Keen to understand the student and millennial market and how it can help further the growth of your nightclub or bar business?
You’ve come to the right place.
Take advantage of a massive and growing millennial market (one of the largest generations in history) by delving into the minds of students and their nightlife habits and converting their interests into a hefty profit.
The Power of Student Spending
So how do students spend their money when out in pubs and clubs?
Research by finder.com shows that 44.47% of millennials have a shot every week as part of their going out rituals as well as spending an average of £5.08 on spirits, £4.25 on cocktails and £3.62 on ciders per drinker per week. Check out our handy infographic explaining the power and statistics of student spending.
And since there is a whopping 2.27 million students are studying at Higher Education Institutes in the UK with a further 2.7 million studying in further education, you don’t need to be a mathematician to realise that those numbers are capable of producing a pretty gargantuan chunk of change.
BUT, you won’t appeal to students and millennials unless you’re privy to the right marketing techniques for your club, bar or business.
That’s where we come in.
Check out our student marketing guide for clubs and bars below, to help you navigate the competitive realms of student nightlife, and succeed with this loyal yet elusive demographic.
Provide Experiences Through F2F & Event Marketing
Having attracted 10,409 millennials (aged 17-24) to our last Freshers Festival and garnered over a decade’s knowledge of experiential marketing with some of the best clubs and pubs in the UK including Revolution Bars and Academy Music Group, we understand how face-to face (F2F) and event marketing will engage, grow and retain student markets for your business.
Not convinced? The experience economy has reared its head in recent years and studies, including those conducted by financial experts The Motley Fool, show that millennials prefer experiences over ownership as well as staying in over going out.
That means when they do go out they’re looking for something out of the ordinary, like themed nights with themed drinks (according to Mintel, 49% of millennials say trying out new drinks is the number one reason to go out as opposed to staying in) or screenings and pub quizzes that revolve around much-loved movies and TV shows (finder.com claims that 70.8% of millennials are subscribed to streaming service, and a study by Taylor Nelson Sofres, a consumer research agency, found that, on average, millennials stream 2.7 hours of TV shows a day).
This personal, one-to-one experiential marketing provides positive connections between brands and their customers. Murphy, CMO of MC2 says, “face-to-face engagement creates a personal connection and builds trust between a company and its target audience.”
Never Under Estimate The Value of Promos
According to research commissioned by Pro Plus, millennials spend an average of £27.14 a week going out, which although at first glance doesn’t seem much, last year’s surveys by Deloitte confirmed that “spending in the UK leisure sector, including eating and drinking out, was driven by millennials aged 18-34”. That means competitive pricing is massively important when attracting student and millennial markets to your club or bar.
And since we’ve established that experiences and new drinks appeal to this demographic, though it may seem like a no-brainer, offering drinks or food promos is a fool proof marketing technique, especially if you are offering drinks exclusive to your club or bar, and your offers vary week to week.
Offer A Personal Service
Customization and personal marketing have proven to be favoured by millennials – which isn’t surprising considering most contemporary consumables can be personalised to individual tastes and interests, whether selecting add-ons or toppings through the click of a screen from a local take outs, or streaming preferred music on Spotify or Youtube at home or in an Uber.
Last year’s report by youth marketing tracker Ypulse says, “the days of one-size-fits-all are numbered and customization is being taken to the next level”, as well as the fact that three-quarters of consumers ages 13 to 34 are interested in purchasing products tailored to their tastes.
Depending on the nature of your bar or club, the opportunities for personalised marketing for students is endless, from apps that let customers pick the music on the sound system to create-your-own cocktails or customised discount cards for regulars.
Engage Through Digital Platforms
Not so social media savvy? Make sure you have someone in your business who is.
Finder.com’s surveys found that 77.4% of millennials are actively on their phone after dark and research by Pro Plus discovered that almost a quarter of millennials (22 per cent) said selfie-taking was a key component of a night out. Nightlife marketing expert Mark Borkowski says, “social capital is bragging about your experiences and putting them on Instagram or Facebook and the local nightclub is struggling to cut it”.
Elite Daily also discovered that 62% of millennials say that if a brand engages with them on social networks, they are more likely to become a loyal customer
So whether you advertise a hashtag for an event night, run online competitions or use social channels as a marketing tool, engaging with student and millennial markets through social channels, apps and other forms of digital media as well as developing the visual identity of your bar or club to appeal to Instagrammers will immediately spark the interest of this demographic, increase your footfall and attract new customers.
Get The Opinion Of Your Demographic
Not sure whether your new bar snacks, band showcase or branding appeals to students and millennials? The only way to find out if they do is to ask them.
Setting aside a budget for market research will help you understand your audience and what experiences matter most to them. Getting the opinion of your demographic is crucial to building your brand identity and messages and what you offer to your consumer.
If you’re a bigger business with the budget to spend on market research – great – but remember to offer the right incentives for students and millennials for taking part. That could be vouchers, prizes or cold hard cash. If you’re a smaller business, you don’t need to fork out thousands for good market research, even conducted polls on social media will help you determine what your audience does and does not like, and that doesn’t cost a penny.