Today just about every business as an online presence. usually this entails a web site, newsletter and social media network. By signing up for their newsletter and joining their social media network you might get a glimpse at how well they are doing. You will also get a good idea how well they treat their customers and what their customers are expecting from them.
Turn about is fair play, so you should accept that your competitors are likely doing the same thing to you. This means having a good handle on your social media network and keeping your business in good standing with your customers.
Social media is a great tool for connecting with customers, clients and competitors. By making full use of social media you can effective manage all aspects of your business, and keep one eye on the guy down the street.
The huge amount of very rich information that people now share with each other in this way can be effectively used to build a better understanding of consumers, what they want from a product or brand, as well as a company’s position in the market, to better inform marketing, branding and communication strategies.
How effective can social media be in gathering market intelligence? An HP Labs team recently illustrated that they could more accurately predict box-office sales of new releases than any other Hollywood market predictors, while another recent academic paper demonstrated that company and share price direction was positively correlated to twitter mentions suggesting that Twitter coverage and sentiment could become an effective tool in aiding investment decisions.
Click here to learn more about using Social Media to monitor your competitors.