Adapt, Then Adapt Again
The first key lesson for any business: adapt. For example, Facebook adjusted their own business plan over and over again as they recently surpassed 2.6 billion users worldwide. Since their launch in 2004, it took Facebook five years alone just to add their famous “Like” button to posts. Two years later, Facebook had a major overhaul to their display and design despite having hundreds of millions of users. By 2012, Facebook had one billion users but aggressively pursued the purchase of Instagram.
Have Fantastic User Experience
The My Starbucks Rewards App has a point system that lets customers score free drinks and food items. The app also makes it easy to order ahead of time and pay before pickup. It didn’t take long for customers to get attached to Starbucks because of this personalized experience. Today, 64% of companies say their loyalty program is the best way to connect with customers. Other companies are quickly picking up the Starbucks customer incentive strategy. The lesson is that rewarding customers will keep them coming back.
The lesson for brands is that Amazon gives customers what they need with subscription-based revenue. As of 2019, 82% of the U.S. Households have an Amazon Prime subscription. It’s hard to compete with the convenience that Amazon offers customers. They understood that their customers were happy to sign up for a subscription in order to receive additional benefits.