The other day I was chatting (via email) to one of our LeadSync customers, she was trying to target high net-worth individuals with one of her facebook lead ad campaigns. High net-worth individuals is really just a fancy way of saying “rich people”; the folks with the means to purchase high cost products or services like real estate or a new car.
It occurred to me that this is something I’ve done regularly when running Facebook Ad campaigns in the past for clients, and something many businesses struggle with.
Often advertisers will try targeting people based on their occupation: CEO’s, CMO’s, Founders, to name just a few examples.
This is all fine, in theory, however, you’re relying on people having entered their profession into the Work and Education section of their Facebook profile. Not only that, we’re relying on them keeping it up to date.
When writing this post, I checked my own Facebook profile. I hadn’t updated it in 3 years. When was the last time you checked or updated yours?
If we can’t rely on profile data, then how else can we target higher income earners?
I believe it’s best to target people based on what they do, not what they say they do – there may be a life lesson in there somewhere 😉
Following are some targeting options to help you get your Facebook ads in front of high net worth people (aka: rich folks).
These are all set at the Ad Set level and the real power is in combining them to laser target your audience:
- Target “Frequent International Travelers”
This is a “behavior”. Facebook knows where you are unless you’ve turned off the Location option in app settings. I have no idea what the definition of “frequent” is, however, this behavioral targeting has worked for me in the past 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.
- High-end device users
On its own, targeting high-end devices isn’t necessarily an indicator of wealth. However, combined with other targeting option, it may help refine your audience. The latest 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.
- ZIP Code / Post Code Geo-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. I bolded that bit, as that’s the option you should select before adding in your zip codes. I’ve used Manhattan NY as an example but being from Melbourne, Australia, I’m not sure if these ZIP codes are accurate – and rightly or wrongly – I’m assuming anyone who lives anywhere in Manhattan is wealthy.
- Demographics > Financial > Income (US Only)
Further to the above, there is an option (at the time of writing) to target the top income ZIP codes in the US. Depending on your Facebook Ad account location, you may see other options here.
- Interest Targeting
On its own this might not be the most powerful targeting method. For example, I love Audi R8’s but that doesn’t mean I 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… Kopi luwak coffee drinkers. Think outside the box with this one and combine interests using the “and MUST ALSO match as least ONE of the following” option.
- People who prefer high-value goods
This option is only available in 13 countries and doesn’t include the US, Australia or Europe and the UK. I’m not even going to try to guess why these countries made the cut, however, this is a targeting option worth testing if your audience is in one of these lucky countries.
- Facebook Payments Users
While not available in all countries, the “Facebook Payments users (higher than average spend)” lets you target people who have transacted using, you guessed it, Facebook Payments. I’m uncertain as to how popular Payments is, so throw this one in the mix for testing in your campaigns.
- Business Page Admin >
Another targeting option that can be powerful when combined with others, is the Business Page Admin behavior. Take one part Business page admin, AND one part Frequent international traveler, and you may have identified a high net-worth business owner.
- Find People Who Shop Online
If you’re selling expensive stuff online, then you might try adding “Engaged Shoppers”, found under Behaviours >Purchase behavior. This way you’ll know your ads are getting in front of people willing to shop online.
If you’ve made it this far, I hope you’ve realized that the power isn’t in any one particular targeting options, the real magic comes when you combine Facebook ad targeting options.
For a map of all the targeting options available in Facebook Ads, check out our Facebook Ads Targeting Guide.