Jan 26 2008
Starbucks Sells $1.00 Coffee - What Will You Do?
No, I’m not asking if you are still going to get your daily dose of Starbucks whether they offer $1.00 coffee or a $5.00 Latte. Starbucks is currently testing $1.00 coffee in certain offerings to keep up with the heavy competition and the state of the economy. Along with the $1.00 coffee, they are offering free refills. Will this work? Probably! People who already have their Starbucks addiction will still go regardless of the change in price. What this will do is lure in the people who have had to cut down on their Starbucks due to financial strain. It will draw them back in the door.
I’m sure you are asking, “Why the heck is this in a website marketing blog?” I could truely care less about Starbucks dropping to a $1.00 coffee. The point I’m trying to get across is that I’m asking if you have a competitive strategy for your business/website and what does your business do in a time of economic strain? You have to be prepared for times like this. They come and the do go but your business has to be able to ride the wave long enough to survive the slow times and also the times when every other competitor is trying to out do you.
Competitive strategy and analysis is something you need to plan and implement before you need to. It’s too late when your competitors are trying to one up you and you don’t have a plan to fight back.
It comes down to knowing your competition. Know their next move. Anticipate their next move….and then beat them to it with a better solution!
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