Are you a small business owner struggling to reach high-income customers with Facebook ads? Do you feel like you’re wasting money on ads that don’t convert?
You’re not alone. Many businesses find it challenging to effectively target affluent audiences on the world’s largest social media platform.
But here’s the brilliant news: with the right strategies, you can absolutely reach and engage high-income earners on Facebook.
And in this article, we’ll walk you through exactly how to make it happen.
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First off, let’s define what we mean by “high income”. In the UK, the top 10% of earners make over £54,000 per year. So for our purposes here, we’ll consider anyone making £50,000+ annually as high income.
Now, you’re probably wondering, how on earth do I find and target these well-off individuals on Facebook?
Not to worry! Just follow these proven tactics and you’ll be golden:
1. Use income targeting
Right, so Facebook allows you to target ads based on income level. Brilliant, right? You can select “High Income” under Demographics > Financial > Income to reach the top 10% of earners in any given country.
But keep in mind that this data is based on self-reported income and third-party estimates. It may not be 100% spot-on. So use it as a starting point, but don’t put all your eggs in that basket.
2. Target by job title
Next up, consider that high-income earners often have posh senior roles like CEO, VP, Director, Partner, and the like. So why not target your ads to people with these prestigious job titles at companies over a certain size?
For instance, you could target “CEO” and “Owner” at companies with 10-50 employees. Or go for “VP” and “Director” at slightly bigger companies with 50-200 employees.
Another option is to target by seniority level (Senior, Manager, Director, VP, CXO, Partner, Owner) and pair that with a minimum company size. Clever, eh?
3. Layer on interests
Moving on, it’s worth noting that high income individuals tend to have certain hobbies and interests. We’re talking luxury brands, business publications, investing, golf, skiing, travel, you name it.
So a smart move is to layer relevant interest targeting on top of the demographic and job title targeting we just discussed. That way, you can really narrow in on your ideal audience.
As an example, you could target people with the job title CEO who also happen to fancy publications like the Financial Times, The Economist, and Bloomberg. Posh indeed!
4. Focus on certain industries
Another key point to consider is that certain industries tend to have more high earners than others.
So it’s wise to focus your targeting on senior roles within high-paying sectors like finance, consulting, law, medicine, tech, and so forth.
Do a bit of research to identify the most lucrative industries based on average salaries. Then zero in your targeting on the decision-makers and head honchos within those particular fields. Trust me, it works a treat.
5. Create Custom and Lookalike Audiences
Now, let’s talk about a nifty little feature called Custom Audiences. This allows you to target existing high-value customers on Facebook.
All you have to do is upload a list of emails or phone numbers of your big spenders. Then serve them relevant ads right there on Facebook. Easy peasy!
But wait, there’s more! You can also use Lookalike Audiences to find folks similar to your high-income customers. Facebook will analyze your customer list and scour its user base to find people with matching characteristics and behaviours. Brilliant, right?
This is a fantastic way to expand your reach to qualified prospects. I recommend starting with a 1% Lookalike Audience for the closest possible match.
6. Use external data
If you really want to take your targeting to the next level, consider combining Facebook’s targeting capabilities with external data sources. This allows for much more precise targeting.
One option is to purchase high-income audience data from reputable third-party providers. You can then upload this data to Facebook as a Custom Audience.
Many data brokers sell pre-aggregated audiences based on income, net worth, spending habits, and the like. Leveraging this data can seriously boost your targeting accuracy.
But keep in mind that Facebook has strict policies around using sensitive financial data. So make sure any data partner you work with is reputable and fully compliant with privacy regulations. Better safe than sorry!
7. Target relevant locations
Another smart targeting tactic is to focus on affluent postcodes and neighbourhoods where high earners tend to live and work.
Get your hands on government census data and real estate reports to pinpoint the poshest, wealthiest areas. Then target or exclude certain postcodes in your ad campaigns accordingly.
