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0 Votes

Realign to target market sectors

Status: Acknowledged
by on ‎07-27-2012 06:08 PM

Easy solution to Best Buy's retail problems:

  1. Remove 90% of inventory from store and move to local warehouse
  2. Identify and analyze market sectors. Example for: car entertainment: ghetto blaster, audio-on-a-budget, video entertainment, toys for tech wiz kids, etc..
  3. Identify best of breed solutions in each market sector
  4. Set up store to ONLY demonstrate the best of breed solutions; BUT also have online access (in-store of course) to full inventory. All Inventory should be aligned to the relevant market sectors and presentation should be tuned to allow instant comparison of features, costs, extras etc.. Don't stock ANY product that cannot be categorized in this way - that's for some other sucker to take care of!
  5. Allow customer to buy best of breed solution at a special discount price, but also to order ANY component from the warehouse (next day in-store delivery or at-home for an extra cost). 

 

These 5 steps are the ONLY solution to the online challenge from people like Amazon etc..

 

However you also need to drop products that have no added value (see point 4 above). I wander the store and see many on-shelf products that are frankly cheesy and which make me doubt the quality of product I am buying at Best Buy. This dilutes the brand value each time I encounter such products!

 

You also need to drop your Geek Service division. It is a waste of time and again it's a question of Brand Dilution. It makes you look cheesy. Truth is that 99% of problems are better prevented than solved. Sell quality solutions, proper backup of software and solutions that allow just about anyone to manage and recover their systems, effect simple repairs, or simply return under warranty. The Geek Services leave a sour taste even though in execution they are entirely reasonable and honest (and indeed offer a good service).

 

You need to be very brave and you need someone who understands both customers, customer fashion, and who knows how to execute this plan. You don't have much time - two years at most. So good luck to you.

Status: Acknowledged
Thanks for the input.
Comments
by Senior Social Media Specialist Senior Social Media Specialist
on ‎07-30-2012 02:43 PM
Status changed to: Tell Us More
Thanks for the suggestions on how to better our business model. I would like to hear if anyone wants to add to this, and if you like the idea vote on it.
by
on ‎07-30-2012 07:04 PM

Might just be me, but it seems that this just yells "Amazon showroom" by removing product from the stores.  People like to come into a store not just for service, but also so that they can take the product home with them.  Sure, it would eliminate a bit of overhead, but it would just turn more customers towards Walmart and other places.  At least, that's my thoughts on it.

by Senior Social Media Specialist Senior Social Media Specialist
on ‎03-26-2014 03:29 PM
Status changed to: Acknowledged
Thanks for the input.
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