How To Target Wealthy Individuals With Facebook Ads
For most Digital Marketing Professionals, targeting wealthy individuals with Facebook Ads has been one of the most challenging aspects of their job.
They are older and have a higher income level, as well as the amount of an average purchase check carried out online.
And then the issue of finding the right audience is thrown into sharp relief.
- 1 How to Target Wealthy Clients on Facebook 2020
- 2 Facebook Ads Targeting: High-End Device Users
- 3 Disadvantages of Targeting High-End Device Users
- 4 Facebook Ads Targeting: Frequent International Travellers
- 5 Facebook Ads Targeting: Small Business Owners
- 6 Facebook Ads Targeting: Office Workers of Class «А» Business Centers
- 7 Facebook Ads Targeting: Residents of Housing Communities
- 8 Facebook Ads Targeting: Online Buyers
- 9 Facebook Ads Targeting: Engaged Shoppers
- 10 Facebook Ads Targeting: Luxury Fans
- 11 Facebook Ads Targeting: Restaurants Lovers
- 12 Wrapping Up
- 13 Final Note
How to Target Wealthy Clients on Facebook 2020
In this article, we will consider different ways on how to target wealthy individuals and customers on Facebook with Facebook ads in the Facebook Ads Manager, as well as the criteria of solvency for each of the ways.
The following are how to target high-income individuals with Facebook ads:
High-end device users
Frequent international travellers
Small business owners
Office workers of class «A» business centres
Residents of housing communities
Online — buyers
Facebook Ads Targeting: High-End Device Users
Facebook can hatch which device (computer, phone or high-end tablet) and of which brand (Apple, Samsung, Techno, etc.) a user login into a social network with. In such a simplest way, we have got a chance to reach owners of devices of a specific brand as we are mostly interested in the owners of Apple phones per campaign objective.
Perhaps, targeting iPhone users is the most popular solvent audience finding. Everything is straightforward: if someone has an iPhone which means that he has funds. Hence, a good method to target wealthy clients on Facebook.
And, it must be confessed, that such an attitude is working also in other countries (for example, through targeting iPhone owners after many unsuccessful efforts I managed to get first sales promoting cosmetics for ladies with the cost above the average in the United States).
Disadvantages of Targeting High-End Device Users
To every advantage comes with a disadvantage. And targeting iPhone users are not different. Because this setting on the solvent audience has such popularity, the final price of a click at the advertisement is much higher than the average. In other words, this kind of targeting is overheated as competition is high.
Also, you should note that not every iPhone users are a big spender. An iPhone can be purchased on credit as an indicator of status or prestige. As an add-on, while targeting, try to also focus on the owners of recent and penultimate phone models. As a rule, it gives good results.
How to settle
Let’s review options available in the Facebook solvent audience of New York residents of both gender and owners of the recent iPhone models. In the targeting settings we choose «Behavior — Mobile device user — All the mobile devices of this brand — Apple», and then we should choose those iPhone models the users of which we are interested. At the moment of writing of this text the recent and penultimate models of iPhones are:
- Apple iPhone X
- iPhone 7 Plus
- And iPhone 7
Furthermore, in the geo-targeting section, we select New York. We set a lower age gate on 25 years old, as people younger than this age have significantly lower purchasing power. Higher Facebook age-gate we do not limit. We will indicate them as residents.
Note that setting a Facebook lower age gate of 13 might be a fruitless effort as your ads will be served to audiences who are not able to make a purchase decision.
Based on the targeting, we get the solvent audience of New York residents with an estimated potential reach of 1 400 000 people.
Facebook Ads Targeting: Frequent International Travellers
Why we are interested in frequent international travellers? That is right! This is a powerful criterion of solvency. If a person frequently travels abroad, that implies that he can afford it.
Facebook always tracks its users by analyzing a huge amount of data.
For example, tracking GPS-location and IP-address from which a user comes online Facebook understands that if this data is the same within 2 weeks in the evenings this location is a house of this particular user.
Also, the mechanism of frequent international travellers detection is working. If a user has gone abroad several times for the recent half a year (following the data of GPS and IP-addresses from which he entered Facebook), in this case, this individual is accorded the status of a person who regularly travels abroad.
