What Influences College Spending

Yesterday, we posted information on the spending behaviors of college students. Today we’ll look at what influences that spending behavior. The more you can do to connect with those influencing factors, the more likely you will benefit from increased spending.

flying-money• Nearly 60% of college students say that recommendations from their friends are very influential in what and where they spend
• 55% of students say that online coupons are highly influential and 45% say the same as mobile coupons
• Nearly 40% say that product review sites are very influential in their spending patterns
• 34% say the ability try or test driving products before buying influences them to purchase
• Over 30% say that general word-of-mouth or buzz is very influential in what they buy

What Does This Mean To You?

Because the opinions of friends are so import, there are two things that should be investigated.
Loyalty programs and testimonials. Students, like all consumers will share great offers. Also, college students want to be considered influencers. When you get a student involved in a loyalty program, it gives you the opportunity to communicate directly with them. Whether it’s email, text or even direct mail, students can easily forward or pass along a great offer. Great offer being key to the amount of sharing that will happen. Testimonials are also important. College students will identify with other college students. If you reward your customers for endorsing your products, you will see an increase in endorsements and great word of mouth. You need to promote these endorsements as well. If you get a positive post, tweet or email don’t forget to say thank you.
It’s also evident that students like coupons and mobile should be an important piece of your coupon strategy. Mobile messaging can give you a competitive advantage because students are so highly reliant on their mobile devices.
It’s also time to investigate both beacon technology and mobile payment
options. Beacons and the “Internet of Things” will have a growing importance this holiday season. The more you know now, will ensure you are not
playing catch-up later. For more information on leveraging existing
audiences, please contact:

Al Fiala
amfiala@gmail.com

Source: eMarketer; Fluent

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