Saveday's primary market is the United States, capturing a significant 90% share. Canada, the UK, Australia, and Germany represent smaller but potential markets.

Top Countries

United States
90%
Canada
3%
United Kingdom
2%
Australia
1.5%
Germany
1%

Demographic Insights: Saveday's target audience consists of individuals aged 35-54, predominantly male, reflecting business owners and decision-makers.

Age Distribution

Gender Distribution

Saveday Socio-economic Profile

Household and Income Insights: Saveday's users typically fall within households of 2-4 people and represent a mix of income levels, with a slight skew towards medium and high.

Educational and Employment Insights: Saveday's target market largely comprises business owners with University or College-level education, highlighting their entrepreneurial spirit and financial literacy.

Households Size

Income Distribution

Education Level

Employment Status

Saveday Behavioral Insights

Interest-Based Insights: Saveday's target users are interested in small business management, financial planning, and staying updated on technology and local events.

Technology and Social Media Usage: Users prefer Facebook, LinkedIn, and YouTube for social media, while device usage leans towards desktops, indicating a business-oriented approach.

Interests

Small business managementFinancial planningTechnology newsLocal Texas eventsRestaurants and diningTravel and hospitalityPersonal finance

Device Breakdown

Social Media Usage

Saveday Top Competitors

Competitor	Estimated market share	Top domains
Gusto	25%	Payroll, HR Software, Benefits Administration
Zenefits	18%	HR Software, Payroll, Benefits Administration
Rippling	15%	HR Software, Payroll, IT Management

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