LinkedIn survey reveals social media use by the "Mass Affluent"
According to a new survey published by LinkedIn and Cogent Research, 87% of the “Mass Affluent” use social media. Considered to be a “highly valued segment” the “Mass Affluent” are defined in the report as “current investors with $100,000 to $1 million in assets, excluding the value of their homes–criteria which, according to Forrester, apply to an estimated 40 million people across the United States.”
The research aimed to determine what aspects of social media are considered most valuable by the Mass Affluent. In particular, the survey asked questions that relate to financial education and decision making.
- There are major gaps between what the “Mass Affluent” hope to get from social media and what they are actually receiving
- The “Mass Affluent” value “improved customer service, timely updates, and relevant content”
- Nearly half of the “Mass Affluent” interact with financial institutions on social media
- 63% of the “Mass Affluent” who use social media to learn about financial options, or to evaluate what they’ve learned, are driven to take action, i.e., to open an account or invest in a company
- Nearly one in four of the “Mass Affluent” expect banks to have a presence on social media
- There is a 25-40% opportunity gap between the information the “Mass Affluent” want and the information actually provided by banks, brokerages and credit cards
- Information on new products is most desired by the “Mass Affluent” on social
The most important thing that any company or organization can do on social media is be relevant by providing value in the form of information. It is important that companies constantly reassess and evaluate what they are producing online and take note of what their customers want.
Influencing the Mass Affluent: Building Relationships on Social Media. LinkedIn and Cogent Research. Accessed online May 14, 2013 at http://el.linkedin.com/forms/LMS_LP_Mass_Affluent.