What Starbucks Can Teach Entrepreneurs about Business and Innovations?
When you are reading this, you might be stuck at the idea of learning something from Starbucks.
You may still be thinking that a company that can often be prepared for the quality of food items and drinks or for your line of tax issues and employees’ agreements, teaches you something!
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But, in fact, there really is a lot for Starbucks, and some coffee, coffee can certainly learn one or two things! Starbucks has been swiftly expanded without losing its regional touch and still has Chai lying near Oprah Winfrey!
I am not a big fan of coffee giant, but after some trips my opinion about them changed and now I always wait for the experience!
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It’s more about the company, which draws me towards the quality of a cup of coffee, which starts from $ 2! Thinking what the unknown is like me, even though I was working hard!
You can learn 5 things from Starbucks about business
Feel at Home to Your Customers
Warm welcome and greetings in Starbucks outlet just forgets that you are away from home. There the environment of the outlets and the atmosphere is super friendly.
I sometimes greeted the manager and despite doing a small talk about college and my writing work, how busy the store is!
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Their growth is not only by fate or great marketing, due to these actions or collective mentality, customer experience is promoted in their organization.
Most businesses run the model of trying to squeeze every penny from their customers, and this will remove them from your offerings!
Paint it: You can literally loot your outlet for five hours with a cup of coffee! If this was a separate venture, then the talent MBA brain would consider it as a loss of ROI and would like to charge on an hourly basis! But they do not realize the value of brand loyalty.
It Just Sells More Than Coffee!
Starbucks understands the context of its offerings. The products offered in Starbucks are actually in reference to your location, which means that where you enjoy coffee and compared to your cup of coffee!
Now it is also establishing tea bars, millions of tea fans are not disappointed.
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Starbucks acquired Tewana for $ 620 million and established several tea bars throughout the USA. Starbucks in India provides tea through partnership with Tata.
It is not about expansion, but rather durable detail, while creating a memorable experience for customers!
Starbucks is the best industry to embrace the new technology because it comes! Starbucks was in a hurry to add mobile payments to Mobile Payment Company Square, founded by Twitter’s co-founder Jack Dorsey.
Within a year or two after the rise of Square, Starbucks partnered with 7,000 outlets worldwide to provide mobile payments!
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Thought that there was nothing, think again! Starbucks made innovation a bit more serious and made its cloud-based Clover coffee machine!
There are now more than 1,000 stores all over the world. They are used to digitize brooding time and temperature, using cloud technology to track customer preferences, issue receipts and monitor coffee makers!
If your business is still not digital, then it will be out of business soon! Digital is the way to move forward and when it comes to embrace technology, the better it is.
Having an open mind about new technology will be prolonged prizes for long!
Focus on Consumer Lifetime Experience
These days business is giving more enthusiasm for monetization rather than creating an ideal customer experience.
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