Influencing the mass affluent uk
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Europeans with significant investable assets expect to engage with finance brands through social media – both to improve their customer experience and to guide future decisions on products and investments. The Mass Affluent, those with investable assets of between £65,000 and £650,000, are amongst the most active and engaged social media users – and see social platforms as an essential element in their relationships with financial institutions. In a groundbreaking study by LinkedIn and Cogent covering France, The Netherlands and the UK, more than 84% of the mass affluent audience in each country were active on social platforms; at least 40% engaged with financial companies, and at least 30% read content shared by those companies. In each country, mass affluent audiences opted for LinkedIn as their most trusted social media source for financial information, and the platform they are most likely to turn to for the content that matters to them. Information on new products and services, market commentary, service updates and general company information figured prominently amongst the most sought-after content from banks, credit card companies, insurance brands and brokers. When asked what they hoped to gain from engaging with such companies through social media, Mass Affluents pointed to improved customer service, greater transparency and timely, relevant content. Across all three countries, and all types of financial sectors, the information discovered and considered through social media is a key driver of immediate action amongst the mass affluent audience. Of those using social media for both discovery and consideration, 63% were driven to take action such as purchasing a product or opening an account. And the comments that Mass Affluents share have a vital role to play in amplifying awareness and engagement amongst their peers. Almost a quarter of those in the UK and over a third of those in France and The Netherlands read others comments on the content shared by financial companies.
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Influencing the mass affluent uk
- 1. 1 Influencing the Mass Affluent Building relationships on social media
- 2. 2 Mass Affluent are highly engaged on social media Cogent Research, United Kingdom March 2013 Base: Mass Affluent engage with financial companies 40% engage with content from financial companies 32% Among Mass Affluent social media users: 84% Use Social Media
- 3. 3 83% 86% 83% £65K -< £162.5K £162.5K -< £325K £325K -< £650K of all Mass Affluent used social media in the past year84% Social media usage is consistently high across all asset ranges of the Mass Affluent audience Which of the following categories includes your total investable assets? How long ago did you start using each of the following social media sites/services? - LinkedIn Social Media Usage (by Assets) Base: Mass Affluent United Kingdom ££££££
- 4. 4 They use social media for professional purposes – to connect, consume and create Cogent Research, United Kingdom March 2013 Base: Mass Affluent 1in 2use social to Connect with professionals 1in 4use social to Consume professional content 1in 5use social to Create professional content
- 5. 5 Among those who use social for BOTH discovery and consideration, nearly 2/3 are driven to action BOTH Consideration Use social to stay up-to-date on financial trends or companies. Use social to seek advice or gather info to make a financial decision. 21% 32%63% Cogent Research, Global March 2013 Base: Global Mass Affluent social media users Discovery DRIVEN TO ACTION Open/close account or purchase product
- 6. 6 Ads and brand content are key sources of learning on social media Info about financial product or account Info about financial company 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, UK March 2013 Base: Mass Affluent who learned about a financial company, product, policy or account via social media 29% 38% 43% 50% 32% 25% 33% 68%
- 7. 7 Customer service and relevant content present key opportunities for marketers Top benefits cited by Mass Affluent from engaging with financial institutions on social media: 1in 5 Consider relevant content the most valuable result from financial companies on social Cogent Research, United Kingdom March 2013 Base: Mass Affluent social media users 1.Improved customer service 2.Relevant Content 3.Timely Updates
- 8. 8 New 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 | Product performance 3 | Company info 1 | New product info 2 | Account changes 3 | Company info 1 | New product info 1 | New product info Cogent Research, United Kingdom March 2013 Base: Mass Affluent social media users
- 9. 9 *Communication gap = difference from content that is desired and what they actually receive 1 | New product info 2 | Account changes 3 | Company info 41% 36% A communication gap exists between the content Mass Affluent want and what finance companies provide Cogent Research, United Kingdom March 2013 Base: Mass Affluent social media users 1 | Account changes 2 | New product info 3 | Company info 1 | New product info 2 | Product performance 3 | Company info 38% 30% BROKERAGES Communication Gap* 25% 29% CREDIT CARDS BANKS 29% 20% 28%
- 10. 10 75 93 105 131 0 100 Traditional sources for financial information Trust Index of Channels for Financial Information: Based on relative trust of info from 3 sources (peers, companies, and experts) across all platforms / categories LinkedIn is the most trusted social media source for financial information Trust Index is comprised of the following attributes average scores indexed to 100: • Social platforms: Trust of financial information shared through an article on my network, by a financial company or institution, by a financial professional/expert • Traditional sources: Trust of financial information from work colleagues, from friends and family, posted on financial company websites, from articles on finance websites Cogent Research, United Kingdom March 2013 Base: Mass Affluent
- 11. 11 Company presence to gain followers Service or support 1:1 communication Group discussions hosted by company On LinkedIn, brands can drive influence with UK Mass Affluent through social dialogue Cogent Research, U.K March 2013 Base: Mass Affluent social media users in the UK BUILD FOUNDATIONS ACCELERATE INFLUENCE
