This week, I found an article on The New York Times' Website. It was on the topic of how the ultrawealthy are jumping on the social media wagon. Most specifically, it mentions Caroline Garnham and her website, "Family Bhive." This is a social networking site for the wealthy where they can interact and share ideas about investments, wealth management, and other "rich" talk. It is also a hit for businesses that want to find wealthy clients to do business with. Most of the sites like Family Bhive have user fees and a limited number of members. Some do not like Peers.
One of the big reasons wealthy idividuals are moving towards sites like Family Bhive is because they are becoming more skeptical of traditional financial advice. The Times sites the Bernard Madoff scadal as a potential reason for this skepticism. These sites allow the wealthy to gain information and tips from other people in their social cirlces that share common values and concerns. One of the founders of such a site said, "The idea is: together, we are smarter."
The article also talks about how there will soon be a new breed of young millionaires that are the result of companys like Groupon and Linkedin going public. These young millionaires will only help drive the growing popularity of social media and social networking among the wealthy echelon of society.
Very interesting topic. But this makes so much sense. If there are niche markets for everything else from mom bloggers to product specific blogs so why not a social media site for the wealthy? I personally do not fit into that group but I am sure there is totally different "language" that they speak. This is such a great idea and this has a lot of potential for marketers of high end products.
ReplyDeleteI find it so interesting that there is literally a social network for nearly every type of interests and people. Like Jennifer said this is ideal for niche marketers because they are able to zero in on their target markets so easily. While Facebook has such a wide and varied audience these types of sites gives marketers a far better idea if they are reaching their target market adequately.
ReplyDeleteIts interesting that the "ultrawealthy" are now joining social media sites. When you typically think of millionaires you don't think of them "wasting" their time on social media sites. I think they fill their time investing, keeping up with their businesses, etc. But I do think it's important for them to share their tips with each other. Advisors are good - but the best advice comes from those who have had hands-on experience in it.
ReplyDeleteSocial networking has become as much of a phenomenon as the cell phones were when they were introduced. Everyone has a cell phone, and almost everyone has one or more social media applications on their phone today. Why pay for advice that might cost you a bundle in the long run, when you can monitor what is being done in the financial markets yourself through whats being said in social media.
ReplyDeleteThis is an really interesting post. I think it is at great idea that the wealthy have a site to share ideas. When your really wealthy of course you want to know the right investments, and you also want to make the right business decisions. This is a good idea that all the wealthy people can go online to talk and gain insight and help from others.
ReplyDeleteRob great topic you just never know what will pop up next because if they have markets for pet lovers to gather and talk about their animal. There can be a rich man’s facebook but it still blows my mind. I need to start reading more social media article to find cool information like this.
ReplyDeleteI've never heard of this! Probabally because I'm still a broke college student. But I kind of admire the exclusivity that this social media site is promoting. It's defifferent and definately a great way to target wealthy business people and make it posess a certain competitive advanatage feel. Good post Rob!
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