3 Ways to Use social media sites to monitor your competitors

If you’re in business in any capacity, you understand the importance of targeting your market and customer. By knowing your customer’s demographic, psychographic, and geographic traits, as well as their age, values, and buying patterns, you make the most effective use of your marketing dollar. But how or where do you get that information?

To gain insider information about your customers, you need to be where your customers are. But first you have to know who they are. There’s a wealth of information about consumers on the internet. You just need to know where to look. There are companies that provide research data, but that’s a third party statistical approach. Social media serves as a direct, cost-effective conduit between businesses, marketers, and potential customers. You know who they are because you communicate openly with them. But how do you find your customers through social media? Let’s take a look at just three ways.

1. Take A Deeper Leap With Facebook®, Twitter®, and Yelp®.

By now you know that Facebook® and Twitter® allow customers to link-up with your business as friends, letting you know who they are. And friends of friends can take a single “likes this” link viral in hours or days, bringing even more customers to you.

Though the physical distance between people may be great, Facebook®, Twitter®, and similar social media sites are decreasing that distance significantly. The growing number of social media sites is largely responsible for the increasing connectedness between people, bringing to life the theory that no more than six people, otherwise known as the six degrees of separation, connect each person to the other.

Social media outlets like Twitter® and Facebook® also allow for instant communication and problem resolution between you and your customers. If customers have one desire, it’s for instant gratification. The sooner you respond to a customer’s needs or concerns, the happier they will be. In addition, by posting special discounts only available to followers and friends, you create follower loyalty.

Yelp® is a network of people sharing their experiences about particular businesses. Yelp® has become a major social media site and a great place to monitor consumer grumblings and praise. If your business doesn’t have an account on this site, you’re missing out on a great opportunity to discover and satisfy new customers.

2. Utilize blog and video marketing.

More and more companies are realizing the benefits of blog and video marketing. Blogs allow for more detailed communication with customers than Facebook® and Twitter® posts. And YouTube® is the hottest social media communication tool out there. It gives your company a “face” and allows you to convey sincerity, priceless in the realm of marketing. Posted comments identify customers. It’s that simple.

3. Use social media sites to monitor your competitors.

Social media allows you to monitor your competitors. By monitoring and subscribing to competitors’ blogs or newsletters, you stay abreast of recent developments, evaluate their successes and failures, and more importantly, gain access to their customers—your customers. Business is a battleground; and in battle you keep track of your enemy…or your enemy wins.

If you know of other ways to monitor your competitors using social media, leave it as a comment below.

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  1. I prefer using social media more to get in contact with customers – potential or actual – than to “spy” on competition. I realize it’s an additional use for it and I don’t discuss on it, it’s probably just a semantic problem, I read blogs of potential competitors without considering them competitors at all. Perhaps I am just too naive.

  2. I too agreed with Gabriele that social media is used to enhance your business & interact with your customers & make them your fan. Instead of spying on our competitors we should seek how they manage to get better customer interactiong or more followers on social media site. We should learn their ethics, their behaviour, moderation etc.

    Thanks.

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