Do You Know Who Your “Affluencers” Are?

Hope you don’t mind if we correspond via good old fashioned email. Much as we’d like to be tweeting you, we just can’t get this weekly rant off our chests in only 140 characters. Likewise, we love it when you respond (pro or con)--take all the space you need to share your thoughts.

Have you hear about this new demographic group called the Affluent Influencers (a.k.a. “Affluencers”)? We hadn’t either until iProspect’s latest research came across our radar this week. Affluencers have the financial means to make all manner of serious buying decisions for their personal and business lives. But, they also have wide followings, so when they green-light something, they influence many others and deliver “an exponentially larger total reach both in traditional, offline word-of-mouth, and in online/social space,” according to researchers.

For more on this topic, see last week’s post about knowing your WoMi (word of mouth score).

So who are Affluencers exactly? They’re about evenly split between Boomers, Gen Xers and Millenials and slightly more male than female. The common thread is that they have household incomes of $100K+, they’re well educated and they have the ability to affect the purchase decisions of others.

There’s a pretty good chance you have Affluencers on staff. Many of your clients and prospects fall into this group as well. You might want to look carefully at how you’re communicating with them. Here’s why:

• Millennials like to author and create content, while Baby Boomers like to listen and watch the Gen Xers prefer curating content and commenting in the social space
• Millennials are the most likely to engage via social media daily (57%), followed by Gen Xers (45%), and Baby Boomers (37%)
• Millennials are willing to pay for online news access, Gen Xers and Baby Boomers aren’t

The research looked at Affluencer values, preferences, and behaviors across the three generations of Millennials, GenXers, and Boomers. Though they share many commonalities, each generation also has unique needs, says the report.

• Millennial Affluencers are more likely to respond well to messages with social benefits (fitting in, being admired, etc.) while Boomer Affluencers are more focused on personal benefits.
• A substantial percentage of Millennial and Gen X Affluencers access the web regularly via their smartphones (69% and 58%, respectively), or their tablets (45% and 34%, respectively).
• A notable percentage of Affluencers regularly read print magazines (YES they read print) and are substantially more likely than their affluent but non-influential counterparts to read publications in the buying guide, cars/automotive, technology, and classified advertisements categories.

Researchers say Affluencers are respected “experts” because they are well informed and eat up buying guides, Q&A pages, advice columns:

• 90% of Affluencers research products and services online.
• iProspect research showed that 78% of Millennial and 66% of Gen X Affluencers use their mobile devices like a computer, checking e-mails and performing web searches.

The iProspect report suggests that marketers use research findings and company data to create highly targeted customer profiles. The study shows that:

• 50% to 65% of Affluencers (depending on generation) are always the first among their friends to try new products and services, making the concept of “NEW” an appealing message.
• 56% to 65% of Affluencers (depending on generation) are willing to spend money to save time, making efficiency a valuable benefit.
• Millennial Affluencers are more than four times more likely than Boomer Affluencers to create online content, making them much more likely to engage in participatory brand activities.

Macro View

Despite all the doom and gloom expected as a result of the partial government shutdown last month, sales and hiring actually accelerated in the service sector last month. U.S. payrolls advanced by 204,000 jobs last month, the Labor Department said today—almost double what economists were forecasting. It’s really not even worth tracking the official unemployment rate anymore since the feds claim it actually increased to 7.3 percent from 7.2 percent last month. More on that disconnect next week.

More good news, The Institute for Supply Management (ISM) said Tuesday that its service-sector index rose a full point to 55.4 last month—any reading above 50 is considered an expansion. The ISM index covers about 90 percent of the U.S. workforce, with heavy representation in financial services, healthcare, construction and retail. What’s more, the annual growth rates estimated for the U.S. recently came in at 2.8 percent in Q3—the fastest quarterly increase in output so far in 2013.

Conclusion

When it comes to reaching your target market, it’s not just connect with a single person, department or household; it’s about connecting with everyone who’s influenced by the decisions made by that person, department or household. As we discussed last week, good new travels fast, but bad news even faster. Choose you messaging carefully in this age of viral, exponential communication touch points.

More tips can be found on the FREE Resources page of our website.

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Tags: iProspect, affluent influencers, Affluencers, Institute of Supply Management, jobs report, Twitter 

Do Busy Professionals Have Time for Social Media?

