Douglas Olsen
Selling to university students is a unique challenge that requires a tailored approach. Understanding the student market is key, and often the best way to do this is to put yourself in the mindset of a student. University students are often on a tight budget, so pricing products or services affordably is important. It is also beneficial to offer something that meets a need that is not currently being met, providing a unique value proposition. Building trust and relationships is vital, and this can be achieved through clear communication and by understanding the university's goals and values. To successfully sell to university students, it is essential to develop a strategy that resonates with this specific demographic.
| Characteristics | Values |
|---|---|
| Product | Something beneficial to students, such as rechargeable phone chargers, USB cords, custom notebooks, or a service that meets a need not currently being met. |
| Price | Relatively cheap, with potential for high volume sales. |
| Promotion | Raffles, giveaways, and competitions can help attract customers. |
| Finance | Buying wholesale can help keep costs down. |
| Networks | Focus on the network that decision-makers operate under, both inside and outside the institution. |
| Trust | Develop trust with decision-makers and understand their goals and values. |
| Reputation | Reputation is important in higher education, so ensure your product or service is of good quality. |
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What You'll Learn
- Identify a need or problem that students have
- Develop a product or service that is affordable for students
- Get on the radar of decision-makers within the university network
- Understand the university's budget constraints and pricing models
- Establish credibility and generate demand for your product or service
Identify a need or problem that students have
University students often have very little disposable income, so products aimed at them need to be affordable. Students are also often looking for a bargain, so promotions and raffles can be a good way to attract them.
Students are well known for partying, so products related to this could be a good idea. Breathalysers, for example, could be marketed as a fun novelty item for parties, or as a way to avoid a hangover. You could also sell items like ping pong balls, party cups, or shot glasses.
Students also often need items for their dorms, such as phone chargers, USB cords, and posters. These could be sold at a low price point and marketed as fun, decorative items.
Another approach could be to identify a need that is not currently being met by the university. For example, a counselling service of sorts, or some other service that would give the university a competitive advantage in attracting applicants. This could be a service that is available to students for several years after they graduate.
It is important to note that the sales cycle for universities can be quite long, often around 8-10 months, so it may take some time to see results.
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Develop a product or service that is affordable for students
When developing a product or service that is affordable for university students, it is important to understand their needs, preferences, and financial constraints. Here are some strategies to keep in mind:
Understanding the Student Market
Conduct market research to gather demographic, behavioural, and preferential information about your target student audience. Understand their purchasing power and what they value in a product or service. Students often have limited financial resources, so affordable options are crucial.
Identify a Problem and Solve It
Your product or service should aim to solve a specific problem that students face. For example, you could address the need for affordable and accessible educational resources, time management tools, or cost-effective alternatives to expensive products or services. Think about what students might struggle with and how your offering can make their lives easier.
Develop a Strong Value Proposition
Create a unique selling proposition (USP) that sets your product or service apart from competitors. Focus on the features and benefits that directly address students' needs. For instance, if you're selling a laptop, highlight its long battery life, portability, and student-friendly pricing, rather than just its sleek design.
Offer Discounts and Promotions
Students often appreciate discounted prices or special promotions. You could offer student-specific discounts, bundle deals, or loyalty programs that provide incentives for frequent purchases. Partnering with universities or student organizations can also help you reach a wider student audience and may even allow you to offer exclusive discounts to their communities.
Explore Digital and Online Opportunities
University students are often comfortable with digital solutions, so consider offering digital products or services that can be easily accessed and purchased online. This can include online courses, digital templates, or subscription-based services. Digital products often have lower overhead costs, which can be passed on as savings to students.
Engage in Cause-Based Initiatives
Many students are passionate about social causes and community organizations. You can develop a cause-based business model where proceeds are donated to a relevant charity or initiative. This not only makes your product or service more affordable for students but also aligns with their values, potentially attracting more customers.
Remember, understanding the student market and their unique challenges is key to developing affordable and appealing products or services. By addressing their needs and preferences, you can create offerings that are both desirable and financially accessible for university students.
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Get on the radar of decision-makers within the university network
When it comes to selling to universities, it's important to recognise that the institution itself is not the sole decision-making unit. Instead, focus your attention on the network within which the decision-makers operate, which includes both internal and external connections.
University decision-makers are heavily influenced by their peers at other similar institutions. They are in frequent communication with their counterparts and pay close attention to their decisions and experiences. Therefore, it is crucial to build a positive reputation within this network. Ensure that your product or service is well-received at other universities, as this will increase your chances of getting on the radar of your target decision-makers.
