27 Oct Why Should I Offer a Military Discount?
The military community is very open to an exclusive discount message. When you offer a military discount, the impression of your brand even improves with customers who AREN’T in the military. Offering a military discount gives everyone the warm fuzzies and creates a a positive impression of your company among people in and outside of the military. 94% of current and past military personnel and their families say that they notice when companies are “military-friendly” and have a positive impression of those companies.
The military community represents a big opportunity. The military market along (active duty, reservists, retired, and employees) equals over 8.2 million consumers.Plus, there are over 30 million military spouses and veterans with a purchasing power of over $1 trillion annually.
Military families are a unique consumer market. Compared to the national average, military families:
Have 35% higher income
Have 3x more vacation
Move 2x as often to a new address
Travel over 5x as often
And here’s a bonus stat:
Over $700 million is spent annually on apparel just by discharged military personnel–they retire their uniform.
Many veterans and military spouses are also entrepreneurs. A recent survey by bluestarfam.org shows that ¼ million military spouses have started their own company. 9.1% of all business owners in 2012 were veterans, and 10.3% of business owners who have served in the Armed Forces own two or more businesses, a great percentage than the number of business owners who own multiple businesses and aren’t veterans. Veterans who own businesses are heavy consumers of travel, investments, second homes, boats, wine, cigars and other high-end personal items.
The military consumers we have surveyed have appreciate military discounts. 68% currently take advantage of military discounts, and 75% say they’d use them way more often if they were available online. 85% are more likely to shop in stores on “Military Appreciation Days” when exclusive discounts are available. The military market votes with their dollar. Giving an exclusive military discount provides our service members, veterans, and their families with the recognition they deserve and benefits your company by creating a solid, loyal customer base.