Students are looking for discounts in just about any form. Seventy-four percent said their buying decisions are frequently influenced by discounts and 48 percent are influenced by coupons. Students are not, however, completely willing to purchase unknown products to save a few pennies. Nearly three-quarters said they usually buy products that are familiar to them.
College students are also heavily influenced by convenience. More than 70 percent favor products that are easily accessible, with 32 percent preferring to make their purchases on campus. Limited campus parking and the high cost of gas contribute to students' desires for convenient products and services.
The most trusted source of product information is a recommendation from a friend or a family member, and a student's definition of a "friend" is changing. More than 40 percent admit that their decisions are often influenced by recommendations from friends on social networks like Facebook or MySpace. Despite the explosion of online networks, old-fashioned personal contact is still the preferred form of communication for a majority of students.
Campus Entertainment President Mark Hall sees an opportunity for brands that are willing to offer special discounts to college students.
"In the current economic climate, companies interested in marketing their products and services on campus must pursue aggressive pricing strategies," Hall said. "You don't necessarily have to be the lowest-priced product in the market, but students need to know your brand and be able to purchase it close to the campus or through a user-friendly Website. Distributing coupons and free samples are great ways to attract college customers if you have a positive word-of-mouth buzz on campus."
