I have been with Best Buy for almost 9 years. In that time, I have been part of massive change inside the company as we seem to be in a continual state of evolution in our drive to meet consumer needs better than any of our competitors. When I started with the company, Wal*Mart had not entered the Consumer Electronics business and the Internet was all promise but little substance. Best Buy’s brand was about great selection and low prices and that was more than enough to best Circuit City and the small specialty retailers sprinkled across the country. About 5 years ago, we saw the day coming when our Brand would have to be about more than selection and value to maintain its relevance. As consumers began to want more from the technology they used in their lives while at the same time all of this stuff was getting more complex to set up, integrate and keep running, we made the bet that our people in the store, the Best Buy Blue Shirts, would become our key differentiator. This bet kicked off a massive re-engineering of our company around ensuring that our Blue Shirt community had the tools necessary to deliver a dramatically better consumer experience.
Five years later, we think we have made a lot of progress and the Best Buy Blue Shirts have become our “silver bullet” that will enable us to best Wal*Mart, Amazon and other emerging players. Stay tuned for ideas on how we plan to message this new thought about our Brand. I will be very interested in getting feedback on your impressions of our strategy and execution as it emerges.
Kudos for starting a blog and engaging on Twitter! Best Buy has a strong retail brand presence and it sounds like you are on the right track with a tweak in your marketing strategy. I would challenge you to go further and think about what motivates the store visit.
With the declining economy and high gas prices, Americans are actively seeking bargains across a range of merchandise available in one store rather than the depth of product or expertise available at a specialty retailer. In other words, Mom would rather get all the back-to-college shopping done at a discount store instead of 10 specialty retailers. In her 3-hour visit to a Wal*Mart (rather than 2 day trek around town), she may also pick up the bargain tv for Dad or a mini-fridge for her own bedroom while she’s there because they are on sale. What does Best Buy *uniquely* offer that would motivate her (or her husband) into your stores?
Look at the retailers who have closed 100+ stores, filed Chap 11 recently or gone out of business altogether: Wilson’s Leather, Children’s Place, Linens n Things, Sharper Image, Foot Locker, Zales and others.
http://money.aol.com/special/retail-stores-closing-doors
Bottom line: you need to make the store visit relevant for your customers and your brand needs to stand for something meaningful in their minds.