Social Sentiment: The Stealth Weapon for Finding a New Business Location

 

Social media is a powerful tool that allows the sharing of ideas and information that can shape public perception, influence consumer behaviour and drive business. For SMEs on the hunt for the perfect premises, understanding the social sentiment i.e. the feeling or attitude regarding a specific location, brand, product or service can be a key factor to finding an ideal location.

 

The Power of Social Sentiment 

Conversations are taking place 24/7 across social media platforms offering valuable insights into consumer preferences, brand perceptions and local neighbourhood dynamics. Social sentiment analysis involves monitoring these conversations to gauge public opinion — whether it’s positive, negative or neutral. Using these valuable insights can provide you with insider knowledge on the best places to locate your company.  

Gain Community Insights

Understanding the pulse of the community is essential for businesses looking to integrate seamlessly into their surroundings. Social sentiment provides a window into the minds of local communities. By monitoring conversations in the areas that you are interested in, you can gain invaluable insights into community engagement, interests and be aware of any concerns.  

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Assess Brand Perception 

How does the public perceive your brand? Social sentiment analysis allows businesses to track brand mentions, trends and drivers. By following and monitoring the social media for different towns and cities, businesses can identify areas where their brand resonates most positively and areas where there may be opportunities. 

Identify Key Influencers 

Increasingly social media influencers wield significant influence over consumer behaviour and brand perception. But businesses can leverage their reach and engagement to amplify their message by identifying key influencers within specific neighbourhoods. Partnering or collaborating with local influencers can be a powerful marketing strategy for building brand awareness and driving footfall.  

Spot Emerging Trends 

Social media is a breeding ground for trends to take off, from food fads to lifestyle movements and brands, so analysing these is key for adapting your offers accordingly. Whether it is incorporating popular hashtags into marketing campaigns or introducing new products inspired by trending topics, staying ahead of the curve is essential for success. 

For example, a café owner interested in opening a new location can analyse the social sentiment in various neighbourhoods. Just by looking at trends related to popular café chat, they can pinpoint areas where there is a high level of positivity towards a new coffee shop location and align their searches accordingly.

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How Does Location Intelligence Fit into the Equation? 

While using the right social media and marketing channels is important, it only gets you so far. Our Location Intelligence platform, Periscope®, can be used as a key marketing tool as it enables you to see where your ideal customers are and profile the areas where they live quickly and easily. You can also use demographic modelling to find other areas that are similar to your best locations.

Proximity and catchment area analysis will help you understand how far your customers are prepared to travel to your premises. Why does this matter? It could be that your ideal customers are close to one of your stores or sites, but they haven’t yet bought from you. So, by targeting your social media and offline marketing to them you can boost both awareness and sales.

Social media can be utterly consuming, but for a business, understanding the nuances of social sentiment is crucial. It offers a unique opportunity to tap into the collective voice of local communities, assess brand perception and spot emerging trends to find the perfect premises. By combining these valuable insights with the power of Location Intelligence you can make useful data driven decisions to build your brand.  

Periscope® is a powerful Location Intelligence and Customer Insights platform crucial for achieving business outcomes where location is important. Explore how Periscope® can enhance your business by experiencing it for yourself.