Home  › Social › Social Media
counting-money

LinkedIn: Social Media a Major Motivator for Mass Affluent Consumers

  |  May 2, 2013   |  Comments

About 90 percent of mass affluent consumers use social media, according to a recent study by LinkedIn.

About 90 percent of mass affluent consumers use social media, according to a recent study by LinkedIn.

The study classifies the mass affluent as consumers who have investable assets between $100,000 and $1 million. LinkedIn says that this group is active on social media and could prove a key market for financial institutions.

Of that 90 percent of the mass affluent that use social media, 44 percent engage with financial institutions on social media. LinkedIn reports that another 34 percent actively engage with financial institutions' content through social networking.

LinkedIn found that the mass affluent use social media primarily for professional reasons. The firm's study 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 report, 36 percent of the mass affluent use social media for discovery and consideration. LinkedIn classifies discovery as learning about trends, products, and services, while the firm denotes that consideration as actively seeking advice on the things they've learned through social media.

LinkedIn classifies the mass affluent in three categories. The firm says that the mass affluent is either acquiring wealth, about to retire, or already retired. According to the research, financial institutions must tailor their social networking campaigns differently for each group.

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

For those accumulating wealth, relevant content is the most important factor for financial companies using social media. Those soon to retire find that timely updates are the most important factor when using social media. While retired consumers care more about strong customer support through social media.

Across all consumer types, information about new product information was found to be very important. 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.

LinkedIn also recommends that financial institutions must be mindful to drive conversation through social media. The company says that proper discussion on social media leads to greater influence and improved lead generation.

Image on home page via Shutterstock.

Tags:

ClickZ Live Chicago Join the Industry's Leading eCommerce & Direct Marketing Experts in Chicago
ClickZ Live Chicago (Nov 3-6) will deliver over 50 sessions across 4 days and 10 individual tracks, including Data-Driven Marketing, Social, Mobile, Display, Search and Email. Check out the full agenda and register by Friday, Oct 3 to take advantage of Early Bird Rates!

ABOUT THE AUTHOR

James is a freelance writer and editor. In addition to ClickZ, his work has appeared in publications like V3, The Commonwealth Club, CachedTech.com, and Shonen Jump magazine. He studied Journalism at Weber State University.

COMMENTSCommenting policy

comments powered by Disqus

Get ClickZ Social newsletters delivered right to your inbox. Subscribe today!

COMMENTS

UPCOMING EVENTS

Featured White Papers

IBM: Social Analytics - The Science Behind Social Media Marketing

IBM Social Analytics: The Science Behind Social Media Marketing
80% of internet users say they prefer to connect with brands via Facebook. 65% of social media users say they use it to learn more about brands, products and services. Learn about how to find more about customers' attitudes, preferences and buying habits from what they say on social media channels.

An Introduction to Marketing Attribution: Selecting the Right Model for Search, Display & Social Advertising

An Introduction to Marketing Attribution: Selecting the Right Model for Search, Display & Social Advertising
If you're considering implementing a marketing attribution model to measure and optimize your programs, this paper is a great introduction. It also includes real-life tips from marketers who have successfully implemented attribution in their organizations.

Jobs

    • Tier 1 Support Specialist
      Tier 1 Support Specialist (Agora Inc.) - BaltimoreThis position requires a highly motivated and multifaceted individual to contribute to and be...
    • Recent Grads: Customer Service Representative
      Recent Grads: Customer Service Representative (Agora Financial) - BaltimoreAgora Financial, one of the nation's largest independent publishers...
    • Managing Editor
      Managing Editor (Common Sense Publishing) - BaltimoreWE’RE HIRING: WE NEED AN AMAZING EDITOR TO POLISH WORLD-CLASS CONTENT   The Palm...