Starbucks (SBUX) is everywhere, right? You can barely get around without running into one – at strip malls, hotels and even in grocery stores. And if you’re like me, the day just doesn’t start right without the treat in a green and white cup. . But despite a sometimes-negative reputation for over-exposure, in today’s adage.com article, Starbucks loyalists “drink only 3 of every 10 cups at the chain,” which in turn points to a even more surprising fact, Starbucks holds only about 5% market share.
These stats, while interesting, point to the larger strategy of marketing in today’s world. Even though the creative marketing “brand” is alive and well, Starbucks is also honing in on sales metrics, using research and data to drive towards the future. In addition to ensuring a consistent product and a high-quality customer “experience,” the next SBUX move to gain market share and increase sales is based upon the numbers.
As a marketer, do you know how often your most loyal patrons utilize your products or services over competitors? Where is the forecasted growth in your market? How does the latest consumer spending uptick in luxury goods impact your strategy? Do you have a strategy to increase those numbers?
Expanding product lines and reformatting grocery offerings are a large part of Starbucks’ plan to obtain its goals. By understanding that four of every five cups of coffee are consumed at home, the company knows that they need to go beyond its retail stores to gain a larger customer base. Taking a lesson from one of today’s best brands, leveraging quality analytics, measurements and return-on-investment analysis is fundamental in guiding strategies and tactics for effective marketing to grow and expand customer base.
Sidenote: If you’re a true Starbucks customer (or loyalist), check out this site to find out your true Starbucks personality.
