6 Strategies to Target Rich People on Facebook
Targeting rich people on Facebook is all about reaching the right audiences.
In this article, we will look at six effective ways and methods for targeting rich people on Facebook.
How to Target Rich People on Facebook
To effectively target a wealthy audience on Facebook, businesses should use wealth indicators, interest-based and lookalike audience targeting, psychographics, geo-target affluent areas, and tailor ads to appeal to high-value customers.
1. Using Facebook's Wealth Indicators
According to Meta, relative wealth indicators have been generated for nearly 100 countries worldwide.
Using Facebook's wealth indicators allows companies to identify and target users with significant purchasing power.
Income-level targeting narrows down the audience to those within the top-tier income brackets, increasing the likelihood of engagement with content promoting luxury goods.
Focusing on property ownership and investment behaviors gives businesses an edge by aligning their advertisements with the interests of property-savvy individuals and investors.
Here are some ways to use Facebook's Wealth Indicators:
1. Use the Relative Wealth Index
Facebook's RWI shows which areas have more money, so businesses can focus their marketing there.
2. Use Facebook Insights
Facebook Insights gives businesses data to see who's looking at their stuff, what's working, and how to make their marketing better.
3. Use Facebook Audience Insights
This tool shares data about the people who see a business's stuff, so businesses can understand their customers better.
4. Use High-Resolution Population Density Maps
Facebook's maps help businesses know where lots of people live, so they can market in busy places.
5. Use Crime, Inequality, and Public Health Data
Facebook's Data for Good project provides information about crime, inequality, and public health. It helps businesses choose where to market based on these factors.
By using these tools, businesses can create targeted marketing campaigns that reach the right audience.
2. Interest-Based Targeting
Interest-based targeting hones in on users who follow luxury and high-end brands, indicating their affinity for premium quality and exclusivity.
This allows businesses to reach people who already have a taste for luxury items, making it more likely that they'll be interested in what you offer.
According to Interest Explorer, Facebook's interest-based targeting is important for advertisers of any size, but especially for smaller advertisers.
Furthermore, segmenting users based on their interests in investment and finance can position financial services and high-value products directly in front of potential wealthy clients, connecting your offerings with their financial goals and aspirations.
For instance, Mercedes-Benz's Facebook ads are strategically designed to showcase the brand's luxury vehicles and innovative features, making it more likely that affluent individuals will be interested in what Mercedes-Benz offers, as these ads resonate with the preferences and lifestyles of high-net-worth consumers.
3. Lookalike Audiences
Precision in implementing lookalike audiences means using existing customer data to discover new prospects who resemble your top customers, helping you find people who are similar to your most valued buyers.
According to AdEspresso, when creating a Facebook Lookalike Audience, you can choose between 1% and 10% of the total population in your chosen target country, with 1% being those who most closely match your source.
Fine-tuning lookalike parameters for affluent traits boosts targeting precision, reduces ad spend, and improves conversion rates, directing your marketing toward potential customers likely to convert.
Here are some examples of how to use Facebook Lookalike Audiences:
1. Use Customer Data
Upload your customer email list to Facebook Ads Manager to create a Lookalike Audience with similar traits.
2. Use Website Traffic
Install the Facebook pixel on your site to track visitors and create a Lookalike Audience based on their interests and behaviors.
3. Use Engagement
Create a Lookalike Audience from people who engage with your Facebook page or posts, including likes, comments, and shares.
4. Use Conversions
Make a Lookalike Audience from those who completed actions on your website, like purchases or form submissions.
5. Use Demographics
Create a Lookalike Audience based on specific demographics like age, gender, location, or interests.
6. Use Facebook Audience Insights
Learn about your customers and their interests through Audience Insights to build a Lookalike Audience with similar interests and behaviors.
By using these strategies, businesses can create highly targeted Lookalike Audiences that are more likely to convert.
4. Psychographics
Psychographics is the study of consumers based on their activities, interests, and opinions (AIOs), according to CB Insights.
Going beyond demographics to psychographics provides deeper insights into the lifestyles, hobbies, values, and philanthropic endeavors of affluent audiences.
This data allows brands to create more resonant and personalized marketing messages that align with the personal identity and beliefs of wealthy individuals.
For instance, Dom Pérignon's Facebook posts show that they make exclusive and high-quality champagne, which appeals to rich people who appreciate luxury and fine taste.
This makes wealthy individuals more likely to be interested in what Dom Pérignon has to offer.
5. Geo-targeting Affluent Neighborhoods
According to Madgicx, Facebook's geo-targeting allows businesses to target specific audiences based on their country, city, or zip code.
Geo-targeting affluent neighborhoods ensures that storytelling and marketing efforts are seen by users in areas known for wealth, enhancing the relevance and effectiveness of advertising campaigns.
Additionally, location-based targeting can highlight exclusive events and experiences that resonate with the luxury lifestyle, creating a sense of community among the elite.
Here are some tools and platforms that can be used for geo-targeting:
1. Facebook Ads Manager
Businesses use Facebook Ads Manager to create targeted ads based on location, interests, and demographics, allowing them to focus on specific affluent neighborhoods.
2. Geolocation API
Marketers use the Geolocation API to gather location data from users' devices, helping tailor campaigns to target specific geographic areas for more effective messaging.
3. OptinMonster
OptinMonster helps eCommerce retailers and content publishers display location-based campaigns, increasing lead generation effectiveness.
4. Sizmek
Sizmek offers geo-targeting with dynamic creative optimization, allowing personalized content delivery based on user location.
5. MediaMath
MediaMath is a programmatic advertising platform with geo-targeting features for optimizing ad performance and ROI.
6. GroundTruth
GroundTruth is a mobile location targeting platform for real-time customer reach, offering proximity, on-premise, and neighborhood targeting.
By using these tools effectively, businesses can increase the relevancy and effectiveness of their messaging, resulting in higher conversion rates and ROI.
6. Tailoring Ad Creative
Tailoring ad creatives for affluent preferences involves crafting campaigns that embody elegance and aesthetic sophistication, reflecting the high standards of the target audience.
Ads that convey value propositions aligned with rich expectations stand out as they speak directly to the desires and needs of the high-net-worth segment.
According to Klient Boost, Facebook's ad creative should be visually appealing and eye-catching to grab users' attention by scrolling through their feeds.
For instance, Dom Pérignon's Facebook posts showcase elegance and aesthetic sophistication, perfectly mirroring the discerning taste and high standards of their target audience.
Wrapping Up: How to Target Rich People on Facebook
Effectively targeting a rich audience on Facebook requires the following:
Facebook's Wealth Indicators
Interest-Based Targeting
Lookalike Audiences
Psychographics
Geo-targeting Affluent Neighborhoods
Tailoring Ad Creative
When executed correctly, these strategies can lead to successful engagement with a demographic with significant purchasing power.
