Bestbuy Audience Analysis

Best Buy Audience Analysis

Best Buy, which was once a thriving $29 billion dollar company, now faces many problems within the company to withstand, due to online competitors such as Amazon.com and discount stores such as Wal-Mart which have lower prices on products (Childs). Best Buy has newly appointed Hubert Joly as CEO of the company in hopes of a turnaround. Joly is Best Buy's best bet for the company to survive, which has lost 80 percent of its market value to competitors (Childs). However, Joly will need to address his audiences efficiently to convince them that there is still a chance for Best Buy to compete with competitors. Audiences Joly needs to address include basic consumers, early adopters, small business owners, competitors, banks, bondholders, suppliers, and employees.

Basic consumers are an important audience that Joly will need to address. These basic consumers are the everyday customers who need products for home, school, and work. Concerns Joly will need to address to basic consumers include prices of products compared to competitors, availability of products, convenience to consumers, and customer service. A type of consumer that will need to be addressed is an early adopter. Early adopters (lighthouse customers) are the customers who buy new products before most consumers do. Early adopters are willing to pay the price for products, but competition over the availability and how quick consumers can get new products are their main concerns Joly will need to address for early adopters.

Small business owners make up a percentage of Best Buy's audience. Small business owners buy quantities of products supplied by Best Buy to run their business. Joly needs to address that Best Buy supports those small businesses. Concerns also will be the availability and prices (deals) Best Buy can offer small businesses.

Competitors will also be an audience of Joly's. Competitors will be looking for ways to keep Best Buy out of the market as much as possible. Joly will not only need to have a strong speech but also solutions on how to effectively compete with competitors in as many aspects as possible. Joly will need to make competitors also believe that they're company is making a turnaround.

Banks are the ones supplying finance to Best Buy to run as a company. Banks want to know that if they lend money to Best Buy that the company will succeed and be able to pay that