Whenever we think of going out to coffee, the first thing that crops up in our mind is Starbucks. Starbucks is Cash Rich. That is the level of resonance it has created in our minds. Starbucks doesn’t just serve coffee, it provides a perfect and personalized coffee experience. With comforting stores and highly amicable baristas, Starbucks has made coffee much more than just a drink. Everyone loves the name personalized cups for their orders! Besides it, Starbucks is cash rich. Here’s why.
Why is Starbucks Cash-rich and Successful?
How did Starbucks get so successful? The simplest answer is: by being very, very good at making coffee. But there are other reasons to back it as well. Starbucks is Cash Rich. For one, Starbucks and other competitors have been incredibly well managed for many years. This isn’t a coincidence. Starbucks has focused very, very hard on being very good at their business. And they succeeded. From 2000 to 2015, they achieved net annual sales growth of almost 13%. That’s staggering growth. The implication: either the market is much larger than Starbucks or their investments have worked. They’re clearly successful at increasing sales. So what is Starbucks doing right? The Solution may be obvious, but there are a few keys. I’ll do my best to explain what I mean, and why it matters.
Starbucks Brand of Experience
The main effect of all changes was to make customers feel better. They were leaving with a much more positive perception of the coffee and the brand itself. Because it was the first time they had experienced Starbucks in this way, they were easily hooked. It’s this unique brand of experience that makes them incredibly valuable. It’s this unique brand of experience that makes them incredibly valuable. And according to Starbucks CEO Howard Schultz, they have an opportunity to use this in every single store — “In this sense, we’re willing to be a guinea pig, willing to put our brand on the line to create an experience that people want to come to in order to express a message.
The Role of Technology
In order to keep up with the competition, Starbucks has become a technology company, with technology being at the heart of the shopping experience. The service itself is almost secondary. The Starbucks app is a must-have for any coffee lover. Scanning your phone’s barcode creates the exact coffee order you want in less than one minute. You can even add liquor (“House Blend, Peach Limeade, and a shot of Suze”) in addition to espresso. Orders are placed via the app and delivered to your phone. As it happens, I am rarely able to have my Starbucks order fulfilled by the actual store – which is a weird way makes the experience even more authentic. The Mixing Trend Starbucks has developed a very unique approach to coffee.
Building a Community
To really capture the high-end taste, the company decided to tap into their existing brand of community with programs such as Caramel Latte Connection and the first-ever Pink Drink, the Protein Blended Cold Brew. These are programs that appeal to a wide variety of customers, but which also seem to be specific to those who frequent Starbucks more than any other place. While these programs are a good strategy, it is their stores that really bring in customers. In fact, the company built a second headquarters in Seattle after the success of the original location. As Starbucks CEO Howard Schultz noted, “More than 80 percent of our customers make three or more trips a week to Starbucks. They’re in their neighborhoods, they’re in their cities and they’re all connecting to one another.
Starbucks is Cash Rich: Surprising Reason
Starbucks is Cash Rich. Another thing that paved a way for the company to be cash-rich is Starbucks Card. This card helps in hassle-free payments. Rather than paying through the bank’s card, one simply pays through this. The customer adds money into it. It further allows you to redeem free drinks through the app. One gets twice the equivalent of the number of stars. As a result, the customer keeps their cards loaded with cash. This doesn’t sound much until you look at the broader picture which brings in a lot of cash.
Thus, to sum up, your mindset, what you sell, and how you get the word out matters more than ever. The race is on! There are so many incredibly talented people out there. But, this does not make them any less talented than the next. Whether you are a talented top player or a skilled rookie, the only thing that matters is how you play your cards. For Starbucks, the virtuous cards were loyalty and comfort. What strategies have worked for you? Tell us about your own experiences.
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