Have you ever had two locations with the same demographics perform totally differently? The reality is that locations may look similar on paper but have completely different personality profiles. In this video, you'll learn what Geosocial data is and how to leverage it for better location decisions.
Here are two locations for the same brand. Before selecting these sites, the real estate team ran a 3 mile market report. They found demographics and the competitive landscape of these two communities were the same. So they signed leases, investing millions to open up stores at both sites, thinking they'd both be successful.
But as it turns out one location thrived, while the other struggled and ultimately failed. Why did that happen? If we look closer we can see that even though traditional data says they’re the same, these are very different communities. One being interested in fitness and wellness activities, the other leaning toward a laid back lifestyle, engaging in literature and coffee shops.
Same demographic data. Two very different communities.
There are many unique behaviors in trade areas. These activities can now be measured with Geosocial data. A dataset of real experiences, personalities, and mindsets captured through geotagged social media. Revealing that behavioral differences between these communities is the difference between success and failure.
This is a massive source of current information. And can now be accessed by anyone. Retailers, restaurants, consumer goods, and real estate companies use this data every day to make smarter location decisions. This is the future of location intelligence, a new dimension for real estate. This is data that tells a story.