Best Buy's Head of Marketing Steps Down - Now What?!

Best Buy's chief marketing officer went for the exit door this week. The largest consumer electronics chain dubbed as "Amazon's showroom" has been struggling for quite some time now. Why? Because customers like you and me go to Best Buy to check out and play with the latest gadgets. And then, we'd go home and look on Amazon.com to buy that item with the best deal online.

Yes, this is oversimplifying the number of other issues that Best Buy is challenged with. But, if it continues this way, it won't be long till Best Buy follows Circuit City's fate.

If there's one question that keeps Best Buy's boss up at night, it's probably this: What can Best Buy do to save itself?

How about taking on a different business model? Think: Costco 
Membership-based = added source of revenue for Best Buy

Why would anyone pay for membership? For Costco, it's the access to big volume discounts for big families and big kitchens. In Best Buy's case, its value lies in selling the access or privilege to try out the latest gadgets in stores for techies and wannabe's like me! There isn't a lot of electronics stores of Best Buy's size left. That means it can offer the widest range of electronics in one store. Why not use it to your advantage?

There you have it, Best Buy! Free consulting courtesy of Inggrid Yonata Fu and Medill's IMC Program.