It’s Sunday, my favorite day of the week and as I sit in my local Starbucks I look around at a business that is incredibly healthy despite the fact that it has a reputation for being expensive. Even in a tough economic climate Starbucks has found a way to add value to their customers lives. As an ongoing business student, entrepreneur and loyal Starbucks customer, This video on “How Starbucks Found it’s Way” is something all businesses should learn from.
It’s all about creating a positive experience!
I look back at the really hard and expensive lesson’s the big bank’s just learned, bank’s like Bank of America and Citibank, who literally drowned their customer’s in fee’s and horrible customer service and didn’t learn this lesson until a massive amount of people, states and municipalities moved billions of dollars out of their banks. The banks pursuit of profits above the needs of their customers has created a negative experience for customers like myself. These banks have developed a reputation they might not ever recover from.
Starbucks is focusing on great coffee and the experience in their stores. Their CEO has developed a game plan to continually enhance the Starbucks experience. Starbucks has put their customers before profits which is the correct way to do business.
Great coffee, Free Wifi and a positive atmosphere where you can sit down and work or just plain relax. The atmosphere is what will continue to drive their business and the profits will follow.
The big banks have learned their lesson after billions of dollars of losses. Now I wonder if the health insurance and the insurance industry in general will learn their lesson? Only time will tell…
As for my love of Starbucks, if you are a stock investor this stock is a definite BUY!
- Starbucks’s Venti Payout (online.wsj.com)
- Starbucks to pay first dividend, expands buyback (seattletimes.nwsource.com)
- Starbucks rumored to be eyeing Jamba Juice (seattletimes.nwsource.com)