Some companies make the mistake of overlooking student marketing, believing the common stereotype that students have no money and therefore aren’t a worthwhile target audience. While university students obviously don’t have full time jobs, thinking that they do not have any money to spend is clearly a huge mistake. A combination of student loans and grants, part time jobs, and donations from parents and family allows students to contribute an estimated £20 billion to the UK economy every year. They may not be thought of as big spenders, but there are certain things that students are willing to spend their precious cash on: travel, music, clothes, entertainment. An impressive 84% of UK students will travel abroad this year, which means spending money on flights and accommodation, but also travel items like luggage, toiletries and holiday clothes. Entertainment is clearly important to them, as students spend over £3.2 billion annually on nights out alone. The average student also brings £2,000 worth of belongings to university with them, including laptops, tablets, smartphones and hair straighteners. All of these statistics make it abundantly clear that university students are not to be ignored – they have money to spend, as long as it’s on something they find worthwhile.
Bearing this in mind, it’s easy to see why certain industries are paying more and more attention to the student market. Apart from the money that students are already spending on technology, fashion, entertainment and food and drink, they are a key audience with which to build brand awareness. They may not have the largest disposable income at this moment in time, but these are the big earners of tomorrow! If their loyalty to a brand can be gained now, they will continue to invest in that brand, and spend money with them when they are earning more. To break into the student market now can be extremely profitable in the future.
This does beg the question of why some companies are reluctant to market to students. The simple answer is that students are not easy to target. The majority of above-the-line marketing does not work well with students. They are educated and are not easily impressed, making this market particularly difficult to break into. Luckily, there are some tried and tested methods for successfully converting students to your brand, and Campus Industries has spent years perfecting these!
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