Nielsen recently released a report on the online habits of wealthy Americans, which are defined by Nielsen as follows:

• Investment assets of between $250,000 - $1 million

• Median annual household income of $87,500

• 66% are over the age of 55

• Suburban empty nesters

• Primarily Caucasian; above average likelihood to be Asian

• Work in finance, management, have their own business, or retired

• Avid readers, online and print

Approximately 12% of Americans fit into this category, and are attractive prospects for most law firms since they have the ability to pay and can appreciate the value of personal legal services.

Nielsen segregated the Mass Affluent audience into two groups – those still working and the retired wealthy.  This chart illustrates the top online activities undertaken by each group, which is key to understanding how to market to them online:

Both groups skew heavier than normal for recreation pursuits online, so it is no surprise that the fastest growing demographic group for social media networks is in the 55+ age group.  Mass affluents are also heavy news consumers online, so you may want to consider the use of press releases as part of your legal marketing strategy.

Members of both categories of mass affluents skew higher than normal for investigating financial and healthcare information online, which provides a good opportunity for legal practices that specialize in areas like estate planning to target this group with relevant messaging. 

Whatever your practice area, it is critical that you identify and segment your target audiences when developing your legal marketing strategies in order to maximize your return on your marketing investment and attract qualified prospects.