- 12. 12 Over 8 in 10 Mass Affluent use social media. Two out of five engage with financial institutions on social. One-third engage with their social content. Top benefits Mass Affluent want from FIs on social: 1) customer service, 2) relevant content, 3) timely updates. 20%-41% communication gap between the top 3 types of 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 1 2 3 4 5
- 13. 13 Mindset matters Relevance is key Discussion drives influence Highlight new products Best practices for marketers 1 2 3 4
Editor's Notes
- Q 8. Which of following types of social media services or tools have you used in the past 12 months? Select ALL that apply Q48-53: Below are a number of ways you may interact with financial companies or institutions via social media. Please tell us on which, if any, social media platforms you do each of the following: Follow or like companies Engage in conversation/share your opinion with companies Participate in group discussions hosted by companies Receive service/support from companies Read posts/content from companies Review multimedia content from companies (e.g., watch video or website, listen to podcast) Q 46. How, if at all, have you participated in content that has been distributed or shared on social media by a financial company or institution (e.g., a blog post, market commentary article, shared insight, etc.)? Select ALL that apply
- Q 4. Which of the following categories includes your total investable assets? This includes all cash, savings, mutual funds, stocks, bonds, retirement accounts (such as IRAs, 401(k)s, 403(b)s, etc.), and all other types of investments and real estate ventures, but excludes your primary residence and vacation homes. Q 8. QUOTA Which of following types of social media services or tools have you used in the past 12 months? Select ALL that apply
- Q16-34 Below are a number of activities/actions you may take on social media. Please tell us on which, if any, social media platforms you do each of the following activities (among platform users) 1 in 2 use social to connect with professionals: (combines current OR past colleagues) 53%– combine current/past colleagues (264/502) Among these, 65% LI (171/264), 56% FB (147/264), 3% Twitter (9/264) 1 in 3 use social to consume professional content 29% use social to receive updates related to my job or industry Among these, 75% use LI for this purpose, vs. 21% FB, 13% Twitter. 1 in 4 use social to create professional content 22% use social to post updates related to my job or industry Among these, 72% use LI for this purpose, vs. 30% FB, 9% Twitter.
- Q 40. For which of the following purposes have you turned to social media? Select ALL that apply Q 43. Which of the following actions, if any, have ever occurred as a result of your hearing or reading something on social media? Select ALL that apply Discovery: Turn to social to keep up-to-date on financial trends or gather preliminary information about products/policies/solutions, or institutions/companies Have learned of a financial company/institution or product/policy solution via social media Consideration: Turn to social to seek advice or gather information to help make a specific financial decision, or rethink a financial decision I have already made Have conducted additional research or asked a financial professional, family member, friend or colleague about a financial product/policy/account type after learning about it on social media Driven to action: Open/close account or purchase product/policy as a result of learning or evaluating on social
- Q 44. Thinking about the financial product/policy or account type you learned about via social media, what was the specific source(s) from which you learned this information? Select ALL that apply Q 45. Thinking about the financial company/institution you learned about via social media, what was the specific source(s) from which you learned this information? Select ALL that apply
- Q 60. If a [INSERT FINANCIAL_SECTOR] were to have a presence on social media, what would you consider the most valuable result of this presence? Please rank up to 3, where 1 is most important, 2 is second most important, and 3 is third most important.
- Q58. If a [INSERT FINANCIAL_SECTOR] were to have a presence on a social media platform (sponsor a group, establish a company page, etc.), what types of information would you want to receive from it? Select all that apply
- Q58. If a [INSERT FINANCIAL_SECTOR] were to have a presence on a social media platform (sponsor a group, establish a company page, etc.), what types of information would you want to receive from it? Select all that apply
- Q63, 65, 66: How much do you agree or disagree with each of the following statements (LINKEDIN)? I trust financial information from an article shared by my LinkedIn network I trust financial information shared by a financial company or institution I follow on LinkedIn I trust financial information shared by a financial professional/expert on LinkedIn Q68-70 How much do you agree or disagree with each of the following statements (TWITTER)? I trust financial information from an article shared by my Twitter network I trust financial information shared by a financial company or institution I follow on Twitter I trust financial information shared by a financial professional/expert on Twitter Q72, 74, 75: How much do you agree or disagree with each of the following statements (FACEBOOK)? I trust financial information from an article shared by my Facebook network I trust financial information shared by a financial company or institution I follow on Facebook I trust financial information shared by a financial professional/expert on Facebook Q77, 78, 79, 82: How much do you agree or disagree with each of the following statements? I trust financial information from work colleagues I trust financial information from articles on finance websites I trust financial information posted on financial company websites I trust financial information from friends and family
- Q48-53 (LinkedIn): Below are a number of ways you may interact with financial companies or institutions via social media. Please tell us on which, if any, social media platforms you do each of the following: Q 83. How influential have the following platforms been in decisions related to your personal finance?
- 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.