HEAR MIKE ON LOYALTY WIRED'S SEPTEMBER 2024 NEWSCAST:
Former Starbucks CEO Howard Schultz is still invested enough in the company’s success that, earlier this year, he posted on LinkedIn an open letter to the Starbucks board in which he decried the loss of the company’s soul.
Schultz wrote this letter as Starbucks was suffering its first extended sales declines in a long time. The company has faced unionization efforts. Declining employee satisfaction. Inflationary price increases. Reward program devaluation. Social media backlash. All of this static led to the ouster of former CEO Laxman Narasimhan and the hiring of former Chipotle CEO Brian Niccol to take the helm of the legendary company.
In this special segment, Rick Ferguson stands inside Starbucks’ original Pike Place Market store in Seattle and asks: Can Starbucks leverage its loyalty program and its vaunted digital wizardry to recapture its corporate soul?
Featuring special guests Peter Fader of the Wharton School and Mike Ridgewell of Denmark Street Marketing.
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