Wealthy consumers surf the social networks

Targeting a wealthy consumer base may be simpler than some online marketers realized. According to a recent WealthSurvey from the Luxury Institute about 60% of wealthy consumers visit social networks.

by Kristina Knight

That is an increase from 27% in 2007; on average the wealthy have 2 social memberships.. Most wealthy consumers are logging on via MySpace (16%) followed by LinkedIn (13%) and Facebook (11%).

"Being connected is second nature to these over-achievers," said Milton Pedraza, CEO of the Luxury Institute. "We are pleasantly surprised at the rapid acceleration in the over 55- year-old wealthy consumers whose participation increased five-fold, to 49%."

How can marketers take advantage of this rapid growth?

A branded micro-site within a social network is a good beginning. By launching a social site in an area that is known to attract wealthy consumers, marketers have a better chance to attract their attention. The social site shouldn't be a carbon copy, however, of a WWW address. The social site should offer more: either different types of content (editorial type blogs for example) or online video or a chance to interact and give opinions of brand products. By offering something different, marketers can create a unique space that will drive consumers to their manufacturing or ecommerce site.