Wednesday, November 11, 2009

Economics of the Military/Veteran Discount

Hello All.. I am back from a long time away from this blog. Hoping to be back here as a regular again.

HAPPY VETERANS DAY!

During this veterans day I read a very interesting article called "Why is a Military Discount Valuable for a Marketing Strategy". It got me thinking. Why don't more places offer a military discount? It only seems like the right thing to do, not only for patriotism, but to expand your sales market. I am not trying to be selfish, seeing as I am a VETERAN, I am just thinking reasonably. Seeing that this country is still in a "lesser economic stature" than other countries at the moment, why wouldn't a company put this minute idea into their sales plans?

I believe that it is human nature to go somewhere that offers discounts, and soldiers are definitely people who NEED to save money. I see soldiers blow their money on EVERYTHING.
As the article says, soldiers fit the demographic of being the ages of 18-34 (MOST WITH FAMILIES). I know I am in that demographic (23 years old, married, 2 dogs). I love to frequent places with military discounts. The people seem friendlier, the quality of food seems better, and even though they are celebrating YOU, in the long run THEY are making some money. Let me share fictional story here:

1 soldier goes to eat at a restaurant (in uniform). Waitress says "Thanks for serving our country, just so you know we offer 15% off your bill for soldiers with a military ID, or retired Vets". Soldier says "SWEET! Man this food tastes better already, I cant wait to tell my friends!"
The Soldier goes back to base, or home, or wherever and tells his wife and friends. Most of his friends are in the military and think "Hey this place gives me a discount to eat, Ill have to go there" (Already the restaurant is improving business by using veterans benefits to spread the good word).
So within a few weeks the restaurant has noticed a boom in business. Many soldiers are showing up, bringing families, friends, whomever. The more soldiers that come, the more soldiers will spread the word.
The restaurant has an idea... how about "Veterans get a free med. cup of joe mon-fri" Well then, now you have attracted the "Officer Corp". You could be serving mud in a cup, and soldiers will still come and get it.... Why you ask? BECAUSE ITS FREE.
Civilians will see that your restaurant seems to always have people in it, that will make them curious, and probably go and try it themselves. (CHA CHING, more customers!)

I know it may sound SO obvious, but still many many company's/stores/restaurants don't even think of offering a military discount. I know I could be the asshole veteran and say things like "I DEFENDED YOUR FREEDOM AND YOU WONT EVEN THANK ME FOR IT WITH SOME FREE COFFEE?" But I will not be THAT GUY. I am merely just trying to spread the good word on how you can help your business.

By the way here is another great tip for businesses that offer veteran discounts. You can get a free post on a very active veteran website called "MilitaryAvenue" You will get posted on their list of "Military Friendly" establishments. This alone will definitely turn some heads towards your establishment.

Anyhow, Keep living the good life America.

Out