Ever wondered what are Starbucks marketing strategies & why they put your name on their cups?
Do you know how Starbucks gains millions of social media engagement every year? Or how they get people to buy from them again & again & again? I’m going to reveal one of the many psychological effects Starbucks marketing team utilizes so that you can steal & use in your own business. So make sure to keep reading!
In this article, we’ll discuss how their use of psychology in their marketing strategy has brought Starbucks brand awareness to amazing heights.
In psychology there’s something called the endowment effect. This states that the user values something more if they feel like it belongs to them.
Even more, we don’t need to even actually own the thing. It just needs to feel like we do. This is called psychological ownership,or quasi-ownership.
Starbucks uses this model by writing customer’s names on their cups. This form of customization gives the customer a sense of ownership, valuing the product even more.
Starbucks has stated before that in the beginning the name writing was to stay organized & prevent mistakes. However, this has slowly grown their brand awareness to new heights with everyone sharing their customized cups on social media.
There is even a conspiracy theory that Starbucks trains their employees to spell some names wrong so people will post their cup on social media – giving Starbucks free online marketing. Of course Starbucks has denied this, however the hashtag #starbucksnamefail has thousands of shares on social media. This adds playfulness to the already sense of belonging & ownership – making it almost impossible to say no.
Starbucks has succeeded in building a social media culture that every marketing team would be proud of.
Whether this is true or not, Starbucks is a $98 billion dollar company – I have a feeling they know a thing or two about marketing strategies.
So i bet you’re thinking, “How can I use Starbucks marketing strategies in my own business to gain success?”
Not all of us have a multi-million dollar marketing budget, but my challenge to you is to take a product from your business & customize it to your client. If you are a service based business, let them customize a package based on their needs.
This will not only add a fun spin on normal services/products, but also add more value as they feel a sense of ownership.
Check out this amazing article to learn 7 ways to use the endowment effect to boost conversions!
On that note – what’s your go to drink from this $98 billion dollar coffee chain?
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