ABC Commercial Acquisitions made rental and mixed-use investments in the Over the Rhine (OTR) neighborhood of Cincinnati, OH early on in 2014. These investments have appreciated considerably since then. They'd like to find neighborhoods that most closely resemble the "Social Thumbprint" of OTR in the Indianapolis DMA.
To create this “Social Thumbprint”, we need to answer the following questions:
Who lives in OTR? (PersonaLive dataset)
What social behaviors are happening in OTR? (Proximity dataset)
To answer this first question, we need to find out which PersonaLive™ segments are dominant in the OTR block group. In this case, we’ll use the broader segment families instead of individual segments in our analysis to avoid regionality issues. The top segment families in OTR are:
(H) Young Professionals
(D) Educated Urbanites
(M) Urban Low Income
We can now take an aggregated index (“thumbprint”) of these dominant segment families to measure the similarity of any neighborhood to the population of OTR. So, when we map this thumbprint over the Indianapolis DMA, we can see which block groups have the closest match. In this case, some block groups have a 100% match in similarity.
Next, we’ll use the Proximity dataset to understand what unique social behaviors define OTR. As a reminder, Proximity captures the geotagged behaviors in the area to get a profile of what is happening in OTR. These behaviors change quarter-over-quarter, giving us a good understanding of the recent scene. The dominant Proximity segments in OTR are:
Hops & Brews
Again, using this thumbprint of OTR (this time focusing on the social behaviors), we can quickly identify other neighborhoods that share the same features. Back in Indianapolis, we see one block group that scores in the 95th percentile for similarity to OTR.
Finally, by combining these two thumbprints, we can create an overall “Social Thumbprint” of OTR, which represents both the population and social dynamics of that neighborhood.
When we map this, we find one block group in particular very similar to OTR with a score of 94.
By understanding what made OTR a successful investment, both in terms of the people who live there and the social behaviors happening there, ABC Commercial Acquisitions can effectively pinpoint new opportunities across other DMAs.