Episode from the podcastGood Advice: Do Business Better with Blake Binns

#90 - How Starbucks Wasted Millions on Social Media

Released Thursday, 30th January 2020
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What good is social media for your business if it doesn't make you money? In 2016, Starbucks had a problem. A big problem. With Facebook exploding, Starbucks spent millions of dollars in developing their followers for their business -- 40,000,000 at the time. How many of those followers would go on to actually see Starbucks content? Due to Facebook's algorithm, Joe Pullizi of content marketing fame calls it less than 1%. Starbucks thought it had acquired a tribe 40,000,000 strong. Really, it's true audience was a fraction of it. Simply put, build your tribe on your own terms so you can protect your reach and make social media worth it for your business. Otherwise, who controls the access to your customers, really? It may be someone today who won't give you access tomorrow.