According to eMarketer, "the 'ECAR Study of Undergraduate Students and Information Technology' by Shannon D. Smith and Judith Borreson Caruso for the EDUCAUSE Center for Applied Research, 62.7% of US undergraduates surveyed had an internet-capable handheld device. That number fell about halfway between the 83.8% who had a laptop and the 45.9% with a desktop PC."
Our clients often ask us what numbers like this mean to them. We remind them that there are droves of college students graduating every December and May with pockets finally full of cash that they are ready to spend. And they are loyal. If you have no previous relationship with them, then you're already ten steps behind one of your competitors who does.
Instead of being the retailer who waits too late, build that relationship while it's still easy. So few businesses are genuinely proactive in the relationship building that most end up having to resort to price slashing. Ever notice how there are advertisers who say "I don't advertise" until they are closing? Then they have a "Going Out of Business" media blitz and, guess what, everything sells! Same mentality applies when thinking about new mediums and strategies.
For college students, both purchases made and intent to purchase numbers are rising in regards to mobile web-enabled devices. (See both graphs below.)
Another myth often perpetuated in the retail industry is that college students don't wield any spending power until they graduate, which is just plain silly. Anyone with a child, sibling, or friend knows that kids have tremendous sway over where their parent's dollars are spent.
According to Retailer Daily, a fresh report reveals that collegian numbers are at an all time high. "The 10th annual 'College Explorer Study' indicates close to 16 million students ages 18-34 will enter college classes this fall, an all-time record and up 6% from about 15 million in fall 2009. Their collective $306 billion in buying power is 13% more than roughly $270 billion last year."
If you're a retailer looking to build deeper relationships with college students and spending power, look to mobile. The playing field is thin right now meaning you can win more while spending less. Contact Ballyhoo and we will recommend proven strategies that our clients have found successful time and time again, all over the country.
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