Everything You Need to Know About the HENRY Millennial
The term “millennial” gets thrown around a lot these days – in politics, in the news, and especially in marketing circles. The media loves to portray all millennials as being lazy, entitled wanderers that simply can’t take their eyes off a screen. In reality, it’s a big mistake to group this cohort, born between 1981-1999, as being one particular thing.
Well, this might not be a problem for much longer because there’s a new member of this generational cohort in town, and this one is much better defined than millennials are as a whole. They are also very much so worth taking note of for marketers. They go by the name HENRY millennials.
What Are HENRY Millennials?
HENRY is an acronym that stands for High Earning, Not Rich Yet individuals. These millennials hold six-figure jobs and are much more interested in spending their money on travel as opposed to on material goods. HENRYs turn to social media influencers when they are making purchasing decisions and they selectively support brands that enhance their lifestyle.
Perhaps the most important aspect of HENRY millennials is their huge purchasing power. They have a notably higher budget to spend on non-necessities than older generations do. HENRYs also hold the highest likelihood of becoming a brand’s most valuable customer in terms of the influence they give over their lifetimes.
Simply stated, it would be in any brand’s best interest to take the HENRY millennial very seriously and get to know them on a more personal level. Here are some of the best ways for brands to connect with Millennial HENRYs:
- Pay attention to experiences: Since HENRYs value experiences so much, your products should show them how their experience will be elevated by using it.
- Be creative: Gen Y is skeptical of marketing ploys, which means you have to think outside the box to win them over (like by telling a story).
- Use scarcity to your advantage: This generational cohort holds novel products in high regard.
- Prioritize ethical values: HENRY Millennials want brands to not just talk about solid values, but to actually put their money into fighting injustices in the world.
- Make answers easily accessible: Having grown up in the digital age, this tech-savvy group expects to find answers instantly and easily.
- Communicate 24/7: Millennials spend a lot of time on their phones, and you need to be where they are.
Marketing to millennials by treating them as being one and the same will only take your brand so far. The emergence of the HENRY demographic gives brands a real opportunity to better target this market and position themselves for future success.
If you’d like to optimize your content to suit HENRY’s lifestyle, contact Arnold Street Media today. Our powerful digital strategies are specifically designed to establish a strong brand identity that will enable you to reach undiscovered audiences. Let’s connect!