Only Wealthy Consumers Use Social Media? Really?

According to a post this week by Network Solutions if you want to target wealthy consumers you need to get social. A recent poll concluded that high net worth individuals use social media more than the average American, but less frequently?

According to a post this week by Network Solutions if you want to target wealthy consumers you need to get social and while wealthy Americans are using social media less often than others, its a great idea to market to the wealthy community via Facebook.

Stemming from a recent poll by SEI it was concluded that high net worth individuals use social media more than average Americans but not as frequently and on a more personal level. SEI surveyed 46 wealthy individuals with more than $5 million in investible assets; 70% responded they use Facebook and social media site while 51 percent responded their Facebook accounts were for personal use, “”For the most part, high-net-worth individuals see social media as a personal activity rather than a business tool,” Network Solutions continues, “Using social media to target wealthy individuals is likely to be most effective for companies that sell a consumer product or service.”

If wealthy individuals do not use social media as frequently and on a personal level, what makes marketing a consumer product to them on Facebook a good idea?

“Wealthy Americans are similar to average users in the sites they’re spending time on – so you need to be on those sites, too.”

What this article and poll both reflect is how socially clueless most marketers are about their audience. Is the conversion rate higher for high-net worth individuals? Should your product even be aimed towards high-net worth individuals? Everyone and their mother is on Facebook and social media sites so trying to capture a potentially unconvertible audience with limited time for Facebook seems like a terrible idea. From the same poll 31.8 percent of the respondents said they have no time for social media or Facebook.

Want to target wealthy consumers? First figure out what you are trying to sell, then figure out why you are selling it.