Take Kensington and Chelsea, for example. It’s one of the most astronomically expensive boroughs in all of London. Why not serve ads specifically to Facebook users who live or recently visited that area? They’re likely to have deep pockets!
8. Exclude certain audiences
Now, just as important as targeting the right people is excluding the wrong people. You can significantly improve your targeting by strategically excluding certain audiences who are unlikely to be high earners.
For instance, give students, entry-level employees, and people with unspecified job titles a miss. They’re probably not raking in the big bucks just yet.
Similarly, you can use detailed targeting exclusions to omit people interested in coupons, discounts, freebies, and the like. This will help you steer clear of more frugal shoppers who are less likely to be affluent.
9. Refine your targeting over time
Alright, so you’ve set up your targeting and launched your ads. Fabulous! But don’t just set it and forget it. It’s crucial to keep a close eye on your ad performance to see which targeting combinations are knocking it out of the park.
Use Facebook’s Audience Insights to get the lowdown on the demographics, interests and behaviours of the audience segments that are crushing it.
And don’t be afraid to pull the plug on any underperforming ad sets. Pause those duds and reallocate that budget to the real breadwinners in your lineup. The key is to continually test and refine your targeting based on cold, hard results.
Be sure to start with really specific, narrowly defined audiences. Then gradually widen the net as you validate what’s working. Trying to do too much too soon is a recipe for disaster.
10. Craft compelling messaging
Now, targeting is all well and good. But it’s only half the battle. To really hook those high-income audiences, you need scroll-stopping creative and ad copy that speaks directly to them.
The trick is to appeal to their unique motivations and pain points. Play up the exclusivity, quality, status, and time-saving benefits of your offering, rather than harping on about discounts. And be sure to use aspirational imagery that mirrors their swanky lifestyle.
Don’t be shy about showcasing social proof, either. Think celebrity endorsements, media features, the works. And share relatable customer success stories from big shot brands they’re sure to recognize.
Whatever you do, steer clear of generic, salesy, or over-the-top language. Talk to them like a peer, not like someone desperately trying to make a quick buck.
11. Test, test, test
Alright, here’s the deal. The only way to truly optimise your Facebook ads is through ruthless, rigorous testing. And when we say test everything, we mean everything – audience targeting, ad formats, copy, creative, placements, objectives, the lot.
Facebook’s A/B testing feature is your best friend here. Use it to test one variable at a time and pinpoint which elements are really moving the needle on performance. Then run with the winners across all your campaigns.
But don’t fool yourself into thinking testing is a one-and-done deal. As your audience and offerings evolve, your ads need to keep up. Always be open to trying new things, even if you think you’ve cracked the code.
12. Invest in quality
Here’s a hard truth: reaching high-income customers on Facebook isn’t cheap. You’ll need a decent chunk of change to do it right. So don’t try to cut corners with shoddy stock photos and amateurish ad copy.
Splash out on professional photography, videography, and design. Hire copywriters who know their stuff when it comes to crafting messages that resonate with affluent buyers. And work with audience data providers who have a solid track record.
At the end of the day, you’re battling for the attention of busy, discerning consumers. For this crowd, quality and credibility matter infinitely more than a measly 10% off coupon.
13. Be patient
Last but not least, don’t expect overnight miracles when targeting high-income individuals on Facebook. Finding the right audience mix and nailing your messaging takes time. You might not see a positive ROI straight out of the gate, and that’s okay.
Look at Facebook advertising as a long-term investment. Focus on building brand awareness and trust before you go all in on conversions.
And be realistic about your goals and KPIs based on your industry, offering, and customer journey length. If you’re selling £10,000 watches, don’t expect someone to whip out their credit card on the first ad view. Play the long game.
Wrap-up
So there you have it! Targeting high-income audiences on Facebook is 100% doable if you approach it the right way.
Leverage all the tools, data, and strategies at your disposal. Never stop testing, refining, and optimising your ads. And above all, be patient and stay the course. Trust me, the payoff is so worth it.
Now go forth and crush those big-money audiences!
