Why should local businesses target students?
Educated, tech-savvy and information hungry are a few ways of describing the most powerful generation. Who am I referring too? Millennials of course. This ambitious group of people essentially hold the key to the student market and once unlocked they could forever be a lifetime consumer of yours.
Millennials spend around 23 Billion per year, with this spending power, they cannot be ignored. Spending most of their money on accommodation, socialising and food, local businesses fit well within their bubble of life. If you can influence students to buy into your brand, you will reap the benefits as a result. Students will want to feel part of their local community and whether it’s discounts, rewards or incentives, students will feel more encouraged to repeat purchase from you and also organically spread positivity towards your brand throughout the student population about how well you meet their daily needs and requirements.
So, why should local business target this audience? If you can connect with this diverse group of individuals early on in their student life, you will have a chance at continuing to connect with them as they graduate, start careers, begin families of their own and progress towards retirement. Students make up a huge percentage of the marketplace and with more than 2.5 million students at university this is a massive market that cannot be overlooked. Finding out what matters to millennials is one of the key ways to earn their loyalty. If you can get a student to buy into your brand early this can only benefit your business!
Here are some tips on how to advertise your local business to students:
Have a student discount offer
Student discount offers are a pivotal method to draw students to your brand, anything with a reward, offer or discount code attached will immediately attract their attention. 80% of students agree that an offer/discount would influence them to buy from a brand.
With millennials being so tech-savvy you can only imagine how much time is spent on social media channels. 40% of students prefer to be contacted by social media and with so many different channels and platforms available, there is sure to be one that works for you. It’s worth also keeping in mind that 81% of students use Facebook as their main social media channel of choice.
Interact with pinnacle events
Two words – Fresher’s Fair. Introducing your brand to this event is the best decision a local business can make. Our recent survey showed us that 24% of students hadn’t heard of some of the brands at the fair and out of these students, 54% of them stated they would buy from brands after interacting with them during the freshers events. I cannot express how essential it is to bring freebies, offers and some fun and excitement to your stand; 67% of students attend the Fair because of the freebies. Local brands need to come to these events prepared. If you can nail the engagement, over half of the students that did not know you before would buy from you going forward.
Students are finding their feet at university, so if they can turn to your brand during their student journey then you’re sure to build a long lasting relationship with them, and gain a lifelong customer.
Written by: Emma Lawrence, Account Sales Executive, BAM Agency Ltd