Credit Union Social Media Strategy Series: The Mass Affluent

March 4, 2014
Ryan
Ryan

All this week we’re diving into the strategy behind reaching specific audience through your credit union’s social media efforts. Yesterday we talked about the importance of audience profiling to social media strategy and explored some of the questions you look to answer when building a profile.

Credit Unions & Mass Affluent

Today we’re looking at the Mass Affluent: who they are and what their audience profile can tell us about the strategy for our content and social media marketing efforts.

Who are the mass affluent?

The mass affluent is a relatively new marketing segment defined by households with assets between $250,000 and $1 million not counting real estate holdings. Just over 10% of the U.S. population fit this classification and this population is highly liquid in their investment capability.

Mass Affluent: Audience Profile

As a segment, this audience skews to be an older demographic with more than 60% over the age of 55 and most don’t have kids or are empty nesters. From a career perspective they often work in finance, or management and many own their own business.

They embrace technology and nearly all are frequent users of social media. When it comes to their use of social media nearly half engage with financial institutions through social networking and more than 40% use social media to discover or consider financial institutions according to research from Linked. Of those that use social media to engage, discover and consider financial institutions,  more than 60% take action as a result of their engagements.

When it comes to engaging financial institutions online, the mass affluent are 51% more likely than the average to do so according to Nielsen research.

For hobbies and preferences: they are civic minded, and well informed leaning towards more journalistic or editorial style content.

Their major financial product interests are investment and retirement based being far more likely to show interest in: Money Market Savings, CDs, 401K, Stocks and Brokerage accts than the mass market.

mass affluents

Online, they tend to hang out on professional networking sites like LinkedIn and gain a lot of their information from news sources online.

H1 Social media strategy: reaching the mass affluent

Now that we have compiled a bit of a profile based on who they are, what they’re interested in for products and pleasure and where they hang out we can start to craft the foundation of a strategy.

Platform:

Since we know that LinkedIn is their platform of choice for social media we can put that at the top of our list for reaching this audience.

Message:

The messages should be informative. Lean on their interest in long form, educational material and provide answers to the questions they may have. Create the opportunity for Q&As and feedback. Capture their story as part of your story in the process and you’ll engage an emotional element that plays into their goal achievement orientation.

Crossfunctional strategy:

Because they are civic minded and hang out in other places online, engage your paid media teams and your PR or community relations team to find out if you can push your content into other places online that they may be reading by buying media placements. From a community perspective, find out what civic functions your credit union participates in and make sure you tell those stories through the social channels you’re using to reach the Mass Affluent.

This is the start of strategy for the mass affluent based on an understanding of who they are, what their needs are and how they interact with online and social media as it related to financial institutions. You can build on this and adapt it to your local community and credit union needs.

Tomorrow we’ll talk about using audience profiling to develop a strategy to reach millennials.