What is a Consumer Purchase Intent Mention?
When someone says something on social media that leads us to conclude they either 1) intend to buy a product/service in the future or 2) recently bought a product/service, we call that a Purchase Intent Mention.
How do you know the person is purchasing?
We very specifically look mentions of the brand/product with phrases indicating purchase intent… like “just got a”, “getting a new”, “bought”, etc.
LikeFolio also differentiates between product types, so that a purchase intent mention for an iPhone (e.g. “bought a new iphone”) will be different from the purchase intent mention of a restaurant (e.g. “got reservations at Olive Garden”).
How can I use purchase intent in my research?
For LikeFolio, these are the holy grail, as they have been proven in the stock market as well as through rigorous academic research.
Fund managers use purchase intent through the LikeFolio API, looking for trends and shifts over time. Others with less computational horsepower utilize LikeFolio On Demand to get the data on demand as part of their research process.