Most will tell you it’s a ‘must do’, but tweeting and posting is just the tip of the iceberg. If you’re not carefully planning, adjusting and measuring the right things, then you’re just adding to the noise and making yourselves look worse



Chief Marketer’s recent survey of CMOs found that friends, followers, likes, shares forwards and retweets are still the most popular social media metrics. Why? Because they’re easy to measure. But, as Internet Marketing Report (IMR) revealed in today’s print edition, these easy metrics (we call ‘em McMetrics here at HB) just tell you how wide your reach is. IMR said leads and sales are far more accurate indicators of ROI. For instance, 60 percent of CMOs surveyed said they looked toward “friends, followers and likes” as indicators to measure social media success, but only 35 percent said they monitored qualified leads from social media and only 25 percent measured sales attributed to their social media platforms.

Communicating in a microwave society

And that’s a challenge, because technology is changing so fast. We’re so busy trying to keep up with technology that we’re not really becoming more effective communicators—let alone brand builders or reputation enhancers. “Our culture moves at warp speed, no question, the weekly or even daily news cycle long since replaced by an up-to-the-second Twitter feed of Facebook update,” wrote Sports Illustrated’s Richard Hoffer last week. “We said goodbye to thoughtful consideration the day we moved over to microwave popcorn.”

Fortunately Google Analytics and others will soon enable users to track how well their social media efforts are paying off in real e-commerce dollar terms. Disclosure: Our firm has no commercial ties or partnerships with Google.

Companies that enable the e-commerce tracking feature on their free version of Google Analytics will soon be able to produce a “social value report” that shows conversions or sales that came directly from visitors to your social media site and “assisted conversions” that come within a set interval (say 30 days) of when a visitor interacted with one of your social media pages.

As Hugh Duffy, head of a practice development firm for CPAs noted on his blog last week, time is one of the biggest resource investments you have to consider when embarking on a social media strategy. Citing research from my good friend, Rick Telberg, of Bay Street Group Research Duffy noted there’s a strong correlation between high performance and technology adoption at firms.

To do it well, it will take up a great deal of your organization’s time and energy to launch it, maintain it and perfect it. But will it bring you more business? And how long do you keep trying until you know whether or not you’ll be successful at developing a meaningful and profitable online presence?

Only you and your colleagues can be the judge? But before you start throwing stuff on the wall to see what will stick, you must have a clear timeline, clear assignment of responsibilities and clearly defined success metrics that everyone can buy into. That way you’ll know when it’s time to ramp up or clean up the mess, if it’s just not working out.

Your clients and stakeholders are depending on you. They’ll respect you for trying new ways to reach them. And they’ll respect you even more for not throwing good money (and time) after bad when it becomes apparent that some of your social experiments may not be their cup of tea.

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Blogging Remains Top B2B Content Marketing Tactic

Whatever is old is new again. Timeliness and relevance still reigns in this instant message, zero-attention span environment.

What’s the top B2B content channel to support your primary marketing objectives? Facebook? Twitter? Youtube? Webinars? Actually it’s blogging, the good old fashioned workhorse of business thought leadership, according to a new Focus Research report on the challenges and priorities of B2B marketers.

According to researchers, nearly two in five (39%) B2B marketers cited Blog Posts as their No. 1 type of content to support their primary marketing objectives. Webinars and Virtual Events came in next, cited by 38 percent of respondents, followed by Industry Whitepapers (31%), Videos (23%) and Data-Driven Research Reports (20%).

OUR TAKE: This research shouldn’t surprise you. In today’s fragile “wait and see” business climate, sales cycles have gotten longer. That’s increased the need to keep your prospects engaged during the consideration phase of the sales cycle. To that end, smart marketers are providing valuable content to decision-makers and influencers at their target customers. Blogs have been particularly successful as they can be updated and delivered much faster than a webinar, video or white paper—but with a lot more “meaty content” than a banal twitter post or Facebook “like.”

Blogs drive traffic and search results

Hubspot’s latest study shows that the number of companies actively blogging has grown to 65 percent today from 48 percent in 2009. Here’s why. Researchers found that companies that blog have 55 percent more visitors, 97 percent more inbound links and 434 percent more indexed pages than companies that don’t blog.

But, I’m not a writer

You don’t have to be a journalist—or hire one on staff—to create a meaningful blog for customers. You just need to show customers you understand their pain points and can help them solve their problems. If you understand your market, you’ll never run out of material. You can alternate an opinion post one week with a customer testimonial the next week, with an employee (or product) spotlight the next week with a short how-to article the next. Still not enough? Then try linking out to articles or research in the trade publications your prospects follow and then comment on the article with your authoritative spin on whether you agree or disagree with the findings.

