Influencing the Mass Affluent
-
Upload
linkedin-marketing-solutions -
Category
Business
-
view
12.089 -
download
4
description
Transcript of Influencing the Mass Affluent
2The Mass Affluent are a significant financial sector opportunity
1. Forrester Research
$100K-$1MIn investible assets
40MIndividuals in the U.S.1
3 distinct life stages• Accumulating wealth• Soon-to-retire• Retired
3
Mass Affluent are highly engaged on social media
Cogent Research, U.S. March 2013Base: Mass Affluent
engage with financial companies44%
engage with content from financial companies
34%
Among Mass Affluent social media users:
87%Use Social Media
4
They use social media for professional purposes – to connect, consume and create
1 in 4Use social to Create professional content
1 in 3Use social to Consume professional content
1 in 2Use social to Connect with professionals
Cogent Research, U.S. March 2013Base: Mass Affluent
5
Among those who use social for BOTH discovery and consideration, nearly 2/3 are driven to action
Discovery
BOTH
ConsiderationUse social to stay up-to-date on financial trends or companies.
Use social to seek advice or gather info to make a financial decision.
DRIVEN TO ACTIONOpen/close account or purchase product
21% 32% 63% Cogent Research, Global March 2013Base: Global Mass Affluent social media users
6
Ads and brand content are key sources of learning
Info about financial product or account
Info about financial company
60%
34%
30%
38%
55%
25%
28%
34%
An advertisement
Company sponsored content/updates
A member of my social network
An industry expert/executive
“What was the specific source of the financial information you learned via social media?”
Cogent Research, U.S. March 2013Base: Mass Affluent social media users
7Customer service and relevant content present key opportunities for marketersTop benefits cited by Mass Affluent from engaging with financial institutions on social media:
3) Relevant content
1) Improved customer service
2) Timely updates
1 in 5Consider relevant content the most valuable result from financial companies on social
Cogent Research, U.S. March 2013Base: Mass Affluent social media users
8Expectations on social media differ by life stage
Accumulating Wealth
• Value RELEVANT CONTENT
• Expect banks and credit cards to have a social presence
Soon to Retire
• Value TIMELY UPDATES
• Expect brokerages to have a social presence
Retired
• Value CUSTOMER SERVICE
Cogent Research, U.S. March 2013Base: Mass Affluent social media users
9New product information is the most desired content type across sectors
BROKERAGES BANKS / CREDIT CARDS
Top information Mass Affluent want from financial institutions on social media (by sector):
1 | New product info 2 | Market commentary3 | Product performance
1 | New product info 2 | Account changes 3 | Company info
1 | New product info 1 | New product info
Cogent Research, U.S. March 2013Base: Mass Affluent social media users
10
*Communication gap = difference from content that is desired and what they actually receive
1 | New product info
2 | Market commentary
3 | Product performance
40%
35%
34%
1 | New product info
2 | Account changes
3 | Company info
39%
33%
27%
BANKS /CREDIT CARDS
BROKERAGES Communication Gap*
A communication gap exists between the content Mass Affluent want and what finance companies provide
Cogent Research, U.S. March 2013Base: Mass Affluent social media users
11
Build the Foundation with:
Company posts or content
Service or support
Accelerate Influencewith:
Group discussions hosted by company
1:1 communication
On LinkedIn, brands can accelerate influence with Mass Affluent through social dialogue
Cogent Research, U.S. March 2013Base: Mass Affluent social media users
12
Nearly 9 in 10 Mass Affluent use social media.
Almost half engage with financial institutions on social. One-third engage with their social content.
Top benefits received by Mass Affluent on social:
1) customer service, 2) timely updates, 3) relevant content.
27-40% communication gap between the top 3 info expected and what is actually received on social.
Nearly 2 in 3 are driven to take action when social is used for both discovery and consideration.
Summary of key findings
1
2
3
45
13
Mindset matters – align with the social context that best fits your brand’s objectives.
Relevance is key – improve value exchange and trust with relevant content, particularly for younger Mass Affluent.
Discussion drives influence – company posts lay the foundation, while group discussions accelerate influence.
Highlight new products – new product info is the most desired information on social across all sectors.
Target by Life Stage – younger Mass Affluent expect relevant content, soon-to-retire want timely updates, and the retired expect customer service.
1
2
3
4
5
Best practices for marketers
14
Survey Design, Sample, and Data Collection
Mode: Online survey
Field timing: March 1 – 13, 2013
Population: Mass Affluent in the United States (n=502)
Screening:
• $100k - $1M in investable assets (includes all cash, savings, mutual funds, stocks, bonds, retirement accounts, and all other types of investments and real estate ventures, but excludes primary residence and vacation homes)
• Have an account, product, or policy with a either a bank, credit card company, brokerage, asset manager, property/casualty insurance company, or life insurance company
Methodology