For years now, marketers all across the world have been tearing their hair out in an effort to determine how to engage millennials with their campaigns. But they aren’t giving up; after all, there’s a lot of millennials out there.
As a matter of fact, according to statistics provided by the Pew Research Center, millennials now account for one third of the workforce in the United States, and by 2025, the researchers’ estimate that millennials will make up more than 75% of the workforce.
Simply put, millennials are a growing demographic with more than sizable purchasing power. Furthermore, no matter of line of work you’re in, it’s more than likely that you’ll be marketing your products or services to millennials.
The Broad Range of Millennials
The first we need to ask here is – what exactly means to be a millennial? We’re talking about more than 83 million people here that vary in age significantly. As Joel Windels explains in this Social Media Week article, today a millennial can be anything from a 16 year old schoolgirl to a home-owning family man in his mid-30s.
And there lies the problem – most people fail to realize that there’s actually a large amount of diversity among millennials. And this is not a random statement, it’s a concrete fact. According to a 2014 White House report, millennials are officially the most diverse generation in the United States – they are actually as twice as diverse as Baby Boomers.
Meet the HENRYS
So the question is not how can you target millennials but what group of millennials should you target with your marketing efforts. Even if you have a great brand identity and a seemingly bulletproof marketing strategy, you can’t expect to attract such a wide variety of people with different interests and personalities. But if you don’t want to target a micro niche, you need to get familiar with HENRYS.
Ok, we need to make a few things clear. For starters, HENRYS are not a niche exactly, they actually present a small subset of the millennial population. The name is an acronym, which stands for High Earners Not Ritch Yet and presents a part of the population that is:
- On the higher end of the age bracket, from 25 to 34 years old
- Makes between $100,000 and $250,000 per year
- Still not in a position to build any substantial assets
- Presents a potentially big group of loyal, high-earning clients
Most seasoned marketers that are currently targeting Baby Boomers will recognize that this group of millennials looks eerily like their current clients looked a decade or two ago. The point here is, you need to start targeting these millennials at early stages of their careers.
And this is not a small niche, there are plenty of opportunities out there for you. According to Business insider, there are more than 24 million HENRY households in the United States at the moment.
You just need to take a page from companies like Alpinestars, which targeted successful young people early on and profited immensely. According the Owler’s company profile, at the moment, Alpinestars has 339 employees and generates an annual revenue of more than $150 million.
Your Exponential Opportunity
In the end, it’s all up to you to define your niche. If you’re a more experienced marketer, you should probably look for younger versions of your current clients. And if you’re younger, maybe it’s someone like your friend or even spouse who you already understand and connect with on a personal level.
Whatever the case may be, you still have to realize that benefits of niche marketing are immense. It’s safe to say that the benefits are bigger than with any other generation, for a couple of reasons, some of which include:
- Because we’re looking at such a diverse group of people, you can creatively specialize
- Millennials, more than any other generation before, are looking for brands they can connect with
- Their loyalty can and will turn into strong word-of-mouth, which will help you in the long run
And when you finally find your niche, you have to make sure to weave some social responsibility into your business model. According to a recent Nielsen Global Study, as much as 73% of millennials would pay more for products/services that are socially responsible.
Also, you should try to be transparent, and make a good use of social tools that are your fingerprints. Let the consumers know how their lives are being changed through your blog and social media platforms. This will help them identify with a greater cause and make them loyal to your brand for years to come.