I'm sure you heard by now that Starbucks is raising their prices ... effective October 6th. Did you know that Starbucks sells over 30 million beverages per day worldwide? That's A LOT of coffee (and sugar & caffeine!!).Do you think the price increase is going to send it's loyal customers away pouting? I don't believe so. Their average customer spends $2.50 per day ... x 260 working days ... that's $650 per year! In 30 years, that's $19,500! Imagine if that money was invested?
Obviously ... price is not an issue for their customer. Why? ... because the customers are buying the full Starbucks experience! The baristas who talk to you personally and remember you by name if you're a regular. The lounge atmosphere with cool music. The clean restrooms with higher quality TP paper ... yes ... TP paper makes a difference ... ask their marketing specialists! All this for $2.50 per day.
Are you providing your customers a complete experience or just a product or service?
Do you know WHY your loyal customers stay with you?
When is the last time you asked a loyal customer for a written testimonial to address that very point?
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