Starbucks Corporation is a billion dollar global coffee company with coffeehouses in 64 countries worldwide including the USA, China, UK, Japan and Canada. The company, which was founded in 1971 in Seattle, experienced rapid international expansion between 1987 and 2007, and today boasts revenues of $14.89 billion.
Statistics show that roughly 4 billion cups of Starbucks coffee are sold every year. You will find a Starbucks establishment almost everywhere you look – an intentional move known as ‘clustering’ designed to help the company dominate the market and block out the competition.
Read on for more powerful lessons we can learn from this incredibly popular coffee giant:
Starbucks is renowned for its innovative and delicious beverages and snacks and is continually introducing a new line of seasonal flavours to keep clients satisfied. Despite staying true to its roots, the company is also one step ahead of the game by keeping up with the latest client requirements.
For instance, when the company realised that customers wanted to spend longer at its premises, it introduced free Wi-Fi and special areas where people could read, study and connect their laptops or other devices. This has boosted customer retention and of course, contributes to better sales.
Customers can also pay for goods using the latest technologies, include mobile payments. This makes the entire experience faster and more efficient, ensuring that regular clients who are in a rush can place their orders with ease.
Boosts Customer Happiness
Starbucks also has a policy intended to make the customer as happy as possible This is designed to create lifelong brand loyalty and value with every customer that walks through the doors.
For example, clients can request custom-made drinks with unique flavours that aren’t necessarily included on the menu. All baristas write the customer’s name on the takeaway beverages, adding to the personalised, memorable nature of a visit to Starbucks.
Although there are thousands of coffee flavours to choose from, when you walk into a Starbucks in London and order a chocolate chip Frappuccino, you can expect exactly the same product and overall experience in a Starbucks in New York City. Being consistent with your brand is a great technique that differentiates your brand from the competition and increases brand loyalty.
Focus on Quality not Quantity
When a Starbucks accountant informed the company that they could save money by buying 1-ply instead of 2-ply tissue paper, the suggestion was rejected. The company wants to maintain its ‘affordable luxury’ brand image and felt that by switching to cheaper paper, its $4 coffees couldn’t be justifiable.
Starbucks can teach us a great deal about how to successfully run a business. Having a consistent, high-quality approach to business will undoubtedly boost your business’ reputation and enhance brand loyalty.
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