May 8, 2019 | Article | by REQ Marketing | Content
There’s a New Millennial in Town: Meet HENRY
Marketing to Millennials and Gen Z is the goal for a variety of brands. These demographics have more discretionary income, are willing to try new products, and are more likely to recommend brands to their friends. While marketing to these demographics as a whole can be beneficial for your bottomline, getting even more specific with these millennial generation characteristics could be the piece of your marketing puzzle that’s missing.
One segment of Millennial marketing that’s extremely valuable are the HENRYs (and no, we don’t mean an actual Henry). Let’s breakdown how you can market to this valuable demographic.
What are HENRYs?
HENRY stands for “high earners, not rich yet.” HENRYs can be any age, but the target audience for most brands is younger HENRYs because they have the potential to become brand advocates and spend more money on your products in the future. While this HENRY demographic might not have as much savings accumulated, they are well on their way to becoming high-net worth consumers.
What do HENRYs Look for in a Brand?
Consumers that are high earners but not rich yet bridge the gap between traditional luxury marketing and mass market strategies. This HENRY demographic is drawn to:
1. High Levels of Customer Service
HENRYs have had a taste of luxury and know the importance of high-end, attentive service. Plus, with today’s online marketplace, Millennials expect an answer to their question or concern quicker than ever. In a world of social media, chatbots, websites, and email, great customer service is a necessity.
2. Quality and Craftsmanship Instead of Designer Labels
Focus groups have shown that HENRYs aren’t as concerned with designer labels as older generations. Instead, they’re drawn to the products that represent their identity and values. Plus, they’re always looking for a great deal! Two-thirds of HENRYs have a college degree or better and many work in management and executive level jobs, meaning that they understand economics, budgeting, and the value of a dollar. Because of this, you’ll often hear HENRYs brag about how good of a deal they got on something, rather than brag about the exorbitant price.
3. Brand Stories
Consumers are bombarded with countless brands every day, so it takes something special to stand out. HENRYs turn to companies with compelling brand stories, an interesting unique value proposition, and a social agenda. For example, Rothy’s shoes creates high-end flats priced at about $150. The shoe market is saturated with similar companies, but Rothy’s has set themselves apart by building a strong brand story and making a difference with their shoes (they’re made out of post-consumer plastic bottles!). Millennials love to support companies that are making a social, economic, or environmental impact in the world.
Marketing to millennials, and specifically to the HENRY demographic, can be a viable opportunity for brands that target the Millennial audience. Learn more about HENRY below!