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Best BuySocial Media Marketing Strategy

Joe Levin

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

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

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

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

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.

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.

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

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

Budget

35%

25%15%

15%

10%

Allocation of Budget

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