Saturday, September 17, 2011

Introduction

Best Buy is honestly one of my favorite stores.  It is my go-to entertainment store for CDs (yes, I still buy CDs), DVDs, cell phone accessories, computer accessories and many other items I've needed over the years.

The company began in 1966 and is now known as a multinational retailer of technology and entertainment products and services.  Some of Best Buy’s brands include Best Buy, Best Buy Mobile, Geek Squad, Napster and others.  Collectively, the Best Buy brands generated over $50 billion in annual revenue last year.  Recently, the company has decided to switch its operating model from a product-centric to a customer-centric model, bringing new and better in-store and customer service experiences to its customers.  This also includes adding new products and services to the company.


The company is committed to the community and community partnership is central to its business.  In Fiscal 2011, Best Buy donated $25 million to help improve the communities where its customers and employees live.  Recently, they were named to the 2011 Dow Jones Sustainability Index, which measures companies on environmental, social and community governance.  The company was also named the National Innovation Contributor of 911 Day of Service and Remembrance, furthering the efforts to establish September 11th as a national day of service and remembrance.

Through the numerous community service efforts, Best Buy has been able to establish a good reputation among its consumers.  The company reports out its efforts through news releases, which are updated multiple times a week.  The company also uses its social media sites, such as Facebook and Twitter, to communicate with its customers.  They even have social media specialists.  It is unruly customers like Cindy (you don't want to see the post she left on their wall after this comment) however, that make Best Buy look bad in the eye of the customers because it is the one or two customers who have had problems that bring it to social media to share with everyone (we'll get to social media later).  I think some of the challenges that Best Buy will face is through social media sites such as Facebook, where customers can come through and make their complaints public knowledge when customer service will not listen.  The company has to combat this and try to communicate with customers as much as possible, as Kyle did above.

I have to applaud Best Buy for their rational communications with unruly customers, such as Cindy, and for their extraordinary efforts to help members of their communities around the world.

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