What Makes Starbucks So Successful?

One of my favorite companies. One that loves to try many new things.

Here is how I believe they have been so successful:

Market segmentation

The company has stayed with the upper-scale of the coffee market, competing on comfort rather than convenience, which is the case with its closest competitors, McDonald’s and Dunkin Donuts.

Execution

They continue to focus on its original product bundle that includes good coffee, quality service, and a nice environment to hang around. They keep their attention on paying attention to the details of great execution and service.

Social Media

One of the earliest adopters of the use of social media for marketing and social commerce, Starbucks has certainly taken a leadership position. Their social media strategy is built around their company website and 6 additional social platforms, including Twitter, Facebook, Pinterest, G+, YouTube, and My Starbucks Ideas. We will review Starbuck’s social media strategy in detail below.

See this article on the secrets to a winning social media marketing strategy.

Adaptation and Innovation

Starbuck’s business crowdsourcing, via its My Starbucks Idea website, has been a huge success. Why…