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DOWNLOAD: Could Starbucks (insert brand with big Fan base here) become a bank? (Graham Brown mobileYouth)

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DOWNLOAD: Could Starbucks (insert brand with big Fan base here) become a bank? (Graham Brown mobileYouth) ...

DOWNLOAD: Could Starbucks (insert brand with big Fan base here) become a bank? (Graham Brown mobileYouth)

Starbucks Corporation ( SBUX ) is perhaps the first name that comes to mind when you’re thinking of getting a cup of coffee. The brand’s position in the American marketplace is secure. But is the coffee icon grabbing a share of your bank’s business? Can it easily perform a big chunk of those functions?

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    DOWNLOAD: Could Starbucks (insert brand with big Fan base here) become a bank? (Graham Brown mobileYouth) DOWNLOAD: Could Starbucks (insert brand with big Fan base here) become a bank? (Graham Brown mobileYouth) Document Transcript

    • mobileyouth.org http://www.mobileyouth.org/post/could-starbucks-insert-brand-with-big-fan-base-here-become-a-bank/ Starbucks could become a retail bank through the back door Graham Brown Mobile Youth Could Starbucks (insert brand with big Fan base here) become a bank? EATING INTO THE BUSINESS OF BANKS Nasdaq analyst blog reports: Starbucks Corporation ( SBUX ) is perhaps the first name that comes to mind when you’re thinking of getting a cup of coffee. The brand’s position in the American marketplace is secure. But is the coffee icon grabbing a share of your bank’s business? Can it easily perform a big chunk of those functions? In a recent article in the Harvard Business Review, senior consultants from Accenture plc ( ACN ) claim that players from outside the industry are eating into the business of banks through innovations such as Starbucks’ loyalty cards. These include such industry giants like Wal-Mart Stores Inc. ( WMT ), Google Inc. ( GOOG ) and PayPal. WHY STARBUCKS? Because it’s all about having a passionate base of Fans. FROM CUSTOMERS TO FANS: BREAKDOWN OF THE MARKET Size Who are they? Role Fans 10% of the market Employees, co- workers, vocal customers who “get it” and love the product Key influencers, advocates and educators. Focus on breaking down the walls to help Fans tell their story and broadcast to the customer base. Commit all your energy to the Fans and leverage their lines of influence to shape the market.
    • Observers 20% Silent Fans who are to be convinced that going public with their affections or ideas is a good idea The bridge between Fans and the mass market. 2nd wave of adopters Skeptics 50% The silent majority who are easily swayed one way or the other Skeptics only come on board when the Social Proof from Fans and Observers is strong enough to de-risk any change in behavior. Critics 20% The vocal opposition. The “Yes, buts”. The naysayers Critics will continue to fiercely oppose any change, product or technology simply because their position of opposition gives them significance. Do not waste energy to convert the Critic. Focus energies on those that matter and use the mass market to silence the critic. Amazon has moved from selling books into pretty much every category once offered by the generalist high street retailers. Then there’s the latest addition of streaming video. Apple moved from selling desktop computers to iPods to iTunes to the iPhone and it keeps growing thanks to the brand’s ability to grow a passionate core of Fans who will provide a powerful launching pad for new products and services. And so enter Starbucks with its payment cards. When you consider how customers may adopt the retail banking capacity of the payment app by default rather than thinking “I need a mobile banking app” then it becomes a realistic proposition, through the back door. You start to see how mission creep may eventually force Starbucks into the retail banking space. More From Graham Brown’s Series on How to Sell Technology Give customers what they need: Not more technology but more Social Space Don’t Teach a Pig to Sing: Why you should master the internal sale first when selling technology Why People Buy Technology: Social Proof Privacy drives the next wave of Social Media Apps The Paradox of Quality: Why Better Technology Fails What the Oscars and Ellen’s Selfie teaches us about selling mobile phones The 90-10 Rule: Focus on the 10% that influences the 90% Why you need to become a Farmer not a Hunter to sell technology Technology Companies need to Embrace the Unofficial or Die Change Your Metaphors: How great leaders sell technology
    • These 2 Social Experiments Show How Stories Sell Technology If you want to sell technology, stop trying to “have a conversation” with your customers