This TV commercial produced by retail store Best Buy® represents a growing reality we face today in terms of the technology we attempt to keep up with. This commercial illustrates the continual need for consumers to stay on top of new innovation, while never knowing when the next new thing will come out. Something Best Buy® has attempted to provide us with is the understanding that "we know the feeling". Best Buy is making an effort to compensate those who want to stay on top, without burning a hole in their wallet. The Best Buy, Buy Back Program offers some reassurance that you won't be left behind.
The marketing aspect of this message reiterates the everyday reality plaguing many people who feel they are always behind the technology curve. What are some aspects that you feel you can personally relate to in terms of technology in today's generation? Do you feel that every few weeks or months what was new to you is now obsolete? And if so, what are your opinions about Best Buy's new program to help you cope with this fast changing environment? We would love to hear your input!
The marketing aspect of this message reiterates the everyday reality plaguing many people who feel they are always behind the technology curve. What are some aspects that you feel you can personally relate to in terms of technology in today's generation? Do you feel that every few weeks or months what was new to you is now obsolete? And if so, what are your opinions about Best Buy's new program to help you cope with this fast changing environment? We would love to hear your input!
I definitely can relate to debating a larger purchase because I wonder whether something will come out that is better in a few months, or if the price will drop soon after I make the purchase. If Best Buy makes customers feel comfortable making big purchasing decisions now then this is a great strategy.. if people continue to wait for the next best thing it will continue to be an endless cycle!
ReplyDeleteNot sure if this is a generational thing or it doesn't matter as much if your parents are paying for it. This "Buy back" from Best Buy seems like a rip off to consumers when I looked into it a little. There is a fee to participate on a sliding scale depending on how much you spend. A $500 TV for example would cost $60 and the best return you could get would be after only owning the TV for 6 months is 50% of the cost and it would be a Best Buy gift card. After 2-4 years you get 10% back so for $60 to join you get $50 back if your tv is deemed to be in good condition. Always read the fine print!!
ReplyDeleteI totally agree with the first comment. I sometimes wonder whether to wait for a better product down the road after I purchase it. As long as the customer service is good, I think this commercial is good.
ReplyDeleteI think we are seeing a shift in marketplace to motivate more consumers to become early adopters. Today there is a strong but powerful early adopter group who buys any new gadet that comes along (any new iPhone or iPad). One issue preventing more individials from joining the early adopters is the reality that there is a price drop after the early adopters purchase their products (take ATT offering iPhones for $49) and that there is always a new model with slightly better features around the corner. There is already a strong secondary marketplace in eBay and Craigslist to support this. Once a product is popular, the majority looks to minimize their cost of acquisition and they may turn to secondary markets or take advantage of price drops. To expand the earlier adopters group (and increase revenues) you need to support the "idea" that the cost premium paid by earlier adopters can be mitigated. A buy-back program could have that effect. If you think about how a mature market like automobiles has evolved you might see this with electronics, imagine BestBuy has both new and used devices for sale and uses that to expand the earlier adopters and speedup the majority as well.
ReplyDeleteBritt...
I recently got the newest blackberry phone out, but now all of a sudden blackberry phones aren't going to be around for much longer because the new Droid and Iphones are taking over. I don't like any of the new Droids so what am I supposed to do? Technology changes so fast that it has become a whirlwind that most of us can't keep up with. Best Buy having this new buy back with help, but why can't certain things just be allowed to last a little bit longer before changing so quickly? Pretty soon our society isn't going to be able to keep up any longer!
ReplyDeleteBest Buys buyback program is an excellent ploy by best buy to get customers into the store sooner rather than later. Most cutomers won't realize that after the downpayment for the right to have best buy rebuy the item and the fact that rebuys will only return a maximum of around half of their origninal purchase. At a pace like this, customers are essentially renting devices. For example a 1000 dollar tv essentially has you paying 500 to 800 dollars to rent it for a period of 6 months to a year. With this program Best Buy and perhaps the economy will benifit, but customers will likely not feel that they are recieving as great a deal as they initially thought.
ReplyDeleteThank you all for contributing to this post. @Britt - I really enjoyed your input on the early adopters model shifting to become more popular in the future. I strongly agree with the other comments regarding the "real benefit" of this Best Buy promotion as the majority of consumers haven't fully researched the program.
ReplyDeleteDo any of you feel there are similar alternatives to compete with this promotion? Also, what are you as the customer willing to sacrifice in order to stay on top of the current technology buzz?
Actually, Best Buy"Buyback program" is not a great deal because when Best Buy buy back your products they do not pay you cash but the gift cards, also how much they pay for you will be based on the conditions.
ReplyDeleteI think that the best buy program is a great idea. I am not really the kind of person who is constantly in check with new technology, but it seems that best buys new program will make customers feel re-assured with thier purchases. Over all I feel more cutomers will buy from best buy because of the security and assuranse the program offers.
ReplyDeleteGreat post! I also agree with Britt about early adopters. Even though I don't like the program myself too much I can see another benefit for the consumer. Other secondary markets are online. There are still people who are not familiar with online auctions, who don't trust these transactions or who are afraid of getting robbed after meeting someone through Craigslist (remember those news). So in this case Best Buy offers a secure alternative for transactions.
ReplyDelete