Embed Size (px)
DESCRIPTION
This slide deck provides answers to the most frequently asked questions about social media and competitive intelligence: How can you leverage the power of social media for competitive intelligence? What are the best practices? What capabilities do you need in a tool for social media competitive intelligence?
Citation preview
© MutualMind, Inc.
Be Social, Stay
Competitive
Leveraging Social Media for Competitive Intelligence Gives Your
Brand an Edge over the Competition
Competitive Intelligence
The collection of actionable data about competitors in a given business’s
market.
© MutualMind, Inc.
Social Inevitability Social media opens the door for new levels of
competitive analysis.The real-time nature and ubiquity of social media has
cleared the way for Competitive Intelligence (CI).
© MutualMind, Inc.
© MutualMind, Inc.
Social Statistics
Facebook 750 million+ users 10,000 new websites
integrate with Facebook every day
2.5 million+ websites have integrated with Facebook
250 million+ people engaging with Facebook on external websites each month1
YouTube 490 million+ Users3
Twitter 175 million+ Users1
LinkedIn 100 million+ Users1
MySpace 100 million+ Users2
FourSquare 6 million+ Users5
© MutualMind, Inc.
Steps to using Social Competitive Intelligence
Strategy Collection
Analysis Insights
Business Decision
s
© MutualMind, Inc.
Strategy
Your Brand Your Products/Services
Product/Service Categories
Current Campaigns/Promoti
ons
Competitors’ Brands
Competitors’ Products/Services
Competitive Campaigns/Promoti
onsIndustry Influencers
Vendors/ Partners
Define Parameters for Your Brand
© MutualMind, Inc.
Collection
Sources to be Tapped
Customers of your competition
Vendors Industry Analysts Journalists Bloggers
Available Information
Competitive product details
Early information about new product testing / rollout
Promotional offers and how customers are reacting to it
Competitive services, finances, and partners5
Customer demographics
Geographic information
© MutualMind, Inc.
Utilizing Collected Data
Analysis
Quantitative Data Number of Friends Number of Followers Brand Mentions
Qualitative Data Customer Sentiment Customer Engagement Promotion Efficacy
Insights
Side-by-Side Competitive Comparisons
Product Development Opportunities
Industry Trends Emerging Competition Threats in Competitive
Market
© MutualMind, Inc.
Benefits of Social Competitive Intelligence
Real-time Results Authentic Information Rich Insights Gauge & Compare
Consumer Sentiment Competitive
Monitoring Influencer
Identification Industry Predictions Opportunity
Identification Product Development
© MutualMind, Inc.
Drill-downs, Filters and Search
Filter results by brand , competitor or both
Authentic consumer opinions
Influence levels Rich insights
© MutualMind, Inc.
Best Practices: Social Media CI
1. Start with a clear goal and identify metrics that will be of interest to key stakeholders (e.g. volume, mentions, engagement)
2. Optimize listening – use keywords which are neither too broad nor too narrow – to get the right balance of breadth and depth of data
3. Track keyword based mentions as well as the social media properties such as Facebook , Twitter and YouTube
4. Leverage sentiment analysis by combining it with influencer analysis and segmenting by parameters of interest such as source (e.g blogs) and geographic location
5. Use topic discovery capabilities to understand buzz and to identify any issues (Early Warning System)
© MutualMind, Inc.
How to Select a Social Media Intelligence Platform
Capabilities Checklist
Enterprise grade platform with comprehensive coverage
Tracks keyword mentions AND social channels (Facebook, YouTube, Twitter)
Richness of Data Geographic Locations Social Networks Identifying the
Influencers Sentiment analysis Result Exclusions &
Custom Labels Customized:
Dashboards with CI views
Reports
Challenges
Controlling the quality of incoming data
Pricing is by volume of results
Extracting the useful information from the noise
Discovering trends and patterns within results
Drill-down capabilities Search within results
© MutualMind, Inc.
How MutualMind Can Help
MutualMind offers unique social media based market and competitive intelligence. Built form the ground up to help CI analysts and executives, it has CI features baked into the setup and reporting. Interactive dashboard with dedicated view for
Competitive Intelligence Text Analytics – Automated and manual Sentiment
Analysis Powerful Data Drilldown, Filtering and Search Refinement of collected information Custom Reporting with access to full, raw data Flat, predictable pricing
© MutualMind, Inc.
Sources
1. Facebook.com, (2011), “Facebook Statistics,” Available at: http://www.facebook.com/press/info.php?statistics
2. Mashable.com, (2011), “YouTube Facts,” Available at: http://mashable.com/2011/02/19/youtube-facts/,
3. FourSquare.com, (2011), “So we grew 3400% last year…,” Available at: http://blog.foursquare.com/2011/01/24/2010infographic/
4. Helm, Burt, (2011), “How to Use Competitive Intelligence to Gain an Advantage,” Inc.com, (April 1), Available at: http://www.inc.com/magazine/20110401/how-to-use-competitive-intelligence-to-gain-an-advantage_Printer_Friendly.html, Visited May 25, 2011.
5. Rice, Bill, (2010), “How to Use Social Media for Competitive Intelligence,” BetterCloser.com, available at: http://bettercloser.com/how-to-use-social-media-for-competitive-intelligence/, Visited May 25, 2011.
6. MutualMind Platform, http://mutualmind.com
© MutualMind, Inc.
About MutualMind
MutualMind is an enterprise social media listening, analytics, management and engagement platform
www.mutualmind.com
Twitter.com/mutualmind
