Social segments make it really easy to understand what types of people visit a given area. Once you've figured out what segments are common around a site, you can easily identify new markets.
Traditionally, social segments have taken the form of psychographic profiles, developed by behavioural surveys on personality, buying patterns, and demographic statistics. The challenge with these psychographic profiles is that they describe home locations of people, rather than commercial areas where your real estate success happens. Surveys can also quickly become out of date, and inherently are a little biased depending on how the creator set up the questions.
That's why we're excited about social segments based on real-life, location-based data.
Every day there are millions of conversations that take place on Instagram, Twitter, Facebook, and other social platforms. Many of these conversations are location-based and have the power to offer real insight into the social behaviours in an area.
How social segments work
Online conversations happening on social media are captured by different locations e.g. tweets about "craft beer," stories about "hops" or posts about "microbrew."
These topics of conversation are categorized into segments to describe online activity e.g. "Craft Brew Lovers."
Segments are tied back to the locations where they actually occur.
What can I do with social segments?
Filter a market by one specific segment
Perhaps your customers are people who appreciate a good home brew. Easily filter an entire market by a social segment like, "Craft Brew Lovers", to see where they tend to congregate, more or less. Maybe you're also looking for people who are louder on social media in promoting themselves, their favourite products, and services. Add to your search the segment for "Show-Offs":
Discover the most prevalent segments
Take the reverse approach and uncover what segments are most common in the trade area of a potential new site you're exploring, like in this single-site report here:
Identify the bread and butter of your customer base
Incorporate social segment data into your market suitability study, sales forecasting model, market optimization, or other analytical model to augment your current scores or predictions.
For a more in-depth look at PiinPoint's geosocial data tool in action, click here.
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Want to learn more? Contact your Customer Success Manager or email support@piinpoint.com to get a personal demo of this data integrated into PiinPoint.