Best Buy Co., Inc. is a U.S transnational consumer electronics corporation headquartered in Richfield, Minnesota, a Minneapolis suburb. Internationally, it also operates in Canada and Mexico. It was formerly operational in China until February 2011 and in Europe until 2012. The company was founded by Richard M. Schulze and Gary Smoliak in 1966 as an audio specialty store. In 1983, it was renamed and rebranded with more emphasis placed on consumer electronics.
Best Buy's subsidiaries include Geek Squad, Magnolia Audio Video, and Pacific Sales. Best Buy operates under the Best Buy, Best Buy Mobile, Geek Squad, Magnolia Audio Video, Insignia and Pacific Sales brands in the United States; the Best Buy, Geek Squad and Best Buy Mobile brands in Canada; Best Buy Mobile and Five Star in China; and Best Buy, Best Buy Express, and Geek Squad in Mexico. Best Buy sells cellular phones from Verizon Wireless, AT&T Mobility, Sprint Corporation, Boost Mobile, and T-Mobile US, in regular stores and standalone Best Buy Mobile stores in shopping malls. Best Buy was named "Company of the Year" by Forbes magazine in 2004, "Specialty Retailer of the Decade" by Discount Store News in 2001, ranked in the Top 10 of "America's Most Generous Corporations" by Forbes in 2005, and made Fortune magazine's list of "Most Admired Companies" in 2006.
|Founded||As Sound of Music: August 22, 1966; 50 years ago (1966-08-22) As Best Buy: 1983 (1983) West St. Paul, Minnesota, U.S.|
|Formerly called||Sound of Music (1966) Best Buy Co. Superstores (1983)|
|Headquarters||Richfield, Minnesota, United States|
|Subsidiaries||Geek Squad Magnolia Pacific Sales|
|Key people||Hubert Joly (Chairman and CEO)|
NPS is a customer loyalty metric that measures customers’ willingness to not only return for another purchase or service but also make a recommendation to their family, friends or colleagues.
It is a powerful and effective technique, which can greatly increase a company's revenue if used properly.
The main advantages of NPS are close correlation with a company's growth and easy collection, interpretation and communication of the data.
Yes, it is.
Net Promoter Score is a number from -100 from 100.
Scores higher than 0 are typically considered to be good and scores above 50 are considered to be excellent.
The industry average for Consumer Brands / Electronics is 45.
The final Net Promoter Score of a company strongly depends on a context in which the satisfaction is measured.
Consider an example: If Best Buy sends out NPS surveys immediately after purchase, they are tracking their customers' initial excitement and the checkout experience.
On the other hand, if they survey their customers a few weeks after the purchase they are also tracking how satisfied their customers are with their products and services over time.
Therefore, comparing the NPS score of Best Buy with your own without any further context is not that useful.
What is extremely useful though, is using the NPS methodology to track the satisfaction of your customers over time. That's where Customer.guru comes in.
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