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Influencing the Mass Affluent


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Nearly 90% of the Mass Affluent use Social Media -- To understand how social impacts their financial decision making, LinkedIn teamed up with Cogent Research and found that relevant content is key to driving action among this valuable group.

Download the whitepaper at to learn more about:
- The most valuable outcomes from financial companies on social
- Top content expected from banks, brokerages, and credit card companies
- How content expectations differ by Mass Affluent life stage

Published in: Business, Economy & Finance

Influencing the Mass Affluent

  1. 2The Mass Affluent are a significantfinancial sector opportunity1. Forrester Research$100K-$1MIn investible assets40MIndividuals in the U.S.13 distinct life stages• Accumulating wealth• Soon-to-retire• Retired
  2. 3Mass Affluent are highly engaged onsocial mediaCogent Research, U.S. March 2013Base: Mass Affluentengage with financial companies44%engage with content fromfinancial companies34%Among Mass Affluent social media users:87%Use Social Media
  3. 4They use social media for professionalpurposes – to connect, consume and create1in 4Use social toCreate professional content1in 3Use social toConsume professional content1in 2Use social toConnect with professionalsCogent Research, U.S. March 2013Base: Mass Affluent
  4. 5Among those who use social for BOTHdiscovery and consideration, nearly 2/3 aredriven to actionDiscoveryBOTHConsiderationUse social tostay up-to-date onfinancialtrends orcompanies.Use social toseek advice orgather info tomake afinancialdecision.DRIVEN TO ACTIONOpen/close account or purchase product21% 32%63%Cogent Research, Global March 2013Base: Global Mass Affluent social media users
  5. 6Ads and brand content arekey sources of learningInfo about financialproduct or accountInfo about financialcompany60%34%30%38%55%25%28%34%An advertisementCompany sponsored content/updatesA member of my social networkAn 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
  6. 7Customer service and relevant contentpresent key opportunities for marketersTop benefits cited by Mass Affluent from engaging with financial institutions on social media:3) Relevant content1) Improved customer service2) Timely updates1in 5Consider relevant content themost valuable result fromfinancial companies on socialCogent Research, U.S. March 2013Base: Mass Affluent social media users
  7. 8Expectations on social media differ bylife stageAccumulating Wealth• ValueRELEVANT CONTENT• Expect banks and creditcards to have a socialpresenceSoon to Retire• ValueTIMELY UPDATES• Expect brokerages tohave a socialpresenceRetired• ValueCUSTOMER SERVICECogent Research, U.S. March 2013Base: Mass Affluent social media users
  8. 9New product information is themost desired content type across sectorsBROKERAGES BANKS / CREDIT CARDSTop information Mass Affluent want from financial institutions on social media (by sector):1 | New product info2 | Market commentary3 | Product performance1 | New product info2 | Account changes3 | Company info1 | New product info 1 | New product infoCogent Research, U.S. March 2013Base: Mass Affluent social media users
  9. 10*Communication gap = difference from content that is desired and what they actually receive1 | New product info2 | Market commentary3 | Product performance40%35%34%1 | New product info2 | Account changes3 | Company info39%33%27%BANKS /CREDIT CARDSBROKERAGES Communication Gap*A communication gap exists between thecontent Mass Affluent want and whatfinance companies provideCogent Research, U.S. March 2013Base: Mass Affluent social media users
  10. 11Build the Foundationwith:Company posts or contentService or supportAccelerate Influencewith:Group discussionshosted by company1:1 communicationOn LinkedIn, brands can accelerateinfluence with Mass Affluent throughsocial dialogueCogent Research, U.S. March 2013Base: Mass Affluent social media users
  11. 12Nearly 9 in 10 Mass Affluent use social media.Almost half engage with financial institutions onsocial. One-third engage with their social content.Top benefits received by Mass Affluent on social:1) customer service, 2) timely updates, 3) relevantcontent.27-40% communication gap between the top 3 infoexpected and what is actually received on social.Nearly 2 in 3 are driven to take action when social isused for both discovery and consideration.Summary of key findings12345
  12. 13Mindset matters – align with the social context thatbest fits your brand’s objectives.Relevance is key – improve value exchange and trustwith relevant content, particularly for younger MassAffluent.Discussion drives influence – company posts laythe foundation, while group discussions accelerateinfluence.Highlight new products – new product info is themost desired information on social across all sectors.Target by Life Stage – younger Mass Affluent expectrelevant content, soon-to-retire want timely updates,and the retired expect customer service.12345Best practices for marketers
  13. 14Survey Design, Sample, and Data CollectionMode: Online surveyField timing: March 1 – 13, 2013Population: Mass Affluent in the United States (n=502)Screening:• $100k - $1M in investable assets (includes all cash, savings, mutualfunds, stocks, bonds, retirement accounts, and all other types ofinvestments and real estate ventures, but excludes primary residence andvacation homes)• Have an account, product, or policy with a either a bank, credit cardcompany, brokerage, asset manager, property/casualty insurancecompany, or life insurance companyMethodology