“Best Buy” was lacking behind and no one was assured of its success against Amazon.
However, from a place to buy CDs, its new CEO transformed it into a digital leader in technology.
Rather than merely selling the devices, Best Buy focused on advising customers, educating them about steps to use those devices, and enriching people’s lives with technology.
It inculcated digital strategy into its operations and now the company uses data to create customer profiles and provide them with customized recommendations.
What was the result?
In 2012, its stock price was $23.70 which has now shot up to $74. Its revenue also scaled up, as the company’s current revenue is $43 billion ($40 billion in late 2017).
What’s the advice?
Sometimes, a company has to change its focus, while strategizing a turnaround.
What worked in past won’t work today.
So, it is crucial to keep a note of current trends and include them in the strategies.