The Back to School Season and Your Business

All across the country students are heading back to the classroom. Back to School, an annual nationwide event most kids dread…I know I did. Back to school isn’t just a term, it’s in reality a season, and a season for heavy consumer spending.

The average family spends roughly $700 per K-12 child during this time of year on new school equipment and related products. College students spend even more, outfitting their dorms, tech, books etc. all for the start of a new semester. Teachers or other student faculty open their wallets to equip themselves for the upcoming school year in a wide variety of ways as well.

Spending on retail items locally is one thing, but back to school is truly a nation-wide economic event. Traveling and moving all across the country commences this time of year as students enter a new school or college, parents and friends accompany them to help them settle into their new location which for a of kids in university means that is often away from home or out of state.

This translates to families on the road, in airports, booking short-term accommodations and more. Not to mention all the economic activity which results from such seasons filled with travel. Plus, the students landing new places to live for the school year and all the moving, logistical expenses and activity surrounding it.

For big box retailers, back to school is one of their busiest and most profitable times of the year. They launch ad campaigns, sales, order boat loads of inventory and liquidate items as summer comes to a close.

This season of consumer spending is often overlooked, especially by small businesses. Most are focused on the holidays or larger seasons as times to engage with customers, promote their brand and drive sales. The back to school season offers a business, especially one operating in a sector that is marketing to families or younger people, a tremendous opportunity for growth if they are able to garner a share of the billions is cash being spent by families and students during these couple weeks.

As a business owner, it’s important to keep an open mind, listen to trends and changes to the marketplace, create promotions, and incentives to drive traffic to your brand or business. Ask yourself, how can your brand benefit from this season of spending? And what can you do to drive the consumer to you? Have you listed any specials or promotions, towards students or their families yet?

Your business, no matter what it is or does, should be able to find a way to market to this audience and capitalize on this lucrative season. For many states and communities, they are welcoming thousands of new students into their backyard. New students equal new residents to the community or location, which means brand new prospective customers just waiting for your business to connect with.

Get creative and keep an open mind, back to school is indeed a season for big spending, and change, but it won’t last long. It’s important to be proactive and if you play your cards right, your business can make an impact not solely in the near term but for the lasting future.

To gain personalized guidance for your business on this topic and others contact us.

- Vince Calace

Founder - Venture Business Development