How to settle
Let’s review the number of all the Facebook users in Warsaw older than 25 years old who have been abroad for recent half a year.
In the detailed targeting section, we choose «Behavior — Travels — People who regularly travel abroad». Then, at the Facebook ads, specify a city and a lower age gate.
This results in an audience of Warsaw residents that frequently travel abroad with the potential reach of 190 000 people.
Facebook Ads Targeting: Small Business Owners
As a rule of thumb, successful businessmen are people with a steady stream of income. There is a huge opportunity in Facebook to target business owners or rich customers on Facebook who owns a small business. Employing this targeting, we can find those users that pointed out that they are owners of small enterprises or have Facebook pages of small enterprises.
Still, this Facebook Ads Targeting method has a few downsides because of which the audience that we get will be rather narrow.
1. Not everyone who owns a small business point in Facebook the fact of ownership.
2. Not everyone who owns a small business has pages of enterprises on Facebook.
However, this kind of Facebook audience targeting has its right to exist and it is obligatory shall be tested.
How to settle
Let’s target all the Berlin residents within the ages of 25+ years old that highlighted in Facebook that they owned small enterprises.
In the detailed targeting settings, we choose «Behavior — Online actions — Owners of small enterprises».
This gives an estimated audience of 58 000 people.
Facebook Ads Targeting: Office Workers of Class «А» Business Centers
Business centres of class «А» differ from business centres of other classes of the high level of the rental rate. Location, repair quality, and infrastructure allow landlords of these business centres to hold the maximum rental price and those companies that rent premises in such business centres can afford it.
We are interested in targeting workers of the companies that rent offices inexpensive business centres. Perhaps, the salary level in such companies is above the average. That is why workers in the offices of class «А» business centres will be considered as a criterion of solvency.
How to settle
In search engines, search the phrase «class «А» business centres» in “your city” is possible to find websites of real estate agencies that provide offices for rent in such business centres. On the website of the agencies, you find a list of business centres with addresses. We take these addresses and deploy them for geotargeting and on a map around the pin that shows the address we outline the radius of 1 km.
As an example, we will find all the office workers of Moscow-City business centres with the age of 25+ years old.
Then, in the detailed targeting settings on a map of Moscow, we will mark with a pin a region with a coverage of 1 km. In such a way, we can include all the skyscrapers of the Moscow-City business centres into this radius.
This gives an estimated audience of 88 000 people.
Facebook Ads Targeting: Residents of Housing Communities
The income rate of the housing community residents is predominantly above the average. Families that live in housing communities own one or more automobiles. The fact of living in a housing community is almost the absolute criterion of solvency.
How to settle
Firstly, identify the address of housing communities and districts with private houses near your geographical location.
If necessary, we can also sort out housing communities by the class of residence to enable us to deploy audience segmentation with the targeted audience per the income level:
Elite-class — executives of huge companies, top-manages of enterprises, owners of the business;
Business-class — business unit supervisors, private entrepreneurs (owners of the medium-sized business).
Economy class — middle-rank managers, highly qualified specialists.
Therefore, we take the necessary addresses of housing communities and use them for geotargeting putting pins on a map and outlining the required radius depending on the area of the communities.
As an example, let’s find the residents of the housing communities near Moscow
In the detailed targeting settings, we will input pins on a map and choose the required radius of the territories. We have got such a result, but if required, you can expand the area of coverage.
Let’s set the minimum age target to 25 years old. It is important to point in targeting that we target residents (or as Facebook calls them «living in this place»). The result of the solvent audience we get is 27 000 people.
Facebook Ads Targeting: Online Buyers
One more criterion of solvency linked with purchases — the unique interest of a user to online shopping. Facebook determines the user’s interest in online shopping through certain actions such as likes to advertisements or internet-shops pages on Facebook. These could be products or services.
How to settle
As an example, let’s review available in the Facebook solvent audience of Paris inhabitants (females) older than 25 years old who are a fitness enthusiast and are interested in online shopping
In the detailed targeting settings, we choose «Interests — Shopping and fashion — Shopping — Online shopping».
Set a lower age gate of 25 years old, narrow the audience with the help of the setting «Interests — Fitness and wellness — Physical Fitness» and get the audience of 430 000 people.
