Weeks before the first official day of fall, Starbucks counts down to the release of its best-known product: the Pumpkin Spice Latte. Each year it hits the market, the PSL remains the coffee chain’s most popular drink. It has inspired an entire pumpkin spice industry with products including breakfast cereal, ice cream, and even dog treats. It is not much of a stretch to say that PSL season is as highly anticipated as NFL season.
Whether your business offers products or services, what lessons can you learn from the Starbucks Pumpkin Spice Latte?
Seasonal Nostalgia
Starbucks capitalized on the feelings the fall season brings—crisp leaves, fresh-baked pies, and cozy spices like cinnamon and clove—and captured them in an espresso drink. The latte is now so closely associated with fall that you can find “PSL-weather” in the Urban Dictionary. Do you have a product or service you can market using seasonal nostalgia?
The Power of Scarcity
It’s not just the weather. Another reason customers are drawn to products offered only during certain seasons is simple economics. The limited availability of the drink drives up demand and creates a sense of scarcity. The perceived value of the seasonal product diminishes the longer it is available. As a business owner, consider limited-time offers or exclusive deals.
Know Who You’re Talking To
How has Starbucks kept the PSL on the top of the coffee charts for so long? They know their target audience and create marketing campaigns that speak to them. Pumpkin spice is not just a drink, but part of a millennial lifestyle. According to Business Insider, the product that was once a novelty now represents comfort and nostalgia, and it’s part of an image. Customers post “PSL-fies” of themselves with their first drink of the season. Craft your marketing strategies to speak the language of your target customers.
Find Your Followers
Since the 2014, @TheRealPSL has had its own Twitter account. Through both the Starbucks and TheRealPSL accounts, Starbucks promotes PSL season, counts down to the release dates each year, and engages with current cultural trends, including poking fun at the PSL haters. Starbucks has tapped into widespread social media literacy and millennials’ love of witty advertising that responds to cultural trends. You can leverage social media accounts and online content to increase your reach by developing a clear product voice on platforms your customers use.
Make Bold Choices
Before Starbucks launched the PSL in 2003, the combination of pumpkins and coffee would have meant a slice of pumpkin pie with a cup of black coffee. Whether the drink included pumpkin flavor or not (real pumpkin puree was added to the flavoring in 2015), it was a bold move to market an espresso drink named after a squash! The unexpected can bring surprise and delight, so don’t be afraid to get creative.
The Pumpkin Spice Latte offers lessons in innovation, branding, marketing, economics, and consumer behavior. Whether you’re a lover or hater of the latte itself, harness the energy of this PSL season to leverage these lessons in your business.
