In this “micro-post,” we give an “attaboy” to a marketer that’s done a fantastic job figuring out “what business they’re really in.” That marketer is the electronics retailer Best Buy.
If I were to ask “what business is Best Buy in,” you might be tempted to talk about “what they do” rather than “who they are.” You could talk about how they carry the latest technology, have well-versed sales and support people, and even note how they have a liberal return/exchange policy. But all this would be missing one key component—understanding what holds a customer back from buying.
Talk to anyone who’s about to part with hundreds or thousands of dollars in order to get the “next big thing,” and you’ll hear one over-riding concern: the fear that what’s “new” today will be obsolete tomorrow. That’s the way it goes with technology. And most times, that investment you put out for the latest and greatest is gone with the wind.
Best Buy obviously gets this.
This television spot cites an initiative called the “Buy Back Program.” Essentially when your new doo-dad gets outdated, Best Buy will buy it back when you trade up to get the new stuff.
Technophobia may have met its match.
A marketing exec I know once compared obstacles to purchase to the baggage on an airport carousel. The buyer isn’t going anywhere until all the bags are removed.
Best Buy just removed a huge steamer trunk.