Facebook Ads Targeting: Engaged Shoppers
Targeting online buyers as highlighted above is amazing and often works very well but all the same, this is a method of passive buyers targeting who just show interest to available offers, but do not carry out desired actions. How then can we target directly wealthy people with Facebook ads who are ready to make or who are already making some purchases (Facebook ads engaged shoppers)? That is right, Facebook Audience targeting has a behavioral response which is called involved buyers.
Facebook users who in the last week saw an advertisement for some of the online shops and pressed the call for the action button “Shop now” are Involved Buyers. They are users that made a purchase, as well as those who went to the online-shop website to study an offer get here.
How to settle
Let’s review available in Facebook target audience of involved male buyers from Russia with the age of 25–34 years old that last week in the advertisement clicked the button “Shop now”.
So, in the detailed targeting settings, we choose «Behaviors — Purchase Behavior — Engaged Shoppers».
Then set the gender to male, age of 25–34 years old and get the solvent audience result of 270 000 people.
Facebook Ads Targeting: Luxury Fans
Luxury is a market segmentation of luxury items and lux-premium services. Consumers of luxury items, beyond all doubt, are buyers with high buying capacity. Hence, there is an opportunity available to Facebook Advertisers to target the audiences showing interest in the luxury products or services.
How to settle
Let’s review the available option in the Facebook audience of female buyers from Los Angeles with the age of 35–55 years old that show interest to luxury items.
In the detailed targeting settings, we choose «Interests — Shopping and Fashion — Shopping — Luxury goods». But remember that these criteria are not behavioral. The implication is that this kind of targeting includes those users who are interested in the offers of pages that represent luxury-brands and those who are subscribed to the pages of such brands.
Also, set gender to female, age of 35–55 years old, and get the solvent audience estimation of 370 000 people.
Facebook Ads Targeting: Restaurants Lovers
Marketing research was published a few years ago by which during the crisis consumers reorient on fast-food. But when the economy on the upgrade restaurants is visited more often. We can deploy this strategy on Facebook Advertising to target people who have shown interest in restaurant offers. And also those that have checked in, or are following their pages.
How to settle
There are two(2) segments under this targeting «Restaurants» on Facebook and it is important for us not to mix it up. The first targeting option that comes to mind could be found in such a way: «Interests — Food and beverage — Restaurants». It includes such subcategories as:
- Coffee houses
- Quick meal restaurants
- Fast food restaurants
From these subcategories above, we could be interested in coffee houses. However, it is worth focusing directly on restaurants. Neither drinks nor fast food but exactly the restaurants.
Furthermore, to achieve this, in the detailed targeting, we will write in the text field for targeting search the word «Restaurants». And we will see exactly those with the intent for: «Interests — Additional interests — Restaurants».
Let’s review available in the Facebook audience of restaurant female visitors from Barcelona with the age of 25–40 years old who do not like fast food.
In the detailed targeting settings, we choose «Interests — Additional interests — Restaurants». Then we further exclude from the targeted audience fast food lovers: «Interests — Food and beverage — Fast food restaurants».
Set the age of 25–40 years old and get the solvent audience of 400 000 people.
You can deploy each of these targeting criteria to reach a cold audience at the top of the marketing funnel.
However, you can move to the middle and bottom of the funnel. With a custom audience targeting criteria, this can be achieved. By remarketing to existing customers or retargeting those who have shown interest in your business.
Also, lookalike audiences targeting criteria are highly recommended to reach a similar audience in the marketing funnel. With lookalike audiences, you have higher chances of quality leads at the lowest cost per acquisition.
We have considered different marketing strategies on how to how to target wealthy people with Facebook ads.
And they include:
- Demographics: sex, age, place of living, visiting of definite places in the city.
- Behavioral: users of mobile devices of a definite brand, regular abroad travellers, owners of small enterprises, involved buyers.
- Interests: luxury items, restaurants lovers, and specific interests that are relevant to us.
Most noteworthy, you can combine these types of targeting to get the solvent audiences following the required criteria. And you can also deploy custom and lookalike audiences as an advanced targeting option
Make the audiences that you find more specialized per the key parameters. Also, exclude inconsequential ones from the solvent. The aim is to get the final coverage more specific and more intended.
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