Promotions are a strong feature in the traditional marketing mix, however, discounting for students specifically is sometimes overlooked.
If your brand is marketing to university students and not offering a student discount (in this day and age?!), you should be seriously considering it – or risk losing the loyalty of these savvy consumers once and for all.
However, in case you need further convincing, this list should settle the debate, once and for all…
They’re the consumers of the future
Students are the high earners and business decision-makers of the future.
As of last year, working-age graduates were earning an average of £38,500 – a massive £11,500 more than working-age non graduates. If you want a head start with the next generation of successful young professionals, you’ll need to nurture the college target market, and get current students on board.
The time is now
Students within their late teens and early 20s are a valuable market because they’re making purchasing decisions that could affect their brand loyalty for years to come.
They will be making purchases in certain categories for the first time and setting up new accounts with service providers. Win over a student with an exclusive marketing promotion and you could have them as a customer for decades to come. In fact, 85% of students say that the experience they have with a brand during their time at university is likely to influence where they shop or what they buy in the future.
Discounts make a difference
In a competitive and over-saturated market, standing out is critical.
Did you know that 83% of students say that if a retailer offers a student discount they are more likely to shop there?
Providing a student discount can give your brand an edge over your competitors for the student market, who may not have recognised the value of tapping into the student demographic.
Money, money, money
Student loans now make up more than half (54%) of students’ monthly income; climbing from 49% last year. Students are more reliant on these loans, especially during the ongoing cost-of-living crisis. As a result, they’re searching for value and the best deals to make their money go further. As shared by one Gen Zer, “I’ll always look at different websites to find the best deal”.
Beyond the immediate impact on sales, offering a student discount contributes to a positive brand image. It portrays your brand as inclusive, understanding, and considerate of the financial constraints that students are facing at this time.
Work hard, play hard
The typical student doesn’t have adult commitments such as children or a mortgage, which frees them up to spend their money on fun things: such as experiences, new clothes and the latest technology.
And, as they transition into the workforce, their spending capacity will definitely grow – so offering them incentives early on is a great way to solidifying your brand’s place in their purchasing decisions.
Undergraduate students today are members of Gen Z, a generation which lives and breathes social media. In fact, they’re averaging a massive four hours a day online. And, when they’re not scrolling, they’re communicating; regularly messaging their friends on apps such as Whatsapp and TikTok about their favourite brands, latest purchases and the creators they’re loving.
This makes them a powerfully influential group of consumers, who will no doubt spread the word to their peers. In turn, this will lead to an organic increase in brand visibility for you – a win win!
Under the influence
Many students have large followings on platforms such as Instagram and Snapchat. According to Snapchat, 9 out of 10 young people are on the app, with Snapchatters spending an average of 30 minutes a day on the platform.
Social is a powerful place to spread the message of your brand: not just through advertising, but recognising the power it has as a communicative tool.
Convinced? We thought so.
Find out more about the benefits of running a student discount and how Student Beans can help your brand accelerate your student sales by booking a demo with our team today.