Employee: Personal Tech
Business Challenge: Best Buy leadership sought to create a platform for sharing information and monitoring leading business indicators among employees at a corporate and retail level.
Approach: To meet this need, Best Buy engaged Consensus Point to launch TagTrade, an internal prediction market research platform available to all Best Buy US employees. TagTrade was initially available to 100 employees to capture predictions of sales forecasts for Geek Squad. Once Best Buy validated the accuracy of the predictions, the program expanded into entertainment stocks, customer service, and consumer engagement.
Results: The implementation of TagTrade helped to narrow the gap between management and their employees, and enabled leadership to be nimble and responsive to customers while boosting sales and profits.
TagTrade accurately predicted the delay or on-time schedule of major initiatives including new services, IT initiatives, and store openings. Additionally, the Best Buy TagTrade market proved to be more accurate than traditional forecasts, and in some cases 5% more accurate in predicting sales forecasts, such as media sales during the quarter.
“There’s nothing more important than telling the company what we know. The Best Buy TradeTag prediction market provides an early warning indicator to help flag potential problems early.”
– Jeff Severts, EVP Best Buy