Best Buy and ZealStrat Consulting
Published 28 May 2021The ZealStrat team collaborated with leading electronics retailer Best Buy to redefine its strategic direction and enhance its market share among millennials. Best Buy, known for its commitment to customer service and innovation, sought the expertise of ZealStrat’s team, in collaboration with the Kellogg School of Management, to navigate the rapidly evolving retail landscape.
The Challenge
Best Buy faced the challenge of maintaining its competitive edge in a market characterized by digital disruption and changing consumer preferences. Despite its strong brand, Best Buy needed a fresh perspective to align its operations with the expectations of modern consumers and to capitalize on emerging technological trends.
Our Solution
ZealStrat’s team created and orchestrated a unique innovation exercise, with the effect of uniting academia, industry leaders, and business visionaries. By posing the questions facing Best Buy in the form of a multi-month long case competition, ZealStrat’s team was able to act as a force multiplier for Best Buy’s executive team and drastically increase the range of options for their consideration.
Teams of elite MBA candidates (many of whom stem from the ranks of McKinsey, Bain, and BCG) embarked on a comprehensive evaluation of Best Buy's business model, focusing on enhancing customer engagement and operational efficiency. Initially, the project aimed to optimize Best Buy's digital marketing strategies. After close collaboration with Best Buy's leadership, the scope then expanded to include a holistic transformation of its business operations.
The teams, in conjunction with the ZealStrat Strategy team, crafted separate, forward-looking strategies integrating cutting-edge digital solutions with Best Buy's core strengths. This involved leveraging data analytics to personalize customer experiences and streamline supply chain operations.
Results
ZealStrat’s team created and orchestrated a unique innovation exercise, with the effect of uniting academia, industry leaders, and business visionaries. By posing the questions facing Best Buy in the form of a multi-month long case competition, ZealStrat’s team was able to act as a force multiplier for Best Buy’s executive team and drastically increase the range of options for their consideration.
Driving Impact
The tandem work of the ZealStrat and Kellogg teams' contributions have not only revitalized Best Buy's brand but also set the stage for its next phase of growth. By aligning its business model with contemporary consumer trends, Best Buy continues to challenge industry norms and redefine what consumers can expect from a leading electronics retailer and continue delivering exceptional value to its customers.
This collaborative effort demonstrates the effectiveness of just one of ZealStrat’s strategic consulting approaches in driving transformative change within a leading retail brand.