I have been a long-time fan of Starbucks, over the last year or so, I have chosen to forgo the long lines on many occasion, in favor of being on time. Consequently, I was a bit sad, but not surprised when Starbucks announced they were closing 600 stores in the US. In John Quelch’s post on “How Starbucks’ Growth Destroyed Brand Value” he cites Starbucks’ pursuit of quarterly earnings growth targets undermined its brand in three ways.
First, the early adopters who valued the club-like atmosphere of relaxing over a quality cup of coffee found themselves in a minority.
Second, Starbucks introduced many new products to broaden its appeal.
Third, opening new stores and launching a blizzard of new products create only superficial growth.
We can apply lessons learned courtesy of Starbucks, to how we manage and balance our professional growth while delivering brilliant results. Here are 3 tactics to consider so that you do not destroy your brand value in the process:
- Keep your brand promise in the forefront of what you do. Your manager, peers, stakeholders and/or clients, count on you to deliver your brand promise consistently and exceptionally well.
- Were you the kind of kid who used every crayon or felt tip in the box, to color? Today, less really is more. It is inefficient being all things to all people, so focus on what you do well and what you are known for. This is your foundation, it is okay to add or borrow an additional color or two, when the situation or time dictates.
- Document the ways in which you have grown quarterly. Pay attention to cue which signal you are growing too fast or too slow. Solicit feedback to ensure that you are on track. Determine what ways have you developed professionally and how are you helping others around you to grow?
What are you doing to protect and enhance your brand value?
I agree that it’s important to focus on what you do best. Positioning yourself as an “expert” makes it easier to stand out in a sea of competition. Also, don’t forget you always have competition no matter how successful you are. I bet Starbucks didn’t see Dunkin’ Donuts coming!