Bang & Olufsen appoints Experian to identify future store locations in the UK
London, 5 January 2011 — 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:
- Alpha Territory - many of the most wealthy and influential people in Britain, working in positions of power e.g. owner-managers, CEOs, bankers, lawyers, surgeons or civil servants. Tend to live in wealthier areas of the country.
- Professional Rewards - consists of Britain's executive and managerial positions who have worked diligently to build up a comfortable lifestyle and a significant financial asset base.
- Liberal Opinions - younger, urban professional people interested in exploring the world and willing to pay for quality and a premier brand. Many of the people from this group live in accessible inner suburbs.
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.”