Millennials have become the demographic of choice for Luxury Brands when it comes to product marketing. And this is because Millennials always want to try new products, and are more likely to encourage their friends to buy a particular product or service. Marketing to this demographic can be beneficial to your profits no doubt, but being even more targeted in your marketing to Millennials could be the difference between a little success and a big one.
HENRYs bridge the gap between conventional luxury marketing and mass-marketing tactics. The average HENRY is attracted to the following elements of a brand.
In today’s marketplace where there are a plethora of Brands, your Brand has to be special to stand out. HENRYs love a compelling brand story coupled with a distinctive value proposition and a social agenda. This is why Millennials support businesses that have a social, economic, or environmental impact on the world.
HENRYs are not enthused by designer labels like the older generations, according to market research. Rather they are more attracted to products that reflect their values and identities. In addition to that, they are always in search of a bargain. Two-thirds of HENRYs have a university degree or better with a lot of them working at the executive or management level. This means they have a great understanding of budgeting, economics, and the value of money. Therefore, you’ll never hear HENRYs brag about spending lavishly on an item, rather, you’ll hear them brag about the great deal they got on a product.
Because HENRYs have tasted luxury, they understand the need for top-quality customer service that is attentive to their needs. Besides, with the evolution of the online marketplace, where we have social media, websites, chatbots, and email, great customer service is essential. To this end, Millennials anticipate an answer to their concerns and questions quicker than ever.