How Did Starbucks Build A Multimillion Dollar Empire Using A Basic Commodity?
You can buy a cup of coffee at 7-11, Quik-Trip, Dunkin Donuts and even McDonalds… and buy it for $3.50 less than you can at Starbucks. So WHY are so many people Starbuck junkies?
Why is every airline bankrupt or nearing bankruptcy, and yet Southwest has made a profit every quarter but one since it started flying its planes in 1971? How did Apple come back from the dead and resurrect itself so it now sits at the top of the communications world?
What you need to know…
Starbuck's didn't just happen to get "lucky." This was a very carefully planned and crafted assault that was years in the making. In most cases, when you sell a basic commodity such as coffee, you're forcing yourself into a market that competes on nothing but price.
Well, that's what everyone else was indeed doing. 7-11, Quik-Trip, Dunkin Donuts and McDonalds were locked in battle to see who could offer the cheapest cup of coffee. In fact, most of them were providing it at cost as a way to entice customers to come in more frequently. They figured they could make up the lost profit with additional sales.
Starbucks looked at this and said "these guys are all fighting over who can offer a 50 cent cup of coffee. I wonder how we can get these same people to buy our coffee… and pay us $4 a cup in the process?"
Why you need to know this…
Obviously, they were successful. So how did they do it? In a word… "INNOVATION!"
If you want your business to grow and flourish, then you must stop competing on price. You have to find out specifically what your customers "want" from your business, and then innovate your business to not only give them what they want, but do so in a way that can only be described as "extraordinary."
Customers don't go to Starbucks to pay $4 for a cup of coffee. They pay $4 for the "experience" they enjoy at Starbucks. Starbucks innovated their stores to give their customers what they "wanted." Customers don't want to buy their coffee from a clerk. They want to buy it from a "barista." They don't want to buy coffee from a convenience store or a fast food restaurant. They want to buy their coffee from a specialty coffee establishment where the barista knows them by name and knows what they want to drink without them having to ask for it.
In short… they want an "experience," and they're willing to pay $4 a cup to get it.
The cost to you if you fail to act…
You can learn to do this for your business… IF you can discover specifically what your customers want… and create an experience that compliments what they want.
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To your success,
[YOUR NAME HERE]
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