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To understand how social impacts their financial decision making, LinkedIn teamed up with Cogent Research and found that relevant content is key to driving action among this valuable group.
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INFLUENCINGTHE MASS AFFLUENTBuilding relationships on social media
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Mass Affluent are highly engaged on social media
Cogent Research, Australia March 2013Base: Mass Affluent
engage with financial companies54%
engage with content from financial companies
42%
Among Mass Affluent social media users:
83%Use Social Media
3
They use social media for professional purposes – to connect, consume and create
1 in 5Use social to Create professional content
1 in 4Use social to Consume professional content
1 in 3Use social to Connect with professionals
Cogent Research, Australia March 2013Base: Mass Affluent
4
Among those who use social for BOTH discovery and consideration, nearly 2/3 are driven to action
Discovery
BOTH
ConsiderationUse social to stay up-to-date on financial trends or companies.
Use social to seek advice or gather info to make a financial decision.
DRIVEN TO ACTIONOpen/close account or purchase product
21% 32% 63% Cogent Research, Global March 2013Base: Global Mass Affluent social media users
5Customer service and relevant content present key opportunities for marketersTop benefits cited by Mass Affluent from engaging with financial institutions on social media:
3) Relevant content
1) Improved customer service
2) Timely updates
1 in 4Consider improved customer service the most valuable result from financial companies on social
Cogent Research, Australia March 2013Base: Mass Affluent social media users
6New product information is a desired content type across sectors
ASSET MANAGERS CREDIT CARDS
Top information Mass Affluent want from financial institutions on social media (by sector):
1 | New product info 2 | Market commentary3 | New product info
1 | New product info 2 | Account changes 3 | Company info
1 | Product performance
1 | New product info
Cogent Research, Australia March 2013Base: Mass Affluent social media users
1 | New product info 2 | Market commentary3 | Account changes
1 | New product info
BANKS
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*Communication gap = difference from content that is desired and what they actually receive
1 | New product info
2 | Market commentary
3 | Account changes
42%47%
BANKS
A communication gap exists between the content Mass Affluent want and what finance companies provide
Cogent Research, Australia March 2013Base: Mass Affluent social media users
1 | New product info
2 | Market commentary
3 | Company info
44%
24%
CREDIT CARDS
1 | Product performance
2 | Market commentary
3 | New product info
52%41%
ASSET MANAGERS Communication Gap*
39%
39%
39%
8
75
79
108
138
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, Australia March 2013Base: Mass Affluent
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Build the Foundation with:
Multi-media content
Company posts or content
Accelerate Influencewith:
1:1 communication
On LinkedIn, brands can accelerate influence with Mass Affluent through direct communication
Cogent Research, Global March 2013Base: Mass Affluent social media users
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Over 8 in 10 Mass Affluent use social media.
Over half engage with financial institutions on social. Two out of five engage with their social content.
Top benefits received by Mass Affluent on social:
1) customer service, 2) timely updates, 3) relevant content.
24%-52% communication gap between the top 3 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
45
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Mindset matters
Relevance is key
Discussion drives influence
Highlight new products
Target messages by Life
Stage
Best practices for marketers
1
2
3
4
5
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Survey Design, Sample, and Data Collection
Mode: Web survey
Survey length: 15 minutes
Field timing: March 1 – 13, 2013
Population: Mass Affluent in Australia (n=103)
Sampling Error: +/-9.66% pts.
Screening:
• $100k - $1M AUD (~$100k - $1M USD) in investable assets. (includes all cash, savings, mutual funds, stocks, bonds, retirement accounts, and all other types of investments and real estate ventures, but excludes primary residence and vacation homes)
• Have an account, product, or policy with a either a bank, credit card company, brokerage, asset manager, property/casualty insurance company, or life insurance company
METHODOLOGY