Keeping an Eye on Competitors through Social Media

Posted: March 19, 2012 in Uncategorized

Theirs an old saying that goes “keep your friends close but your enemies closer”

Business’s are getting involved in a lot of social media to improve and gain a competitive advantage but do they take into consideration that their competition is watching their every move? They have to be careful with what they share with the public just in case another company is out watching them. If a company is not careful and they post information about an upcoming product, a competitor can see this information, learn from it and counter it by discovering this product’s weaknesses and making a new and improved product.

A company can visit their competitors websites and find their social networking sites and can learn what strategy’s they are using. For example the social networking site Twitter, by viewing their latest tweets competitors can see if their strategy includes promoting discounts, new and cheaper products and other kinds of tweets. Also they can judge the success of their strategy simply by having a look at their follower count, by easily clicking on their followers and having a look at who they are and who their target market is.

They can even get an overview of their followers all on one screen!

If businesses follow their competitors they can even get updates on what’s going on with their company when you ‘like” their page on Facebook (if they have one). Also by typing in your competitors name on the popular social media site YouTube, they can check out your company’s video marketing strategy by finding their YouTube channel and watching the different types of videos they post and their popularity rating through a number of Likes and comments. If your competition is not social media orientated, its a good bet that they produce newsletters through email or print varieties that you can sign up to and get updates on new products and services or even if they are attending special events. Another way that you can find out information on your competitors is asking customers, “Whenever you win a new customer, find out who they used before, and why they switched to you, the reason they were dissatisfied with their previous supplier”. http://www.inc.com/guides/201105/10-tips-on-how-to-research-your-competition.html. Asking customers through social media gives you more of a variety of people and can get you a quicker response, than asking one customer at a time.

Businesses can plan strategies, so that they can keep customers and win over customers away from their competitors as keeping tabs on the competition is a good strategy for any growing business.

http://www.roirevolution.com/blog/2009/08/keeping_an_eye_on_the_competition.php

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s