Competitive intelligence is the action of monitoring, gathering and analyzing information about what your competitor is doing, why they are doing it and how they are doing it to help you understand why they are doing so well in the marketplace. More importantly, it involves using those insights to understand what decisions you should be making in relation to your competitors, and in relation to your own operations.
Competititor analysis also involves finding out what is contributing to your competitor’s level of profitability and how that knowledge and information can influence your own decisions. Your competitors are those firms which you consider rivals in business and with whom you compete for market share. Because so much Twitter data is public, you can easily use that data to learn so much about your competitor’s followers and strategies.
In the following article, Juan Pablo explains why it is important to perform competitor analysis, and how to perform leverage Twitter to analyze your competitors:
How to Perform a Competitive Analysis on Twitter
Successful Benchmarking on Twitter should start by identifying your direct and indirect competitors.
1. Competitor Analysis
It might look easy to find your competitors, but did you really stop to carry out an exhaustive search? First, you must understand the difference between two types of competitors:
Direct competitors: Those brands, businesses or companies that sell essentially the same product or offer the same type of services. For example, T-Mobile and Verizon.
Indirect competitors: Those brands that don’t sell or offer the same product or service but that could satisfy the same needs. They target the same type of client. Apple or Skype could be indirect competitors to T-Mobile or Verizon.
So, are you sure that you identified all your competitors? Have one last look, you might find other brands that you are interested in following closely for your benchmarking on Twitter.
Search the best positioned brands on Google. Start asking about those key words that define what you do.: “Shoe shop in Denver”, “new business consulting services”, “social media tool”, whatever you do, write it on Google’s search box and start analyzing the first results.
Exclude those that are not competitors or don’t have a Twitter account. Select 2 or 3 for a more comprehensive analysis.
If you want to carry out professional benchmarking on Twitter, keep reading till the end: Metricool can offer you a tool that will make a competitor analysis easier.
In the previous article, you learned why it is important to analyze your competitors on Twitter, and how to perform a competitive analysis on Twitter. In the following article by David Moth, you’re going to build on what you’ve learned about competitor intelligence, with a six-step guide to using Twitter for competitor analysis.
A six step guide to using Twitter for competitor analysis
Competitor analysis is an excellent way for businesses to map out their fledgling social strategy or give existing social channels a shot in the arm.
After all it pays to learn from the best and the beauty of social is that a huge amount of useful data is publicly available.
It does take time and a bit of skill to mine that data, but luckily there are a number of free tools available to automate at least part of the process.
To this end, I’ve come up with a six stage plan that will at least get your business on the road to completing a competitor analysis on Twitter, which will help to identify the influencers within your industry and the type of content that drives relevant conversations.
If you’ve got any other useful ideas or can recommend any free tools, please do leave a comment.
And for further information on this topic, check out our posts on how to replace Google Alerts for competitor analysis.
1. Work out who you’re competing with
This is an obvious starting point and something that should have been done when you first came up with your business plan.
However it might still be possible to identify a few smaller competitors by performing a basic Twitter search.
Start with the most obvious competitors then look at who is following them to see if there are any small businesses that are also trying to make a name for themselves in your niche.
In the following video, Kimberly Ann Jimenez explains how to research your competitors on social media and use the insights you learn to enhance your own social media strategy.
And there you have it. How to perform competitive intelligence on Twitter!