1-31-23

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5 Ways to Use the 'Starbucks Effect'We all know Starbucks. Some folks love it, some hate it, but we all know it.Starbucks completely disrupted the premium coffee space so much so that researchers have dubbed it the “Starbucks Effect”.Here's how Starbucks used psychology to become a household name and some tactics you can apply to your business.  Irrational value assessment: In 1990, only 3% of coffee was sold at a more expensive premium price, but by the year 2000 in the middle of the Starbucks craze, 40% of coffee was sold at a premium price. When people see a higher price, they instantly think it's higher quality.  FOMO: Pumpkin Spice Latte or Unicorn Frappucino anyone? There's a science behind these drinks. FOMO gets customers into the store and makes them feel like they’re part of something exclusive and special.  Eliminating friction: Anyone use the Starbucks app? The genius behind it is that it eliminates two things customers don't wanna do; wait in line to order and wait to get their drink. Blend that with caffeine and you got yourself a recipe for a habit.  Cocktail party effect: The Cocktail Party Effect is a term used to describe the ability of someone to focus on a specific conversation or sound in a noisy environment, like a crowded party. Any guesses how Starbucks uses this effect? By shouting your name when your drink is ready. It creates a more personalized experience.   Make it your way: You're encouraged to create your own drink at Starbucks. Heck, they'll pretty much throw anything in there for ya. And psychology tells us that people love a product, even more, when they co-create it.Dive deeper here.

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