How did Best Buy recover from near bankruptcy to 7X their share price in 4 years?

In December 2013, Best Buy shares were $10. But, by the close of 2017 they had skyrocketed to $70.

Just for clarity, Best Buy is an American multi-national consumer electronics retailer.

Their new CEO (Hubert Joly) had no retail experience, but after analysing their customer base, he found most of their business came from ladies who sought more than the cheapest product.

They wanted help from knowledgeable team members who could assist them with assessing the comparisons, purchasing any addons and providing home installations.

With technology becoming increasingly more complex and needing to integrate within the internet of things, Joly quickly recognised expertise in both products and integration was critical.

Joly’s strategy was to ensure continuous product training of their showroom teams and to create a team (GeekSquad) well equipped to provide technical support and installations.

By focusing on its highest-value customers, Best Buy differentiated itself from the supermarkets and online retailers, re-inventing itself in an extremely crowded marketplace.

We’ve done much the same (and for the same reasons as Best Buy), changing a few years back from a network of stores selling printers and consumables.

To providing office technology solutions in affordable monthly subscriptions with guaranteed fixed prices, installations, technical support, and lifetime warranties.

…can you change your business model too, and stand out in a crowded market?