Understanding customers- analysing customers using mosaic Essay

Understanding customers- analysing customers using mosaic - Essay Example Understanding customers- analysing customers using mosaic It helps to increase customer loyalty and thereby thwarts customers from switching to the products offered by other companies. Mosaic UK is a useful tool utilised by many companies to develop their segmentation strategy based on the consumer classifications provided in the Mosaic profile system. First of all a detailed analysis of the Mosaic profile system developed by Experian plc is presented in this study. Next this study would include analysis of information reports prepared by Experian related to three retailers operating their business operations in United Kingdom. The customer profiling related to each of the three retailers would be compared to have an idea about its impact on the different marketing strategies followed by the organisations. Segmentation of customers is an important marketing strategy followed by the business organisations and its importance has also been included in this study. Next this report takes help of a case study for suggesting some consumer marketi ng ideas for some fashion retailers who might be interested to target a specific Mosaic Group. Experian plc has developed a system which helps in classification of the households in UK and has been named as Mosaic UK. It is a type of geo-demographic segmentation system which is available commercially. Consumer classification reports prepared through Mosaic UK are helpful in understanding the Behaviour, demographics and lifestyles followed by all the households and individuals present in UK. Understanding the consumer behaviour patterns in different parts of UK is critical to the success of any organisation because it helps the companies to develop products that best satisfy the particular needs and requirements of the customers. Mosaic UK is helpful to the organisations in three ways: The companies are able to increase the values of its customers through in-depth understanding of the behavioural patterns of their customers in UK The value of a particular location in which a company targets to sell its products is also increased through the development of proper marketing mix u sing information from Mosaic UK Mosaic UK is also helpful in assessing the risks associated with investing in a particular location in UK Thus Mosaic UK developed by Experian is thus an important tool to segment and classify consumers in UK based on various characterising features. The latest version of Mosaic UK that is available in the market now helps in classification of consumers present in UK into 67 different types which are spread over 15 distinct groups of people (Experian Mosaic, 2010). A brief overview of each of the 15 groups of people identified through Mosaic UK is given below: Group A: Alpha Territory – This type of group comprises of the most influential and wealthy individuals staying in UK. Group B: Professional Rewards – The managerial and executive classes of people are categorised in this group. Group C: Rural Solitude – This type of group includes people living in isolated cottages and small villages in UK. Group D: Small Town Diversity â⠂¬â€œ This type of group are classified as people living in small and medium sized towns in UK. Group E: Active Retirement – This group of people are aged over 65 years and are spending their