How to Win at Best Buy
By Meghan Heltne, The Mars Agency
Did you know that …
1 out of every 3 large TVs in the U.S. is sold at Best Buy.
And 1 of every 3 laptops.
Also 1 in 4 iPads.
It goes without saying, then, that Best Buy is a key player in the world of technology. They basically own the consumer electronics space and are the No. 1 tech specialty retailer in the U.S., with annual revenue of more than $50 billion.
Transformation has been in Best Buy’s DNA for the last 10+ years, and the company continues to make investments for the future:
Expanding into new categories and services — everything from outdoor furniture to virtual healthcare. Best Buy is becoming more and more relevant for our daily lives.
Launching Best Buy Ads in February 2022 as their retail media network, officially joining this rapidly growing trend.
Opening new store formats, like outlet stores, to cater to different shoppers and their various needs.
With a new vision to put technology at the heart of every moment, Best Buy is positioned to assist every aspect of our lives and, therefore, to remain a leader in retail for years to come.
Here are 5 “must do’s” for brands looking to build a strategic partnership with Best Buy:
1. Lead with Sustainability: Build sustainability into your innovation, delivering ENERGY STAR-certified products and helping Best Buy create the circular, waste-free future it has targeted.
2. Make the Connections: Break down your internal siloes by aligning your Category Management and Best Buy Ads teams to create seamless, 360-degree omnichannel programs that will amplify your promotional, merchandising and key seasonal drive times.
3. Be Aggressive: Develop disruptive pricing and promotional plans that can drive trips and grow market share — things like “Deals of the Day” or brand sales events.
4. Be Informative: Deliver engaging educational digital/video content in coordination with best-in-class physical displays to drive conversion online and in stores.
5. Befriend the Blue Shirts: Create brand advocates out of Best Buy’s associates, who are valuable for driving conversion both in stores and virtually.
Partnering with Best Buy on these “must-do” strategies is critical for driving business growth and elevating your strategic partnership with this important retailer. The Mars Agency has the “know how” and experience to help clients navigate and deliver best-in-class work against these key initiatives. For more information, contact Meghan Heltne, SVP-Client Leadership, at [email protected]
About the Author Meghan Heltne is SVP, Customer Development for The Mars Agency. As leader of the Minneapolis office, she leads the Target and Best Buy teams, which work across all of the agency’s key clients. In addition, Meghan is actively involved in securing new business and driving growth in the Minneapolis market.
An 11-year agency veteran across two tours (with time in between at Coca-Cola), she was named a Women of Excellence by the Path to Purchase Institute in 2021.