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, you should seriously consider offering a student discount. Unsure if it’s the right choice for your brand? This list should settle the debate, once and for all…
Consumers of the future
Students are set to become the high earners and business decision-makers of the future. In 2018, working-age graduates were earning an average of £34,000, compared to £24,000 for non-graduates. If you want a head start with the next generation of successful young professionals, you need to nurture the college target market to 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. 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
83% of students say that if a retailer offers a student discount they are more likely to shop there. This means that providing a student discount can give your brand an edge over its competitors with the student market.
Money, money, money
The average UK student monthly income according to Natwest is £1,143.20, and in some cities, this is significantly higher. Students in Bristol get £1,387.20 and in Cardiff £1,321.80.
Work hard, play hard
The typical student doesn’t have adult commitments such as kids or a mortgage, which frees them up to spend money on fun things. They spend an average of 21% of their monthly income on going out and socialising and 20% on fashion.
Most undergraduate students today are members of Gen Z, a generation which lives and breathes through social media – they spend up to 11 hours on it per day. Students regularly message friends on apps such as Whatsapp and Facebook Messenger about their favourite brands and latest purchases. This makes them a powerfully influential group of consumers, especially amid the rise of viral and word-of-mouth marketing.
Under the influence
Many students have large followings on platforms such as Instagram and Snapchat. This means if they love your product, it can reach a wide audience of their peers, even outside of their immediate friendship group. Gen Z prefer social influencers who are their own age, as they find them more relatable and trust their opinions.
Want to find out more about the benefits of running a student discount, and how Student Beans can help your brand accelerate your student sales? Book a demo with our friendly team today.