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1
Influencing the
Mass Affluent
Building relationships on social media
2
Mass Affluent are
highly engaged on social media
Cogent Research, Netherlands March 2013
Base: Mass Affluent
engage with...
3
They use social media for professional purposes –
to connect, consume and create
3in 4use social to Connect with profess...
4
Among those who use social for BOTH discovery
and consideration, nearly 2/3 are driven to action
BOTH
Consideration
Use ...
5
2.Timely
Updates
Customer service and relevant content
present key opportunities for marketers
Top benefits cited by Mas...
6
New product information is a desired
content type across sectors
BANKS INSURANCE COMPANIES
Top information Mass Affluent...
7
*Communication gap = difference from content that is desired and what they actually receive
1 | New product info
2 | Acc...
8
75
83
115
129
0 100
Traditional sources for financial
information
Trust Index of Channels for Financial Information:
Bas...
9
Service or support
Posts & multimedia content
1:1 communication
Group discussions
hosted by company
On LinkedIn, brands ...
10
Nearly all Mass Affluent use social media.
Over half engage with financial institutions on social.
Two out of five enga...
11
Mindset matters
Relevance is key
Discussion drives influence
Highlight new products
Target messages by Life Stage
Best ...
12
Survey Design, Sample, and Data Collection
Mode: Web survey
Survey length: 15 minutes
Field timing: March 1 – 13, 2013
...
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Influencing the mass affluent - The Netherlands

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Europeans with significant investable assets expect to engage with finance brands through social media – both to improve their customer experience and to guide future decisions on products and investments.

The Mass Affluent, those with investable assets of between €75,000 and €750,000, are amongst the most active and engaged social media users – and see social platforms as an essential element in their relationships with financial institutions. In a groundbreaking study by LinkedIn and Cogent covering France, The Netherlands and the UK, more than 84% of the mass affluent audience in each country were active on social platforms; at least 40% engaged with financial companies, and at least 30% read content shared by those companies.

In each country, mass affluent audiences opted for LinkedIn as their most trusted social media source for financial information, and the platform they are most likely to turn to for the content that matters to them. Information on new products and services, market commentary, service updates and general company information figured prominently amongst the most sought-after content from banks, credit card companies, insurance brands and brokers. When asked what they hoped to gain from engaging with such companies through social media, Mass Affluents pointed to improved customer service, greater transparency and timely, relevant content.

Across all three countries, and all types of financial sectors, the information discovered and considered through social media is a key driver of immediate action amongst the mass affluent audience. Of those using social media for both discovery and consideration, 63% were driven to take action such as purchasing a product or opening an account. And the comments that Mass Affluents share have a vital role to play in amplifying awareness and engagement amongst their peers. Almost a quarter of those in the UK and over a third of those in France and The Netherlands read others comments on the content shared by financial companies.

Published in: Economy & Finance, Business
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Influencing the mass affluent - The Netherlands

  1. 1. 1 Influencing the Mass Affluent Building relationships on social media
  2. 2. 2 Mass Affluent are highly engaged on social media Cogent Research, Netherlands March 2013 Base: Mass Affluent engage with financial companies 55% engage with content from financial companies 43% Among Mass Affluent social media users: 98% Use Social Media
  3. 3. 3 They use social media for professional purposes – to connect, consume and create 3in 4use social to Connect with professionals 1in 2use social to Consume professional content 2in 5use social to Create professional content Cogent Research, Netherlands March 2013 Base: Mass Affluent social media users
  4. 4. 4 Among those who use social for BOTH discovery and consideration, nearly 2/3 are driven to action BOTH Consideration Use social to stay up-to-date on financial trends or companies. Use social to seek advice or gather info to make a financial decision. 21% 32%63% Discovery DRIVEN TO ACTION Open/close account or purchase productCogent Research, Netherlands March 2013 Base: Mass Affluent social media users
  5. 5. 5 2.Timely Updates Customer service and relevant content present key opportunities for marketers Top benefits cited by Mass Affluent from engaging with financial institutions on social media: 1in 3 Consider improved customer service the most valuable result from financial companies on social 1.Improved customer service 3. Greater transparency of information Cogent Research, Netherlands March 2013 Base: Mass Affluent social media users
  6. 6. 6 New product information is a desired content type across sectors BANKS INSURANCE COMPANIES Top information Mass Affluent want from financial institutions on social media (by sector): 1 | Market commentary 2 | New product info 3 | Company info 1 | New product info 2 | Company info 3 | Market commentary 2 | New product info 1 | New product info1 | New product info 2 | Account changes 3 | Company info 1 | New product info CREDIT CARDS Cogent Research, Netherlands March 2013 Base: Mass Affluent social media users
  7. 7. 7 *Communication gap = difference from content that is desired and what they actually receive 1 | New product info 2 | Account changes 3 | Company info 34% 20% CREDIT CARDS A communication gap exists between the content Mass Affluent want and what finance companies provide Cogent Research, Netherlands March 2013 Base: Mass Affluent social media users 1 | New product info 2 | Company info 3 | Market commentary 25% 14% INSURANCE COMPANIES (P&C) 1 | Market commentary 2 | New product info 3 | Company info 40% 34% BANKS Communication Gap* 18% 29% 16%
  8. 8. 8 75 83 115 129 0 100 Traditional sources for financial information Trust Index of Channels for Financial Information: Based on relative trust of info from 3 sources (peers, companies, and experts) across all platforms / categories LinkedIn is the most trusted social media source for financial information Trust Index is comprised of the following attributes average scores indexed to 100: • Social platforms: Trust of financial information shared through an article on my network, by a financial company or institution, by a financial professional/expert • Traditional sources: Trust of financial information from work colleagues, from friends and family, posted on financial company websites, from articles on finance websites Cogent Research, Netherlands March 2013 Base: Mass Affluent
  9. 9. 9 Service or support Posts & multimedia content 1:1 communication Group discussions hosted by company On LinkedIn, brands can accelerate influence with European Mass Affluent through social dialogue Cogent Research, UK/FR/NL March 2013 Base: Mass Affluent social media users in UK/FR/NL BUILD FOUNDATIONS ACCELERATE INFLUENCE
  10. 10. 10 Nearly all Mass Affluent use social media. Over half engage with financial institutions on social. Two out of five engage with their social content. Top benefits received by Mass Affluent on social: 1) customer service, 2) timely updates, 3) transparency of information. 14%-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 4 5
  11. 11. 11 Mindset matters Relevance is key Discussion drives influence Highlight new products Target messages by Life Stage Best practices for marketers 1 2 3 4 5
  12. 12. 12 Survey Design, Sample, and Data Collection Mode: Web survey Survey length: 15 minutes Field timing: March 1 – 13, 2013 Population: Mass Affluent in the Netherlands (n=100) Sampling Error: +/-9.80% pts. Screening: • €75,000 to less than €750,000 (~$100k - $1M USD) 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, or insurance company METHODOLOGY

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