Online Marketing | Part 1 Best Buy's Success and Now Change
Get found, Convert, Analyze - Increase sales, Targeted results.
I can't help but share my online marketing insight into the recent conduct of Best Buy and its leader.
This is in no way down playing the success, just reflection of how things are changing.
April 10, 2012 was the day that Brian Dunn stepped down as the powers within the organization pressured his action.
While the economy has challenged all of us, the big giants are not immune. What matters here is the way that our culture has changed with the internet.
No longer is the goal for ultimate power & dominance without reaching the valued target market with what they want, when they want it. Without inbound marketing today, companies are expected to overspend to reach their business objectives.
This was not the case 10-20-30 years ago. Then the tactics that worked were built on pushing for performance. As outlined by a statement in the Star Tribune: Brad Dunn would say,
"We need to sell X number of extended warranties, and Brian would beat the hell out of the sales team until he got them, " Matt Henderson recalls.
Today, that doesn't work as well as it used to. The internet has created an arena where the buyer is in control, not the pushy seller.
This was so true for so many companies, and the powers that run them now, still want to use intimidation to drive sales growth. I know, I worked for Bristol-Myers Squibb for 14 years and they always drove it with fear. Was it great? Absolutely, I loved it.
I am glad that the playing field has been leveled. We here at Tru-Market are working with companies that want to improve, see results, get strong connections with their target market.
Sure, many companies will continue to push for increased market share in their own way. What will stand out will be the leaders that recognize the new information about how buyers want to participate instead of being 'told' what they need.
Best Buy will have to change, adapt, grow towards what buyers want, when they want it. Online / inbound marketing continues to drive buyers, let's hope BB can do it. If they don't, they will continue to fall and become history. They are closing stores, trimming the excess, but more is needed. The connections once were in the stores, decisions were made in minutes. Now, people use the internet to educate, nurture their needs/wants, and read blogs, reviews and have 100x the knowledge before they enter a store, this is how it is working.
The internet gives people choice, purpose, education to be knowledgeable. Make the purchase easier based on information, not 'Ours is Better than Theirs'.
Tru-Market is all about giving your online visitors the information to be educated, nurtured, and motivated to become customers, it's GPS For Business