Forming a Social Media Research Strategy for Competitive Intelligence
Tuesday, 9th July 2013
Social media has enhanced the information professional's research toolkit. Freelance information professional Claire Whayman examines the importance of developing a social media research strategy for competitive intelligence, covering tools from Facebook to Twitter, and offers tips on best practice as well as key points to avoid.
The advent of social media has added another useful tool to the information professional’s toolkit. Competitive intelligence can now be readily obtained from social media sites which facilitate real time sharing of opinions, ideas, products and services. Marketing communications posted on social media sites can be swiftly circulated by consumers. They can be commented on almost immediately, providing an instant insight into a competitor’s strategy and its potential client base.
Maximising Analytical Time... Minimising Research
A good social media competitive intelligence research strategy helps minimise the time spent on research and helps maximise the time spent on analysis. It should provide the organisation with the knowledge to make strategic decisions and to help it stand out from its competitors.
The recommended steps are:
- Define the companies, individuals, products, services, industries and markets to research
- Identify the social media resources with which your competitors are engaged
- Select a social media aggregator tool like Hootsuite or Trackur and set up a dashboard
- Analyse the results. Look for any trends and opinions which may indicate that further research is required.
- Integrate the research results with other, more traditional, forms of competitive intelligence. Look for contradictions, research gaps and additional questions that may need research and analysis.
- Disseminate your findings throughout the business as appropriate.
Monitor Developments in Social Media Platforms
Tracking developments in social media platforms will ensure that the resources being monitored remain relevant.
A readers’ poll conducted by enewsletter firm SmartBrief indicated that, as at May 2013, organisations using social media are still using the sites they used before 2013. According to GlobalWebIndex research as reported on eMarketer, Q1 2013 results show Facebook was still the most popular social media platform. Twitter, ranking 4th in global popularity, was the fastest-growing social network.
Existing social media sites frequently add new features and tools which alter the ways in which the resources can be used. The information professional must remain aware of such changes.
Has Your Competitive Intelligence Sprung a Leak?
Be aware that your competitors are also conducting competitive intelligence research. Understand your social media presence, how it impacts on clients, colleagues, partner organisations, and competitors. Abide by social media etiquette.
And finally, ensure that social media communications with your own customers do not convey information to competitors that you do not wish to make available.
FreePint Subscribers can log in now to read Claire's in-depth article about using Social Media for Competitive Intelligence.
- Blog post title: Forming a Social Media Research Strategy for Competitive Intelligence
- Link to this page
- View printable version
- Newsle - Tells You When Your Friends Make News
Friday, 31st May 2013
- Infographics: The "At a Glance" Research Source
Tuesday, 30th April 2013
- Widen Your Horizons: Research with Non-Text Sources
Tuesday, 25th June 2013
- Competitive Intelligence: Analyse Company Information to Understand Corporate Strategy
Thursday, 2nd May 2013
- The Competitive Intelligence War Goes Mobile with GPS and Smartphones
Thursday, 11th April 2013
- Access. Good? Bad? Double-edged sword?
Friday, 22nd February 2013
"I never before fully appreciated the role the information service plays in R&D productivity and innovation. This isn't something that benefits our department; this is something that benefits the whole of R&D."
You can make the impact of information on successful R&D visible and measurable, with Value Chain analysis.
Let us help you map Jinfo's Focus areas to your particular challenges with information strategy and operations.
- Gain confidence and trust through new vocabulary
Wednesday, 13th October 2021
- Manage your content portfolio for risk
Monday, 11th October 2021
- Is your content advisory board primed for strategy in 2022?
Thursday, 7th October 2021
- Centre of Excellence (step five - your evolution work plan)
Wednesday, 11th August 2021
- Centre of Excellence (step four - assess your team’s characteristics)
Tuesday, 22nd June 2021
- Centre of Excellence (step three - envision your Known Fors)
Thursday, 10th June 2021
- Community deck - teeing up value-based budget conversations for content licensing
Thursday, 30th September 2021
- Community deck - Centre of Excellence - make progress on your evolution, with your peers
Friday, 23rd July 2021
- Community deck - Centre of Excellence - examples of Pillars of Service and Known Fors
Wednesday, 23rd June 2021
- Investment philosophies for strategic portfolio management (Community) Thursday, 2nd December 2021
- Negotiation role-play for content licensing professionals (Community) Thursday, 7th October 2021
- Teeing up value-based budget conversations for content licensing (Community) Tuesday, 21st September 2021
- Value Chain (step five - putting the Value Chain together) (Webinar) Tuesday, 31st August 2021
- Value Chain (step four - measurement - selecting and collecting data) (Webinar) Monday, 30th August 2021
- Value Chain (step three - your contributions to the Value Chain) (Webinar) Friday, 27th August 2021
Our proven processes, resources and guidance will help your team make the shift from transaction centre to strategic asset.
Designed around the most common challenges and pain points for time- and resource-strapped information teams
A tailored overview of our research and active discussion with your Jinfo analyst.
Measure your starting point to articulate your strengths and set priorities for future improvements. Assessments gauge risk, capacity, value and more.
Read case studies, and start the conversation: