A Bombshell Called Branding
of months back I happened to be in Germany on a business visit, and as I sipped on a latte at a Starbucks outlet swarming with a veritable sea of populace one morning, it was an overwhelming thought that popped in my mind. What in the world would make people willing enough to spend the equivalent of nearly three dollars worth on a cup of coffee, when the same could easily be enjoyed with a way much lesser dent in the wallet at other reasonable coffee joints? Evidently, that all too familiar denominator of purchase, the majority of the consumer breed call ‘price’ was on the backseat here.The answer is loud and clear: Superbly valuable branding! It’s the Starbucks brand experience that 20 million customers a week in the world revel in, that makes them revisit the outlet. And guess what, even with more than six thousand outlets in over thirty countries and growing by a thousand outlets annually, the company owns a minuscule 7% share of the coffee consumers within the United States and less than 1% beyond America. What’s more, it’s marketing spend is not even 1% of its earnings!
Source: IIPM Editorial, 2006
An IIPM and Management Guru Prof. Arindam Chaudhuri's Initiative
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