Download - Best Buy Digital Strategy Final Presentation
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S
Best BuySocial Media Marketing Strategy
Joe Levin
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About Best Buy
Founded in 1966 by Richard M. Schulze, originally named Sound of Music
A few years down the road in 1983 they adopted the name Best Buy Co. which has stuck ever since
Once the Best Buy logo was created they were off and running
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About Cont.
Best Buy has the controlling market share of sales in the 5 main areas of technology. TVs, Laptops, Cameras, Car electronics, and Mp3/audio.
2014 revenue was $43 billion
With more than 180,000 employees in 4,000 stores world wide
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Target Market
The average consumer age of best buy shoppers is 38
Best Buy’s age group for their core audience is age 25-54
Average household income is $75,000
52% of buyers are men
48% of buyers are women
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Goals
Main Goals
Acquisition of other companies
Expansion within current markets
Expanding into new markets Build supplier base
Achievable goals via social media Build a stronger online
presence Increase online sales Further relationships
with current customers
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Challenges
Competition
Current state of the U.S. economy
Product recalls
Poor customer service experiences These can include on the floor employees and also
Geek Squad employees as well.
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Big Idea
Video product reviews and detailed explanations of current large selling items.
This allows for quick and efficient access to information customers are looking for to compare different products.
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Key Components
All social media networks• Builds relationships• Creates more brand awareness• Creates buzz about the company
• Fairly cheap form of advertising• Very specific/ targeted
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Success Metrics
Monitor all Best Buy mentions on social media sites to track the amount of users are talking about Best Buy.
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.
Track the search results on Google and other search engines.
Track the number of clicks and CTR on Google AdWord
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Budget
35%
25%15%
15%
10%
Allocation of Budget
FacebookTwtterYoutubeGoogle AdWordSEO