Listen Now: Best Buy’s Comeback: From Near Bankruptcy To Amazon Killer
Amazon is one of the biggest names in retailing, but that isn’t stopping other companies from fighting back.
In 2012 things were going downhill for the electronics chain Best Buy. Its CEO had just resigned, employee satisfaction was low and customers were turning to Amazon. All signs pointed to bankruptcy, but instead the company is thriving. So what happened?
Inc.com took a look at the actions Best Buy has taken and here’s what they found. First, once a new CEO had been hired he spent time visiting every Best Buy store, working at a few, and asking workers how things were going.
Next he started a price match program, people like to see and touch products such as TVs and cell phones before they buy. Now Best Buy will let you do just that and will accept the cheaper price you might find by comparing prices to Amazon.
Finally it launched the Geek Squad, a group of people who would solve whatever technical problem you’re having. And in our high-tech world a little face to face goes a long way.
CBS News Radio national business journalist Brian Banmiller has spent more than 40 years in the news industry, covering business, politics and the economy on television, radio and in print. Currently, his “Banmiller on Business” reports are delivered to an audience of millions nationwide.
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