influencing the mass affluent
DESCRIPTION
Visit http://lnkd.in/affluent for the full report. 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 http://lnkd.in/affluent 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 stageTRANSCRIPT
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
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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
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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
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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
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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
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*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
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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
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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
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45
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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.
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Best practices for marketers
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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