Best Buy produced $40 billion in annual revenue in fiscal 2008 and outpaced the competition in terms of market share in a volatile US economic environment. Best Buy has chosen to view this environment as an opportunity to strengthen and differentiate their position even more while others retrench. What’s their secret? Customer Centric Innovation.
Focusing on Customer Centric Innovation (CCI), individual store teams built growth plans from the bottom-up grounded in local customer insights. Best Buy President and CEO Brad Anderson was recently quoted on their website as saying: “We’re uniquely positioned at the center of technology convergence for our customers—and we can’t imagine a better place to be.” He goes on to say, “We’re continuing to maintain the staffing levels in our stores, which enables a better experience for both customers and employees. Most large companies don’t try to operate like we do. But then again, most large companies don’t continue to grow the way we plan to grow, and don’t believe in their people like we do.”