Best Buy Ads to aid outside companies

Others may access advertising platform

Best Buy is turning its in-house advertising unit into a business that aims to help consumer goods makers, even outside its current electronics partners, find customers.

The business, called Best Buy Ads, will help other companies take advantage of customer insights the retailer gets from its national reach, Best Buy said last week. It will also help turn Best Buy’s stores, websites and apps into advertising platforms for other businesses.

“With Best Buy Ads, we’re able to tap into the unique relationships only Best Buy has with its customers,” said Keith Bryan, president of Best Buy Ads, in a statement.

Through Best Buy Ads, makers of consumer products will be able to buy sponsored products and display ads on BestBuy.com and in-store video ads using store televisions and computer screens.

Best Buy will also provide services for reaching customers in external channels outside the electronics company such as through search ads on popular online search engines, offsite video ads, and ads on social media.

“Technology is all around us — it’s in our cars, our kitchens, and more than ever, how our families are working and learning at home,” Bryan said. “With Best Buy Ads, brands can be right there alongside our customers as they adapt and go about their lives.”

Best Buy Ads will take the place of what was formerly called the Best Buy Media Network.

Best Buy similarly to other large companies like Target has operated an in-house creative advertising team for years. In 2018, its internal marketing team led a brand refresh which included a new logo, that hadn’t previously been changed in nearly 30 years.

In the announcement, Best Buy said the expanded services will provide another revenue stream for the company, though it didn’t set an expectation for its size or amount.

In its latest fiscal quarter ended Oct. 30, Best Buy’s overall revenue was up about 0.5% to $11.9 billion. Comparable sales rose about 2%.