Howard Schultz
speaker
633 appearances
1 recordings
1 series
first heard Jun 2024
last heard Jun 2024
Howard Schultz’s voice in public audio — every appearance, attributed to the second.
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Appearances
Please.
Please. When Il Drenale was getting ready to open, the standard cup in the world was that terrible styrofoam cup that is used in diners in New York City. Remember that cup?
I put boiling water into that cup. Five minutes later, the cup is starting to turn like a golden color because of the chemical. That can't be good for your insides. Or the taste of the cup. And so we had to find, we had to change the cup. This was such a smart move in retrospect, but we were just trying to figure out. Now, no one in America that is in the paper business
had any kind of cup or lid that was compatible with what I was trying to do. In fact, they didn't understand it. Why not just use the cup that exists? I said, no, because it doesn't taste good and it doesn't feel right.
Right, why go to the trouble of, you know, this perfected roast of these beautifully sourced Arabica beans from all these farmers if you're going to pour it into styrofoam? Yeah.
I think they just dismissed me. So- We went to Chicago to the International Paper Company and they had a cup, but the cup didn't have a lid, a compatible lid. And so we found, they found a lid, that beautiful sip lid, which is now ubiquitous in the world. Howard Schultz should have said to them, I want an exclusive on that lid. Because that lid became the standard for the world.
If I would have just understood that. The other thing I didn't do is we introduced Cafe Latte to America. We didn't trademark it. We trademarked Frappuccino later on, but we didn't trademark Cafe Latte. I wasn't thinking. You got enough right. You don't need to get them all right.
Oh, that was- The Hidden Trinta.
There was a brilliant, brilliant guy who was the architect of the name Starbucks named Terry Heckler in Seattle. And he's a fantastic design guy. And we're just sitting one day and I'm just talking about the importance of language. We got to get the language right. And we got the cup, got to get the language right.
And we just started talking about changing it from the pedestrian words of small, medium, large, to what it became, which was short, tall, and grande. People made fun of it, but they loved it. Was Venti not an original? Venti, we didn't have that size when we started. That was later on. Wow. Who would have thought somebody wanted to... This is America.
That didn't come from me. As the stores got busier and busier, the baristas were having a hard time with whose cup is it? What are we going to do? And someone at Starbucks, I don't know who it was, started writing names on the cup, writing names. And it just became standard.
So much of Starbucks' success came from customers asking for things we weren't doing, and Starbucks employees who became partners in 91 understanding the business better than me.
The intimacy with the customer and the barista became a very powerful component of the equity of the experience. And I've always thought in so many ways, Starbucks became the first experiential brand at scale. We didn't spend any money on marketing. Zero. There was no money for marketing.
And the cup, the iconic cup, became a badge of honor because people were doing something that was new and novel and walking in the street with it. And people, you know, what is that? It was a lot of that kind of stuff.
Perfect.
Well, listeners, this entire episode so far, we have broadly been talking about the concept of customer experience with Howard. And we want to talk about another business that has been innovating on the customer experience, and that's JPMorgan Payments. When it comes to digital commerce, JPMorgan Payments is all about personalization and convenience, both for consumers and businesses. Right.
Yep. And importantly, we expect our payments to be simple no matter where or how we want to pay, which creates real challenges for the business on the other side of that to create the magic. Even with super complex transactions like a marketplace website where you aren't just buying from one single retailer, but a merchant on the other side of that platform.
You can imagine there are plenty of technical and regulatory complexities to make that frictionless across different countries and currencies, but with great embedded finance and innovative commerce solutions, you can delight customers without really taking that all on yourself.
Oh yes, like biometric payments, which remarkably, research shows that will reach 3 billion users and $5.8 trillion in value globally by 2026. That is insane.
Yeah, if any of you were at the Formula One race in Miami last month, you may have even seen JP Morgan's biometric payments powering the fast lane checkouts in the merch store. In last year's pilot, literally every single payment was processed in under one second.
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