“Blogs are a great way to get your name out there as a thought leader—and search engines love them, Bill Sheridan told us over coffee the other day. Bill is the editor and electronic communications manager of the Maryland Association of CPAs a very progressive professional society when it comes to connecting with members in this electronic age.

So don’t worry about being a writer, or even a hotshot blogger. Just be the expert in your target niche and if nothing else, be the best friend of your customers, prospects and decision-influencers at your target companies. Give them some ammunition to convince their boss, CFO or board and they’ll be your advocate for life.

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Don’t Sweat the Stock Market, Sovereign Debt crisis or Jobs Report

There’s lots of work to be done and companies are spending money. They’re just not hiring full-timers to do it. Be wary of over-weighting your marketing portfolio on Facebook.

It’s a lazy, muggy Saturday in August. Like millions of American’s we’re headed to the airport, but not for vacation. We’re on our way to a hot, landlocked Midwestern city for the start of a client’s biggest annual convention. That’s right. It kicks off on the first Saturday in August, goes full tilt first thing Sunday morning and extends only into Monday for most attendees. Perhaps it’s a sign of the times, but more and more B2B event organizers have realized that to attract a crowd in this zero-job-security economy, they’ve got to minimize the amount of time attendees spend out of the office. And they better stress the educational and business development parts of the conference, and de-emphasize the aura of a drunken social junket.

We’re not going to spend much time here re-hashing yesterday’s jobs report and the roller coaster week on Wall Street. From a glass half full perspective, it wasn’t so much the 120,000 new people added to American payrolls last month, it was the breadth of the new jobs, as many sectors—not just one or two-- showed some initial signs of hiring activity. Are we worried about the bloodbath on Wall Street which essentially wiped out the entire year’s worth of gains in 2011? Not so much. The market has long been decoupled from the overall economy as corporate earnings are more a factor of (a) low interest rates; (b) relatively easy access to credit and (c) the ability to sustain operations with fewer employees which improves the bottom line.

NOTE: None of the aforementioned factors are sustainable in the long term—especially doing more with less, as frustrated underappreciated workers will bolt for the doors when the job market eventually improves. While many are concerned about the debt ceiling right now, we’re more concerned about the “Great Brain Drain” that will eventually devastate companies who don’t start taking better care of their burned out talent.

OUR TAKE: If you’re a savvy B2B marketer, business are being very selective about how they spend their dollars for advertising, capital improvements, technology and raw materials, but they ARE spending—and they’re doing so at a healthier clip than individual American consumers. Our advice, be just as selective about who you target and fortunately there are a great many tools out there to help you stay hyper focused on the best prospects for new business.

If you’re waiting for us to start trumpeting the merits of mobile and social media, you’ll be disappointed. There are hundreds of thousands of other blogs you can spend time with. We just want you to be smart about how you use these widely publicized, albeit hard to measure tools. And just like the financial advisors whose balanced portfolio approach will successfully guide their clients through the latest financial crisis, you don’t want your marketing portfolio too heavily invested in any single channel.

Face the facts about Facebook

New research indicates that Facebook shouldn’t automatically be the linchpin of your social media strategy. Data from ROI Research, Inc. found that companies who actively use social media found Twitter more effective than Facebook for getting your customers/followers to talk about your product or service, recommend it to friends and buy it. ROI researchers found Twitter to be 13 percent more likely than Facebook to induce followers to attend your promotional or sponsored event; 12 percent more likely to talk about your company or product; 6 percent more likely to recommend your company or product and 12 percent more likely to link to an ad for your company or product.

And that’s not all. Upstart StumbleUpon.com recently unseated Facebook as the No.1 social media site for referring traffic to other website, according to the web analytics firm, StatCounter. If you haven’t checked it out yet, StumbleUpon.com is a search engine that finds and recommends videos, articles and other web-based content to you based upon your tastes and the interests of your peers.

Finally, a Smartbrief poll on Social Media found that marketers and others interested in social media in business say their companies have not lost money because of social media, but more than 25 percent said they “spent too much on maintaining a social presence for the level of return we’re seeing.” Another 3 percent said they lost money because of legal issues, leakage of sensitive information, or brand damage.

