Best Buy Digital Strategy Final Presentation
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Best Buy digital strategy final presentation for ADV 420 NMDL
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Best Buy Digital Strategy Final Presentation
- 1. S Social Media Marketing Strategy Joe Levin
- 2. S Founded in 1966 by Richard M. Schulze, originally named Sound of Music S A few years down the road in 1983 they adopted the name Best Buy Co. which has stuck ever since S Once the Best Buy logo was created they were off and running
- 3. S Best Buy has the controlling market share of sales in the 5 main areas of technology. TVs, Laptops, Cameras, Car electronics, and Mp3/audio. S 2014 revenue was $43 billion S With more than 180,000 employees in 4,000 stores world wide
- 4. S The average consumer age of best buy shoppers is 38 S Best Buy’s age group for their core audience is age 25-54 S Average household income is $75,000 S 52% of buyers are men S 48% of buyers are women
- 5. S Main Goals S Acquisition of other companies S Expansion within current markets S Expanding into new markets S Build supplier base S Achievable goals via social media S Build a stronger online presence S Increase online sales S Further relationships with current customers
- 6. S Competition S Current state of the U.S. economy S Product recalls S Poor customer service experiences S These can include on the floor employees and also Geek Squad employees as well.
- 7. S Video product reviews and detailed explanations of current large selling items. S This allows for quick and efficient access to information customers are looking for to compare different products.
- 8. All social media networks • Builds relationships • Creates more brand awareness • Creates buzz about the company • Fairly cheap form of advertising • Very specific/ targeted
- 9. S Monitor all Best Buy mentions on social media sites to track the amount of users are talking about Best Buy. S Track number of people following Best Buy on these social media sites prior to the implementation of this strategy, along with the number of people following after the implementation. S Track the search results on Google and other search engines. S Track the number of clicks and CTR on Google AdWord
Notes de l'éditeur
- With the age range being as broad as it is, this allows for a huge opportunity for Best Buy. These people are still very in with the trends going on in the world and are in sync with todays technology. This age group is very easy to contact through different social media approaches.
- Building a strong online presence is extremely important when it comes to Best Buy. This is because with brick and mortar stores on a downhill slope Best Buy needs to raise its online sales and create a strong community using social media techniques.
- Best Buy’s competition is picking up some steam and starting to cause Best Buy problems. With discount brick and mortar stores such as walmart, meijer, and target all selling electronics at discount prices, why do peole people need to go to Best Buy when they can pick up the electronics they need while they are shopping for groceries and clothing? Along with other brick and mortar stores there are online retailers. The main online retailer threatening Best Buy right now is Amazon. Products regardless of where they are being sold have the posibility of being recalled. This is a huge loss for stores like Best Buy where the majority of their products being recalled are fairly expensive products that need to be taken completely off selves and refunds must be given to customers.
- People always want to know what’s new and what’s hip in the technology world. With these videos scattered around different social media sites this will allow people to see the newest product being offered by Best Buy without even having to look for it. The ease and simplicity of this idea is what will make it work. This idea will allow people who may not know much about upcoming technology to stay informed. This is extremely important do to the fact that we are living in the age of technology and staying up to day with this will be very beneficial to their lives In the future.
- Facebook is a very benificial form of advertising. With Best Buy already having a Facebook page they can post these videos they have made so people who like the page can see them. These videos will also be posted onto twitter using specific hash tags to tie the videos in with what people are talking about. For example say the iPhone 6 comes out in the near future, Best Buy can make a detailed video of the product and have an employee handle the device, then post the video with the hashtag #iPhone6. Google AdWords is very cheap and efficient form of advertising that is used for google searches and takes the them to a link for bestbuy based on their search. YouTube can also be used as a form of sharing videos for people who are actually looking for on hand product reviews of these products.
- By tracking the status of the followers of Best Buy they can use that information to better fit what people at looking for. Using AdWord they can make their advertisments very specific and make it so more people find Best Buy in their search results without looking for Best Buy.
- Taking into consideration of how people will view these new videos being presented by best buy this is an estimate of the distribution of costs. The total for the budget will be 1.2 Million dollars.