Pumpkin. Spice. Everything.
It’s fall…which means beautiful changing leaves, chilly air, football season, cozy sweaters, and…pumpkin spice?
Yep, pumpkin spice. Everything.
The pumpkin spice trend may have started with the Starbucks latte, but has evolved to cookies, ice-cream, M&Ms, and even lip gloss… the pumpkin spice options are almost endless.
Over the past 10 years, Starbucks has sold over 200 million Pumpkin Spice Lattes, aka PSLs (that’s right, they even have an acronym), and are expected to generate approximately $80 million in revenue this Fall. What’s the success behind this marketing success?
Components Of Success
Some credit the success of the PSL to it’s sweet and spicy taste, and others say it’s because of the comfort and memories of Fall, but Starbucks’ marketing through social media and TV spots has driven the overall success of this most popular seasonal beverage. Let’s look at some components of the PSL marketing campaign to further assess this marketing success.
1. Social media promotion-The hashtag #psl trends across the most popular social media platforms, Facebook, Instagram and Twitter.
2. Target audience-Starbucks fully understands their target audience (men and women ages 25-40) and keeps them in mind when marketing their product.
3. Design-The pumpkin spice latte design is hip and contemporary, again fitting their target audience perfectly.
These three components of the evolving Pumpkin Spice marketing strategy has lead to success for Starbucks (both financially and socially). Fully understanding your target audience and what appeals to them is a critical part of implementing a successful marketing plan. To find how to create a successful marketing plan, download our eBook by clicking the image or filling out the form below!