Targeting wealthy people on Facebook — best practices and advice
You’ve overheard that the next target group for your Facebook campaign are high net-worth individuals.
But what does that mean and, how do you even approach them?
“High net-worth individuals” is just a fancy way of saying “rich people”; people with the means to purchase high-cost products or services like real estate or a new car.
Advertisers will often target people based on their occupation: C level positions, founders, management, decision-makers and so on. However, you’re relying on people that entered their profession into the “Work and Education” section of their Facebook profile. Not only that, but you’re relying on them keeping it up to date.
If we can’t rely on profile data, then how else can we target higher income earners?
We recommend targeting people based on what they do, not what they say they do. In this article, we will teach you not only how to understand them — we will teach you how to be and think like them.
Following are some targeting options to help you get your Facebook ads in front of high net worth people (aka rich folks). These targeting options work particularly well for promoting real estate, high-end motor vehicles and boats, business coaching etc. Pretty much any product or service that requires a bigger than average bank account.
1. High-end device users
First of all — PHONES! How many rich people, businessmen, entrepreneurs and celebrities have you seen not rocking the latest iPhone or Samsung Galaxy? That's right. See where we’re going with this?
On its own, targeting high-end devices isn’t necessarily an indicator of wealth. However, the fact is, wealthy people tend to have high-end devices. Combine that with other targeting options and it may help refine your audience. Samsung and Apple phones are pretty pricey. High-end device ownership will also vary from country to country. This audience targeting option might work well in emerging countries, for example.
2. ZIP code targeting
In every city around the world, there are wealthy areas and, there are not so wealthy areas. If you’re a local, you’ll be familiar with which ZIP codes, postcodes, region codes or whatever you call them, where it’s expensive to live. Armed with this knowledge, you can target people who live in these locations. We bolded that bit because you should select this option before adding in your zip codes. We’ve used Manhattan NY, as an example — think about it. Even if you’re not from the United States, you probably know that Manhattan is a high-end neighbourhood. Living there requires you to have a considerable budget. It’s the same for every other city — Los Angeles, Rio de Janeiro and even our very own Zagreb.
3. Frequent travellers
This is a “behaviour”. Think about all the times you were on a plane, and you saw a man or a woman in a suit with a briefcase typing away on their laptop. Those are exactly the people we are talking about here.
Facebook knows where you are unless you’ve turned off the Location option in app settings. We actually have no idea what the definition of “frequent” is, however, this behavioural targeting works in larger countries where it costs a lot to fly to another country. Australia is a perfect example. It may not be as effective in Europe for obvious reasons.
4. Interest Targeting
On its own, this might not be the most powerful targeting method. For example, a lot of people love Audi R8’s but that doesn’t mean they can afford one. However, when you combine multiple Interests along with other targeting options it will help you build a targeted persona. Think high-end fashion labels, motor vehicle companies, travel destinations, expensive beverages, yachting, hotel chains. Burger King lovers, doesn’t really sound like a place you’d see an important businessman does it?
Final thought
Think outside the box with this one and combine interests using the “and MUST ALSO match at least ONE of the following” option for increasing the volume of your target while still maintaining the necessary conditions your target has to meet.
If you’ve made it this far, We hope you’ve realized that the power doesn’t come from just one particular targeting option, the real magic comes when you combine multiple Facebook ad targeting options.
Keep this advice in your mind next time you have to run a campaign like this and believe us, both your customers and your business will be happy.
