This post is part of our ongoing, occasional series on content marketing for financial services.
A friend of mine recently commented that she doesn’t use LinkedIn much because “I don’t want my boss to think I am looking for a job.” If you too think of LinkedIn as just a job-hunting site, you may want to reconsider.
LinkedIn and other social media sites are becoming trusted sources of information for the coveted mass affluent segment, according to a March 2013 study conducted by LinkedIn and Cogent Research. There are approximately 40 million Americans in the mass affluent segment — individuals with $100,000 to $1 million in investable assets — according to Forrester Research.
Marketing to the Mass Affluent by the Numbers
Here are some of the study’s key findings for financial services firms that are working on marketing to the mass affluent:
- Nearly all the mass affluent consumers (87%) use social media. About three out of four are using Facebook, about half are using LinkedIn and about one out of four are using Twitter.
- Close to half (44%) use social media to connect with financial services companies.
- More than a third of the mass affluent use social media to gather information or seek advice on financial services, and about two-thirds of those take action based on that feedback.
- The top three reasons that mass affluent consumers interact with financial service firms on social media are improved customer service, timely updates and relevant content.
- Mass affluent consumers are most interested in content on new products and services, account changes, general company information, and investment performance. Further, there is a significant opportunity gap between what they expect and what is being published.
- There are some interesting differences by age and life stage. Younger members of the mass affluent are most interested in relevant content, while those in pre-retirement value timely updates the most and retired individuals are most concerned about improved customer service.
- Information shared on LinkedIn is more trusted than information shared on Twitter or Facebook.
A LinkedIn Strategy for Marketing to the Mass Affluent
The mass affluent can be a very valuable segment for financial service companies. If your organization is targeting the mass affluent, you’ll want to begin planning or evaluating your LinkedIn strategy by assessing your current presence and your goals for the segment.
Here are five questions to consider:
- Is your company information on LinkedIn thorough and up to date? State Farm provides an excellent example of a complete company profile.
- Are you posting content that’s relevant to your mass affluent audience? Check out the posts by Merrill Lynch over the past few months for examples. When planning what content to share, consider how priorities vary by age and life stage.
- Are you posting content regularly and frequently? A good rule of thumb is to post at least once a week and as frequently as once a day, if your company’s content supports it. Keep in mind that LinkedIn is busiest in the mornings and around mid-day Monday through Friday.
- Do you post new product information on LinkedIn? New product information is the most valued content for the mass affluent segment. For example, American Express shared news about its Amex Syncs with @Twitter via LinkedIn.
- Are you engaging your audience in conversations and discussions? Citi’s Connect: Professional Women’s Network is one example of how to successfully engage a target audience.
Reputation Capital Media Services is a Baton Rouge marketing agency that helps B2B companies and their marketing agencies produce high-quality digital content, including blog posts, e-mail newsletters, white papers and multimedia. Our editors and writers are experts in their fields, which include HR technology, employee benefits, and financial services and accounting. Contact us for a free 30-minute consultation to find out how great content can help you attract and retain your customers.