Larry Carillo

Online Marketing Strategist

Mass Affluent Consumers Utilzing Social Media

According to an article on Clickz.com, A recent study by LinkedIn shows that about 90 percent of mass affluent consumers use social media.

Consumers who have investable assets between $100,00 and $1 million are considered mass affluent, according to the study.  This group is active on social media and could prove a key market for financial institutions, LinkedIn says.

According to the article, The study conducted by LinkedIn reported that one out of every two surveyed use social media to connect with other professionals.  While one in three use social media to engage with professional content.

“Members on our platform have a value exchange and sense of trust with the platform. Because of that we have seen financial firms really adopt [LinkedIn] beyond just display advertising,” said LinkedIn’s lead executive in financial services, Jennifer Grazel, in an interview with ClickZ.

According to the article, LinkedIn classifies discovery as learning about trends, products, and services, while the firm denotes that consideration as actively seeking advice on the things they have learned through social media.  According to the report, 36 percent of the mass affluent use social media for discovery and consideration.

LinkedIn says that the mass affluent is either acquiring wealth, about to  retire, or already retired.  Financial institutions must tailor their social networking campaigns differently for each group, according to the research.

“The key that struck a cord with us was the types of information mass affluents are getting through social media,” continued Grazel.

According to the article, retired consumers care about strong customer support through social media. Those soon to retire find that timely updates are the most important factor when using social media. Relevant content is the most important factor for financial companies using social media.

The article says that LinkedIn recommends that financial institutions should be mindful to drive conversation through social media. Proper discussion on social media leads to greater influence and improved lead generation, according to LinkedIn.

Information about new product information was found to be very important across all consumer types. Those surveyed said that they would like to see new product information posted on social media for both brokerage firms and credit/debit card companies.

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About Larry Carillo

I'm a proud husband and father. Faith and family are most important to me. I'm an Online Marketing strategist who loves to help businesses build a community of followers so they can grow revenue. I'm an avid Denver Broncos fan and love spending time out on the golf course.

Connect with me on Google+ or Follow Me on Twitter @larrycarillo