Although there is (typically) nothing new under the sun, we still find new ways of framing old concepts. Growing up, I loved trying to find Waldo - those red and white stripes were so elusive! Waldo was pretty cool, but now it's all about finding Henry.
So, who is this Henry? The term, which has been around for a few years, means "High-Earners-Not-Rich-Yet".
To be labeled a Henry, one must be under the age of 55, make between $100,000-$250,000 each year, and have less than $1 Million in net worth. That distinction is pretty straightforward, until you try to target them.
Within this stratification of consumers we may find a 26 year-old software developer, a 38 year-old marketing executive, and a 52 year-old small business owner. Oh by the way...where do they live, what's their gender, and do they have a spouse? Crap. Targeting them is hard.
Although this group of consumers is challenging to target, it is becoming a necessity. The buying power of the middle class continues to suffer, which means this tier of consumer is gaining in importance among marketers and brands.
So, where should marketers start? It makes sense to focus on the Henrys in their 20s and 30s, with the intention to follow them over the years into higher levels of affluence. However, the more premium brands focused on this group may need to have a split strategy in order to capture the higher-end Henrys of today. This represents a unique challenge for marketers and I am curious to see which approaches succeed over the next decade.