I am in Fort Lauderdale today at the W Hotel to give a presentation to the Atlas Lawyers Group on how to use social media in your law practice. The hotel is splendid, right on the water, with every amenity you could ask for – no doubt the new target niche of Mass Affluents that Nielsen has defined would be right at home here.
Nielsen says that Mass Affluents are households with income producing assets between $250,000 and $1 million (excluding real estate). Almost 13 million homes are classified as Mass Affluent, which is 11 percent of the U.S. household population.
As Nielsen notes:
Mass Affluents are difficult for marketers to reach. They have a distinct lifestyle from the rest of the nation in terms of media consumption, technology adoption, financial attitudes and—most important to financial institutions—preferences for financial products and services. To win over this group, marketers will need to understand how to sub-segment the types of households within this group, as well as develop new products and services, differentiated messages and varied channels to serve them.
Some highlights of the Mass Affluents are:
- Two-thirds are over 55 years old
- Most are couples without kids or empty nesters
- They own their own homes and often live in suburbs
- They work in Finance, Business and Management careers, or own their own business
- They are avid readers of newspapers, trade journals, travel and home-related magazines
- They possess multiple investment accounts including 401K, IRA, CDs and hold a fixed mortgage
- They are adopters of high-end technology like digital recorders, video game consoles, smartphones and tablet devices
- They do not think of themselves as rich
If your law firm targets this wealthy subset of American consumers, I suggest you download the full Nielsen report on Mass Affluents (it’s free) that provides useful information on targeting strategies for your law firm marketing plan.
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