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Retail Technology, Retail technology News

Bang & Olufsen analyses ideal sales spots

Tuesday December 21 2010

Audio-visual design leader appoints Experian to identify future UK franchise locations

Bang & Olufsen store frontAudio-visual design leader appoints Experian to identify future UK franchise locations

 

Bang & Olufsen has appointed Experian 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 has highlighted that the vast majority of Bang & Olufsen customers fall into three main Mosaic groups: Alpha Territory, Professional Rewards and Liberal Opinions.

 

Targeting key demographic groups

 

Key characteristics of the Alpha Territory group are that it is made up of many of the most wealthy and influential people in Britain, working in positions of power, including owner-managers, chief executives, bankers, lawyers, surgeons or civil servants, who tend to live in wealthier areas of the country.

 

The Professional Rewards group consists of Britain's executive and managerial positions who have worked diligently to build up a comfortable lifestyle and a significant financial asset base. And those in the Liberal Opinions group tend to be 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 last 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 that represents some of the wealthiest people in society, who make purchases that are high quality, have high investment potential or give status.

 

Support key plans for growth

 

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, Bang & Olufsen franchise development manager, 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.”