Story by Cristiana Lacayo, IMC06

Kim Garreston, who worked in the Venture Capital Network at Best Buy, spoke to IMC students on April 20 as part of the IMC Professional Speakers Series.

Kim Garreston, who worked in the Venture Capital Network at Best Buy, spoke to IMC students on April 20 as part of the IMC Professional Speakers Series. Garreston presented the topic of “The Innovation Challenge” at Best Buy.

Throughout his four year career at Best Buy, Garreston identified promising technologies in consumer products and marketing services to evaluate for the retailer.  In addition, he worked on an external innovation network of venture capital firms and developed beneficial relationships between the stores and corporate functions.

Garreston explained that in the corporate realm Best Buy sought innovation from start-up companies to respond to the technical challenges customers faced with their products. The retail stores were used as test beds to develop innovation and insights that would be later acted upon. “Best Buy has been focused around the need to accelerate its products and services innovations for its customers,” Garreston said.

Garreston explained that Best Buy is considered “a place for spontaneous purchases” because a shopper visits the store for approximately 18 minutes.  Therefore, another innovative challenge was to customize the stores around digital lifestyle solutions so the customer would spend more time at the store.

One of these solutions was Best Buy for New Homes, a program that offers technologically challenged builders a one-stop solution for creating a home theater or integrated wired house.

Throughout its innovative challenge,Best Buy used integrated marketing communications through different channels. Garreston said they focused on developing an integrated local marketing strategy which targeted all of their different segments including women, affluent couples and small businesses.

According to Garreston, Best Buy’s innovative future rests upon the new formats of their stores and the strategic and business development of their staff. However, the possibilities of expanding to China and then India are also being considered.