Social media is a part of modern life and for any business owner, it should be a daily activity to check on – and post to – your company accounts.
I’ve talked before about the importance of social media analytics, not only for your conversion rates but also because tracking the right social media KPIs can help you understand how your potential client base behaves.
But the same information can also be used to get social intelligence about your industry, marketplace, and competitors. Any marketer worth their salt knows that keeping an eye on the opposition is just as important as what you’re doing with your own strategy.
Having a competitive marketplace is good for all. It encourages brands to constantly strive to meet the needs of consumers better than their competitors and it means consumers are able to choose from a variety of sources for their products and services.
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