London – Experian announced today that it has been appointed by Bang & Olufsen to help the high-end audio video manufacturer identify new towns where it can open franchise stores in the UK.
To help Bang & Olufsen identify potential new store locations, Experian will use its Mosaic classification tool to analyse the company’s existing customer base and pinpoint where new customers are most likely to live in the UK.
Experian’s analysis highlights that the vast majority of Bang & Olufsen customers fall into three main Mosaic groups: Alpha Territory, Professional Rewards and Liberal Opinions. Key characteristics of these groups include:
When analysing financial attitudes, a high percentage of customers also fall into the Guilt-Edged Lifestyles category, a group which represents some of the wealthiest people in society, who make purchases which are high quality, have high investment potential or give status.
Using Experian’s ‘Store Location Analysis’, and screening prospective towns against its target customer profile, type of town, social mix and presence of other shops in the area, Bang & Olufsen will be able to identify the most valuable location gaps in the market. The company will also be able to use this insight to seek out the most suitable franchising locations to help it continue to grow its presence in the UK. For example, early analysis suggests high concentrations of target customers living in Brighton as well as other locations.
Jason Roberts, Franchise Development Manager, Bang & Olufsen, commented:
“Working with Experian is providing us with deep insight into who our customers are, but even more importantly, where they reside and how they shop. This expertise is invaluable for determining new store locations in the UK. We have significant growth plans over the next few years and with the level of consultancy and insight that Experian has provided we will realise those ambitions, ensuring growth of the UK business.”
Nigel Wilson, Managing Director of Marketing Information Services at Experian, said:
“Our work with Bang & Olufsen is an excellent example of how customer analysis can be used as a driver for growth. A number of major brands rely on our expertise to inform them of everything from location planning, through to customer and prospect marketing. By being able to understand what makes customers and particular locations unique and identify what socio-economic trends are influencing local communities, Bang & Olufsen will be in an excellent position to open stores in areas where demand for their products is going to be the highest.”
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Mosaic is Experian’s market leading people classification system and is used by commercial organisations throughout the UK. The latest update, Mosaic UK 2009, classifies the UK adult population (48.1 million adults and 24.7 million households) into 15 main socio-economic groups, 67 types and 141 personal categories. It is available at person, household and postcode level. Mosaic was first developed in the 1980s, is currently in its fifth generation. The current classification has been developed using over 21 billion separate data items.
Mosaic is also a global consumer classification tool and is available in 29 major countries. It classifies a billion consumers worldwide, covering a third of the surface area of the Earth and is available in all of the world’s most prosperous economies including China, North America, Europe and Asia Pacific.
Experian is the leading global information services company, providing data and analytical tools to clients in more than 90 countries. The company helps businesses to manage credit risk, prevent fraud, target marketing offers and automate decision making. Experian also helps individuals to check their credit report and credit score, and protect against identity theft.
Experian plc is listed on the London Stock Exchange (EXPN) and is a constituent of the FTSE 100 index. Total revenue for the year ended 31 March 2010 was $3.9 billion. Experian employs approximately 15,000 people in 40 countries and has its corporate headquarters in Dublin, Ireland, with operational headquarters in Nottingham, UK; Costa Mesa, California; and São Paulo, Brazil.
For more information, visit www.experianplc.com