Best Buy changes, but what about the Best Buy brand?
Tom Dougherty, CEO – Stealing Share
4 June 2013
Best Buy brand needs the most help
Is Best Buy making changes? There’s been a short reprieve of the spate of bad news haunting the Best Buy brand. Its first quarter profits were higher than expected. Its share price has almost doubled since the beginning of 2013 and one analyst recently upgraded it to a “buy” status.
“The time is perfect for Best Buy making the right moves. Its operational changes provide the perfect backdrop to define its brand.”
The analysts are bullish on Best Buy making the right moves because, since the appointment of its CEO, Hurbert Joly, it has made numerous operational changes such as adding additional in-store storefronts like its new “Samsung Experience”, increasing its focus on the online marketplace and having a stronger emphasis on mobile stores.
Best Buy brand needs similar improvements
These are nice improvements, but they do not to provide a distinct reason to be preferred. Instead, it must improve the Best Buy brand.
The time is perfect for Best Buy making the right moves. Its operational changes provide the perfect backdrop to define its brand. What better time to give customers a persuasive reason to prefer Best Buy then while it is making so many changes that reinforce that reason?
Unless Best Buy looks closely at its brand, its recovery will be temporary and it will miss the opportunity to reinvent itself.
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