I say Best Buy, you say what? “Lot’s or products.” (Good) “Low prices” (A core value.) “Twelpforce and Twitter.” (Oooh, sorry.) That’s right. Best Buy and CMO Barry Judge have been in the spotlight and awards show klieg lights for months due to its so-called leadership in social media. Best Buy used to was (Southernism) all about being the best buy. Well they took their eye off the brand prize, found technology, and have now lost market share in laptops, TVs and videogame software in the quarter just reported.
I looove social media, but it’s not a brand strategy. It’s a media strategy and a marketing tactics. Had Mr. Judge focused more of his efforts on ways to provide a more competitively priced product than Walmart, Target and Amazon, the klieg lights would still be shining.