Profitable Player Runner-up: Best Buy Posted by Customer Passion LLC | September 29th, 2005
The board frowned when Brad Anderson approached it about spending $50 million to begin his “customer centricity” strategy, which would evolve into a companywide focus on developing employees into more customer-oriented leaders, and a transformation of Best Buy’s more than 650 stores. In the first quarter of this year, comparative sales increases for the almost 200 converted stores were twice those in traditional stores, and gross profit margins were higher, too. “The intellectual view underlying the strategy is that if you’re spending on the talents of the employees and [have] faith that that is valuable enough to the customer, you’ll get a return.”
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