Dealing with Growth (as Learned by Starbucks)

For many, Starbucks is a habit and part of a daily schedule. What started as a single coffeehouse back in 1971, is now a largest coffeehouse company in the world. With more than 21,000 stores in 65 countries, Starbucks is a brand that many people swear by. However, this brand did go through a phenomenal growth period setting trends in every aspect of business. Inc Magazine highlights some of the most important lessons that we can learn from Starbucks and its founder Howard Schultz.PencilNotepadCoffee

  • Have a mission: The Starbucks mission statement has resonated with customers ever since they were introduced to the brand and has served the company for more than four decades. This is because Starbucks goes beyond just a coffeehouse—it provides people a meeting place to relax and drink coffee and it has successfully been doing that.
  • Ask your customers questions: The employees are well trained and every time you enter the store, they come to your assistance and ask what you’re looking for. This simple and effective technique helps them set apart.
  • Know your customers and employees: If you’re a regular at Starbucks, your favourite barista will know you by your first name and this personal touch differentiates them from the rest.
  • Be innovative: Every new drink at Starbucks is marketed well. From introducing new flavors and types of beverages to offering customers free access to Wi-Fi at most stores, Starbucks set new trends in the market.
  • Take responsibility: Starbucks delivers you the best experience possible in taking responsibility for any slip-up if your order goes wrong.
  • Go against the grain: Thing big, think different. Starbucks breaks certain traditional moulds through its business model and focuses on covering entire areas instead of clustering. This gives them an advantage by dominating the market share.
  • Embrace social media: Social media plays a big role in promotion and marketing of a company. Starbucks chose Instagram to sell its story and that has found many takers. Identifying the right channels has certainly worked for Starbucks.

For more insights into growth and how Starbucks because a trendsetter in their market, read

Thanks for reading and until next time… stay WISE!

Image credit: iStock Photo


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