Bottom line. You need to use the tools that most effectively connect you to your clients, customers and prospects for the long-term. You don’t need to be cool for the sake of being cool. Don’t be afraid to experiment. But just like investors who chase the latest fad, marketers who chase the latest cool communication tools without carefully weighing its merits and pitfalls will get burned in the long run.

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Internet Viewership Catches Up to TV

Income still a factor in digital divide. Twitter use overstated?

While many have predicted that the Internet would inevitably become the most-watched communications medium some day, a new Forrester Research study confirms that day may be already here. The average U.S. household watches 13 hours weekly of traditional broadcast TV, equaling the same amount of hours spent online, according to Forrester. The report, released Monday, bases the findings on Forrester's survey of more than 30,000 consumers.

As you might expect, Gen Yers, ages 18 to 30, spent equal or more time with the Internet, and for the first time, Gen Xers ages 31 to 44 followed suit. Younger Boomers, ages 45 to 54, also now spend an equal amount of time with both media. Researchers said the amount of time spent watching TV has remained constant in the past five years, but Internet use has risen 121 percent since 2005.

Our take? It’s not so much the device, it’s the convenience factor of the web and the feeling of control. Consumers (and business decision makers) aren’t going to be told what to watch and when. They’ll consume it on their own terms--if you're relevant.

Look at mobile for instance. The percentage of mobile users who report texting on a monthly basis jumped from 61 percent from 54 percent, with an increasing amount of older users communicating beyond phone calls. In fact, one in four online mobile owners now log on to the mobile Internet. More than one-third of Gen Yers online mobile consumers connect at least monthly. About 200 million consumers now access their Facebook pages through a mobile device globally, according to Forrester.

The Forrester study found nearly one-quarter of U.S. interactive marketers plan to pilot mobile search programs in the next 12 months. Meanwhile, as Online Media Daily reported yesterday, the convenience of “search anywhere, anytime” has become a major attraction for mobile users. About 16 percent of online mobile users now use their mobile phone to check news, sports, or weather, and 13 percent look up directions or maps. When Forrester analyzed individuals who access the mobile Internet at least weekly, the numbers skyrocketed to 60 percent and 52 percent, respectively. Researchers indicate news, stocks and sports scores are what they’re seeking most although we suggest they’re not looking at music, event tickets and adult entertainment. Most telling for us is that the heaviest mobile users are most likely male and college-educated, and their average household income is more than $92,000.

So the web, for all its open access, democratization of the world’s information remains tilted toward the more affluent and better educated members of the populace. Internet usage still tilts toward the affluent and the well-educated.

Household income remains the greatest predictor of Internet use for Americans, according to a recent study by the Pew Research Center. In both their access to and use of the Internet and a suite of other technological devices and applications, households earning more than $75,000 a year significantly outpace lower-earning households, particularly those making less than $30,000 a year.

While 95 percent of high-income households use the Internet at home in some fashion, just 57 percent of the poorest do. The well-off are also more likely to own cellphones, computers, e-readers and other entertainment devices.

Unsurprisingly, the wealthy engage in online commerce and search for health information more often. However, while there is relatively little disparity across income brackets for consumption of television and print news sources, the richest households are more than twice as likely as the poorest to read online news.

“The correlation between income and participation in many Internet activities might be expected,” said Jim Jansen, a senior fellow at Pew. “What is surprising is the scale. It really shows the impact that income has on leveraging the advantages of the Internet.”

OMG! Who uses twitter?

A new study released this week by the Pew Research Center found that only 8 percent of Americans who were active on the Internet are enthusiastic users of twitter and only about 2 percent were extremely active/daily users. This compares to 74 percent of adult Americans who actively use the Internet. Among the highly active, they check in several times a day to see primarily what new content has been posted. As expected, the heaviest users were techies, marketers and young urbanites, but surprisingly, Latinos and African Americans were twice as likely as whites to use it – Pew did not have an explanation for that and that would sure balance the research pointing to the affluent hogging their share of the world’s bandwidth.

So, what’s all this mean for B2B marketers? It means your customers (and their bosses) need a compelling story about what makes your product/service so great. You need a story that works as well in words and pictures as it does in video form and on a mobile device. You need a story that’s stays fresh and relevant, but at the same time, can be told as well next Thursday or three weeks from today as it can right now.

Next time we’ll talk about thought leadership content that’s dynamic and real-time yet has sustainable shelf life. It ain’t easy, but what really is these days?


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