Last year, Student Beans officially launched Beans iD, allowing brands to simplify their various discount programs and host with one provider. This product has already been a game changer for brands looking to reach new markets – with Beans iD, brands are able to verify multiple consumer groups securely on their e-commerce website and drive loyalty.
In this blog, we’ll share the value of Beans iD, the business benefits of targeting closed consumer groups and share exclusive insights from our webinar with Head of Product at Student Beans, Mohammed Ouf.
(P.S: if you’re more of a visual person – don’t fear. You can catch up with the full webinar via this link, where we discuss why brands should consider marketing to new audiences, how Beans iD works, and more).
The effect of the rising cost-of-living
There’s no doubt about it: consumers are feeling the pinch.
Rising inflation and the cost-of-living crisis has affected almost everyone around the world, and many are searching for ways to stay money savvy in a time when it’s going less far than ever before.
Exclusive Student Beans data reveals that 91% of UK and US consumers are searching for discounts when making purchases, whilst 45% of US consumers are swapping their personal care items for cheaper alternatives due to price increases.
88% of consumers in the UK are worried about the cost of living crisis – and when asked about the most important factors when choosing a product, price consistently ranked first.
Breaking this down into consumer groups
Looking into this data, we found that a whopping 95% of NHS staff in the UK search for NHS discounts.
In the US, searches for healthcare worker discounts are growing year on year.
The same sentiment holds strong for those in the armed forces, for teachers and for first responders. 88% of armed forces workers look for discounts when making a purchase, whilst 55% of teachers look for discounts on a weekly basis.
Finally, 79% of first responders are looking for discounts when they make a purchase.
What does all of this tell us?
Based on the demand and the market size of these consumer groups (there are over 1.4 million healthcare workers in the UK and 18 million in the US alone!) Student Beans has launched Beans iD.
Beans iD currently enables brands to offer exclusive discounts to the following consumer groups:
- Healthcare workers
- Military workers
- First responders
As of March 13th, we’ll be expanding this offering to include
- Charity workers
- Those with a disability
- Low-income consumers.
What’s the value of the opportunity?
We didn’t just select these groups by random – we assessed the data, and noted that these particular groups are key for brands to reach new markets.
For example, offering Beans iD to graduate students is a powerful way to establish loyalty.
This demographic will be hit hard by the lack of discounts when they finish university – they’re at the beginning of their careers and some may not be employed straight away.
Drive brand affinity and be there for graduates when they need it the most, and they’ll remember you once their disposable income grows.
Equally, targeting teachers is another way to build brand awareness.
Teachers are a tight-knit network who work together in person every single day.
They often share their brand experiences with their peers – so harness the power of word of mouth, and build a positive brand sentiment with Beans iD.
The impact for essential workers
Utilising the Beans iD product is also a great way to give back and show your support to consumer groups.
Healthcare workers were instrumental in getting us through the pandemic, whilst offering discounts to military workers recognises their efforts and sacrifices.
Why Beans iD?
Beans iD allows brands to build loyalty amongst an entirely new cohort of consumers, increasing overall conversion rates and ensuring brands stand out from their competitors.
Not only will brands be able to position gated offers in front of these consumer groups, but they’ll also have access to first-party data, allowing them to nurture customers once verified.
Finally, Beans iD protects profit margins. When customers are given a discount, our research shows the average order value actually goes up, as consumers look to get the best value for the most products.
Missed our webinar? You can catch up on-demand via this link – or, if you’d prefer, get in touch and book a demo with one of our product specialists today.