Are you making the most of social media?
Competitive intelligence, gathering information about your business environment to help support your decision-making process.
It’s worth remember that social media isn’t all about selling and marketing. It is also a very useful source of information and this week we are going to be looking at a range of ways you can use social media to gather information.
Looking outside your business
It sounds pretty obvious but have you actually checked out your competitors, customers, suppliers etc on social media? Yes, I know, you’re struggling to get enough time to do your own posting never mind keeping up with the rest of the sector! However, whatever your business, you need to remember that you don’t operate in a vacuum.
Do you watch any of those reality TV programmes like Hotel Inspector? The common thread that I notice amongst businesses that are struggling is that they don’t really know what is going on in their marketplace. Restaurant owners that never dine out, hotels that have no idea what the one down the road is offering, accountants who haven’t checked their client’s websites and have no idea what new services they could be offering.
It doesn’t need to take a lot of time and it will repay you well. It could even show you some opportunities for collaboration. So, have a think about who your main two or three competitors, your key customers and, as we go through the week we’ll take a look at some of the things you could be learning and how they could help your business succeed.
A crash course in competitive intelligence – Management Today