Who are “Affluencers” and why should small business owners care? The most recent Ipsos Affluent Survey has identified a subgroup of affluent consumers who have outsized influence on others’ purchasing decisions.
Dubbed Affluencers (a combination of affluent and influencer), these consumers have huge potential to positively affect how others perceive your brand.
Let’s learn who the Affluencers are, what purchases they influence, and how a small business can influence them.
Who are the Affluencers?
Ipsos defines “affluent” consumers as adults with $125,000+ in annual household income (the top 16 percent of American households).
The median age of affluents is 46 and their median household income is $178,200.
A whopping 71 percent of affluent consumers are Affluencers.
Younger people are more likely to be affluencers: 81 percent of millennial affluents, 70 percent of Generation X affluents, 64 percent of baby boomer affluents and 57 percent of senior affluents are Affluencers.
The face of affluent consumers is increasingly diverse. More than one-fourth of affluents are nonwhite; 17 percent speak another language at home; and 6 percent identify as LGBT.
What do Affluencers influence?
Affluent consumers have long driven trends in luxury and high-end products, but the influence of Affluencers goes beyond luxury to be felt in nearly every category. They spend more than non-affluent consumers and affluent consumers impact the following areas:
- Alcoholic beverages
- Art and collectibles
- Children's apparel/accessories
- Computers, electronics and home entertainment
- Home decorating/remodeling
- Leisure/entertainment/dining out
- Men's apparel and accessories
- Personal care and wellness
- Skincare, cosmetics and fragrance
- Sports/athletic equipment
- Watches and jewelry
- Women's apparel and accessories
Why are Affluencers so influential?
Affluencers wield influence because:
- They make a disproportionate amount of purchases.
- They’re trendsetters. Affluencers are early adopters of everything, from technology and fitness trends to restaurants and obscure travel destinations.
- They’re a source of advice for friends and family considering purchases. Nearly all Affluencers (97) say people “often” ask them for purchasing advice, and half influence others’ shopping and purchasing behavior in five or more categories.
How can you influence the Affluencers?
Affluencers are a powerful target market for businesses to leverage, Ipsos notes. Seven in 10 U.S. marketers say influencer marketing budgets will increase in 2018, and 89 percent of survey respondents believe influencer marketing can positively impact how people feel about a brand.
Influencer marketing pays off. On average, businesses generate $6.50 in revenue for each $1 spent on influencer marketing, Business2Community reports.
So how can you reach Affluencers? Think media. The average Affluencer consumes far more media than non-affluents or affluents—their readership of both print and digital publications increased over 9 percent from the prior survey.
What’s surprising is the strong reach of traditional media for the Affluencers. TV is their No. 1 media source, followed by the web, mobile apps, printed magazines/newspapers, social media, traditional radio, digital magazines/newspapers, and podcasts. For comparison, 97 percent watch TV, 77percent listen to radio, 72 percent use social media, 48 percent read digital editions and 15 percent listen to podcasts.
In addition, 26 percent of Affluencers “like” brands/products on social media, primarily because:
- It’s something they want to buy soon or already use
- It’s something they want updates/information about
Tips to influence the Affluencers:
- Reach out to Affluencers via the media they prefer. This will differ based on what you’re selling and your target Affluencer niche (technology vs. travel, boomers vs. millennials).
- Share useful information that helps them assess a possible purchase. Affluencers do a lot of research before buying.
- Appeal to their desires to be “the first” to have the coolest, newest thing.
- Once they’ve purchased from you, maintain an ongoing relationship and collect as much data as you can.
- Harness their power as referral sources to get new customers.
- Enlist them to help promote your brand with online reviews or social media mentions.
Want to dig deeper into data on the Affluencers? Check out the full presentation.
Related Content: The Dos and Don’ts of Connecting with Influencers Online
Rieva Lesonsky is CEO and Co-founder of GrowBiz Media, a custom content and media company focusing on small business and entrepreneurship, and the blog SmallBizDaily.com. A nationally known speaker and authority on entrepreneurship, Rieva has been covering America’s entrepreneurs for more than 30 years. Before co-founding GrowBiz Media, Lesonsky was the long-time Editorial Director of Entrepreneur Magazine. Lesonsky has appeared on hundreds of radio shows and numerous local and national television programs, including the Today Show, Good Morning America, CNN, The Martha Stewart Show and Oprah.
Lesonsky regularly writes about small business for numerous websites and for corporations targeting entrepreneurs. Many organizations have recognized Lesonsky for her tireless devotion to helping entrepreneurs. She served on the Small Business Administration’s National Advisory Council for six years, was honored by the SBA as a Small Business Media Advocate and a Woman in Business Advocate, and received the prestigious Lou Campanelli award from SCORE. She is a long-time member of the Business Journalists Hall of Fame.
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