The way best Buy approaches marketing is a good example of that. The main purpose of the company is to sell electronics to their customers but not all of them are suitable for every customer. For instance, customer A could be looking for a computer to do their school work with, while customer B could want a computer that is perfectly equipped for their gaming needs. It's the marketing departments' job to appeal to their target customer base and effectively display how diverse their merchandise is so they can appeal to their needs. Developing marketing strategies plays a large role in the success of any company so it is in their best interest to constantly come up with new ideas.
The Best Buy Experience Customer service is one of the most important aspects of owning a business and I believe Best Buy to have one of the top customer service experiences in retail. It is my opinion that most big corporate retail chains do not follow the LIFE model, and for the most part, do not give the impression that they actually care about the customer. I patronize Best Buy regularly for anything computer related, and I must say, I have never had a bad experience with them. When it comes to the LIFE model, Best Buy does a good job of focusing on the little things, providing great insight, accepting feedback, and always meeting the expectation of the customer. Best Buy overall does a great job of focusing on the little things that make the customer service experience a good one.
It also bases itself on cloud, putting it in an advantageous position compared to opposing online marketing services. Inbound marketing is marketing focused on getting found by customers, providing videos, business blogs, and useful content that are accessible to potential customers. As opposed to inbound marketing, outbound marketing is traditional marketing that is focused on getting the product out to the consumers using cold-calling, print advertising, TV advertising, etc. As mentioned by the founders of Hubspot, outbound marketing is getting outdated and inbound marketing is proving to be the more effective marketing strategy. Firstly, outbound marketing in itself costs a lot more than inbound marketing if it is to be implemented effectively.
The rules of marketing may have changed but it definitely does not mean that IM is the only answer for marketers. For a company like HubSpot, whose products appeal to a certain type of customer, specifically people who are familiar with 2.0 and know what product they are looking for, IM is effective because potential customers are already familiar with the platform and are shopping around. IM is also good because it is cheaper and provides very informative details on the company’s products. However, if a business only offers products which appeal to older or specific customers who are not familiar with web 2.0, IM will not work. One example of a business where IM will not work is a business that that sells electric wheelchair.
The management goals for Best Buy are sales motivated and simply state most of the company’s goals in the company’s name, Best Buy. This tells that the store plans to operate based on the cheapest quality product for the sales with the interest of the consumer and their purchases. Best Buy as a store wants to manage sales and make high quotas per day. Managers sometimes hold meetings or rallies with employees to motivate the sales staff to sell and be enthusiastic about the day. Products are sold rapidly and the staff is knowledgeable based on what they know about electronics themselves.
The problem in one sentence: BPS failed meeting sales targets and renewals rates because sales departments are not operating efficiently. Let us take a look at the following complications of the selling process and its main causes. 1. Customers complain: Sales support team fails to provide a high quality proposal in a short period of time. Salespeople had to delay presentations by weeks.
Best Buy stores also do car audio installation and have a Geek Squad for computer repairs and warranty services. (bestbuy.com) In attempts to keep growing as a company and finding better ways to service their customers Best Buy’s customer centricity campaign was created. Customer-centric is defined by the business dictionary as; “creating a positive consumer experience at the point of sale and post-sale” a customer-centric approach can add value to a company by enabling it to differentiate itself from competitors who do not off the same experience. This campaign is a way to understand the needs and behaviors of specific types of customers by breaking them up into five different categories; Barry: The professional who is seeking the best technology and entertainment and demands the best service. Jill: The typical “soccer mom” who is the busy suburban mom who is looking to enrich her children’s lives with technology and entertainment.
Best Buy Mission Statement: “Our formula is simple: we’re a growth company focused on better solving the unmet needs of our customers-and we rely on our employees to solve those puzzles. Thanks for stopping”. Revision of mission statement: Our mission is to strive to exceed our customers’ expectations by providing low cost, quality electronics. We are dedicated to providing the best, most reliable technology in the retail industry. Our success depends on the satisfaction of our customers and we are committed to giving them the ultimate shopping experience.
Summary: For some businesses customer loyalty is the ultimate quest; loyal customers who wouldn’t dream of getting their goods and services from anywhere else. Loyal customers provide businesses with a steady revenue stream. In an effort to boost profits and stay ahead in a tumultuous consumer-electronics market place, Best Buy developed a customer centric approach. By taking a look at the enterprise from the outside in and viewing the shopping experience through the customers’ eyes; Best Buy tries to understand what problems customer’s face in their everyday lives and then aids in providing advantageous solutions. This endeavor has helped Best Buy grow from a small specialty audio retailer to the world’s most largest consumer electronics retailer.
Best Buy has always had a passion for bringing technology and consumers together and they try to do this by making shopping with them easy and fun for their consumers. To do this Best Buy tries to focus on educating their consumers on the features and benefits of technology and the entertainment products that they supply to them. Best Buy believes that their stores and the other products such as BestBuy.com and Geek Squad offer their consumers meaningful advantages over their competitors by offering better in store atmosphere, product value, customer service, and product selection. Best Buy used to be a product focused company in which they would worry about the products and use what the store sold to get consumers to come in to the store or go online and shop, but now they have switched to a customer focused company in which they rely on their superior customer service and aim to create better shopping experiences for their customers. Best Buy is switching to this way of doing business because it creates a greater customer loyalty and discourages people who shop with them