Additionally, understand that purchasing decisions are often not made at the enterprise level but rather by specific schools, divisions, or departments within the university. The decision-makers at these lower levels also have strong relationships with leaders inside the institution. Getting your foot in the door at a smaller scale, such as a particular department, can be an effective strategy to gain traction and influence enterprise-level decisions.
To get on the radar of these internal decision-makers, focus on building relationships and developing trust. Understand that personal relationships are key in the world of higher education. Engage in conversations and demonstrate how your product or service aligns with the values and goals of the university. By doing so, you can create shared value and increase your chances of success in selling to universities.
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Understand the university's budget constraints and pricing models
Understanding a university's budget constraints and pricing models is crucial when considering how to sell to university students. University budgets are often constrained, and they need to allocate funds across various departments and services. Therefore, when selling a product or service to a university, it is important to recognise that they will be mindful of their budget limitations.
Firstly, it is worth noting that universities do not operate in isolation; they are part of a broader network that includes peer institutions and internal relationships. Decision-makers at universities are influenced by their peers and the decisions made at similar schools. Thus, understanding the broader landscape of the higher education sector and the specific context of the university you are targeting is essential.
When considering pricing models, it is common for companies to base their pricing on Full-time Enrollment (FTE). This can be calculated per individual or in "chunks" of FTE. "Chunks" are often preferred by universities as they simplify the pricing structure and avoid conversations about variable enrolment numbers in multi-year contracts.
It is also important to recognise that the sales cycle for universities can be lengthy, typically ranging from 8 to 10 months, or even longer than a year. Therefore, when considering pricing, it is crucial to take into account the long-term nature of these sales and the potential for future expansion. While the initial deal may not maximise profits, it establishes a foothold in the market and generates credibility, which can lead to future opportunities and price adjustments.
Additionally, universities are unique in that the end-user is the student, not the administration. Therefore, when setting prices, it is essential to consider the purchasing power of students. University students are often known for having limited funds, so pricing products or services relatively cheaply or offering discounts can be an effective strategy.
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Establish credibility and generate demand for your product or service
Establishing credibility and generating demand for your product or service is key when selling to university students. Here are some strategies to achieve this:
Understand the University Network
Higher education institutions function as networks, with decision-makers heavily influenced by their peers at other institutions. Getting your product or service into the hands of decision-makers at one university can lead to sales at other institutions through positive word-of-mouth. Focus on building relationships with these decision-makers and showcasing how your offering can benefit their students.
Start Small
Sometimes, the best way to make a large sale is to start small. Offer your product or service to a specific school or department within the university. This allows you to build relationships with leaders inside the institution and gain a better understanding of the university's needs. A successful implementation in one department can lead to broader adoption across the university.
Identify a Unique Need
University students have diverse needs, and institutions are always looking for ways to enhance their offerings and attract applicants. Identify a gap in the market that your product or service can fill. For example, you could provide a counselling service that addresses a specific issue faced by students, or offer affordable and fun products that cater to their lifestyle, such as rechargeable phone chargers, custom notebooks, or unique drinking games.
Price Strategically
University students are often budget-conscious, so pricing your product or service competitively is essential. Research the university's budget and spending habits, and consider the purchasing power of your target audience. You could also offer discounts for bulk purchases or provide introductory pricing to gain initial traction.
Build Trust and Reputation
Trust and reputation are crucial in the higher education sector. Be transparent in your dealings, and ensure your product or service delivers on its promises. Word-of-mouth recommendations are powerful in this market, so focus on creating positive experiences for your customers.
By following these strategies, you can effectively establish credibility and generate demand for your product or service among university students.
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Frequently asked questions
Identify a need that is not being met. Your product should be beneficial to students and relatively cheap as they tend to have limited funds.
University students may be interested in products such as rechargeable phone chargers, custom notebooks, drinking games, personalised keychains, breathalysers, and posters.
Consider offering a raffle or giveaway to attract attention and collect contact information for future marketing efforts. You could also partner with bars near the university to offer package deals or discounts.
Building trust is crucial. Be transparent about your values and goals, and ensure they align with those of the students. Focus on developing personal relationships and fostering a positive reputation.
Understand the budget constraints of students and price your product accordingly. You may also want to consider offering discounts for bulk purchases or providing package deals with related products or services.
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