BUILDING LOYALTY
It can be tough out there for college students, but it doesn’t have to be. As a brand, you have a responsibility to support your next consumers, especially students who are in the midst of deciding their brand loyalties. To make that lasting impression, it’s important to really understand your audience – and this includes their financial concerns.
So, let’s talk about student discounts…
We’ve learnt so far that students are willing to spend more than you may have thought on key items for summer. However, as a financially-sensible cohort, the majority of students will still look for brands that offer a student discount before making a purchase – 90% of college students and 63% of high school to be precise.
“I search for student discounts all the time. I do everything I can to make sure that I’m getting the best deal possible. Especially as a student, that’s a definite need for me.”
Lacey, Performing Arts student
studying
in Los Angeles
90% of college students look for a student discount when making a purchase
The benefits for your brand
Student loyalty programs will help boost brand loyalty and engagement with valuable Gen Z consumers.
If a brand is promoting a student discount, 92% of students would think the brand cares about students, and 90% would think the brand is relevant to young people – which means you are far more likely to entice a new cohort of consumers. 94% of students also said affordable prices would make them stay loyal to a brand, as well as quality products (96% of students said this).
Looking beyond their college year, 98% of 16-24s said they would definitely consider buying from the brand again when it’s no longer on sale. Offering discounts now when students are becoming financially independent and establishing their brand loyalties means they will be more likely to remember the brands that gave them a quality and affordable experience, and will continue to make purchases with those brands long after they graduate.
If you bought a product on sale from a brand you’d never bought from before, would you buy from the brand again in future if you liked the product, even if it wasn’t on sale?
If a brand is promoting a student discount, does this make you think the following?
The brand cares about students
The brand is relevant to young people
The brand is struggling
The brand isn’t classy or premium
The products aren’t good quality
“It was my older brother who told me that college students could get discounts. So when I got to college, I was searching and came across Student Beans. From there I started preaching. I told my little sister, and I told my friends about the discounts. I try to pass the knowledge along and I post a lot about it, too.””
Krisane, Criminal Justice student from New York
When someone you know shares a link to a discount for a brand you like, what would convince you to click on it?
What type of discounts do students prefer?
We might not have the power to abolish the student debt crisis, but we do have the power to help the next generation of consumers thrive, together. Investing in Gen Z students now generates loyalty for that can last a lifetime.
