Be Social Stay Competitive

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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?

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Be Social Stay Competitive

  1. 1. Be Social, Stay Competitive<br />Leveraging Social Media for Competitive Intelligence Gives Your Brand an Edge over the Competition<br />© MutualMind, Inc.<br />
  2. 2. Competitive Intelligence<br />The collection of actionable data about competitors in a given business’s market.<br />© MutualMind, Inc.<br />
  3. 3. Social Inevitability <br />Social media opens the door for new levels of competitive analysis.<br />The real-time nature and ubiquity of social media has cleared the way for Competitive Intelligence (CI).<br />© MutualMind, Inc.<br />
  4. 4. Social Statistics<br />Facebook<br />750 million+ users<br />10,000 new websites integrate with Facebook every day<br />2.5 million+ websites have integrated with Facebook<br />250 million+ people engaging with Facebook on external websites each month1<br />YouTube<br />490 million+ Users3<br />Twitter<br />175 million+ Users1<br />LinkedIn<br />100 million+ Users1<br />MySpace<br />100 million+ Users2<br />FourSquare<br />6 million+ Users5<br />© MutualMind, Inc.<br />
  5. 5. Steps to using Social Competitive Intelligence<br />© MutualMind, Inc.<br />
  6. 6. Strategy<br />Define Parameters for Your Brand<br />© MutualMind, Inc.<br />
  7. 7. Collection<br />Sources to be Tapped<br />Customers of your competition<br /> Vendors<br />Industry Analysts<br />Journalists<br />Bloggers<br />Available Information<br />Competitive product details<br />Early information about new product testing / rollout<br />Promotional offers and how customers are reacting to it<br />Competitive services, finances, and partners5<br />Customer demographics<br />Geographic information <br />© MutualMind, Inc.<br />
  8. 8. Utilizing Collected Data<br />Analysis<br />Quantitative Data<br />Number of Friends<br />Number of Followers<br />Brand Mentions<br />Qualitative Data<br />Customer Sentiment<br />Customer Engagement<br />Promotion Efficacy<br />Insights<br />Side-by-Side Competitive Comparisons<br />Product Development Opportunities<br />Industry Trends<br />Emerging Competition<br />Threats in Competitive Market<br />© MutualMind, Inc.<br />
  9. 9. Benefits of Social Competitive Intelligence<br />Real-time Results<br />Authentic Information<br />Rich Insights<br />Gauge & Compare Consumer Sentiment<br />Competitive Monitoring<br />Influencer Identification<br />Industry Predictions<br />Opportunity Identification<br />Product Development <br />© MutualMind, Inc.<br />
  10. 10. Drill-downs, Filters and Search<br /><ul><li>Filter results by brand , competitor or both
  11. 11. Authentic consumer opinions
  12. 12. Influence levels
  13. 13. Rich insights</li></ul>© MutualMind, Inc.<br />
  14. 14. Best Practices: Social Media CI<br />Start with a clear goal and identify metrics that will be of interest to key stakeholders (e.g. volume, mentions, engagement)<br />Optimize listening – use keywords which are neither too broad nor too narrow – to get the right balance of breadth and depth of data<br />Track keyword based mentions as well as the social media properties such as Facebook , Twitter and YouTube<br />Leverage sentiment analysis by combining it with influencer analysis and segmenting by parameters of interest such as source (e.g blogs) and geographic location <br />Use topic discovery capabilities to understand buzz and to identify any issues (Early Warning System)<br />© MutualMind, Inc.<br />
  15. 15. How to Select a Social Media Intelligence Platform<br />Challenges<br />Capabilities Checklist<br />Enterprise grade platform with comprehensive coverage<br />Tracks keyword mentions AND social channels (Facebook, YouTube, Twitter)<br />Richness of Data<br />Geographic Locations<br />Social Networks<br />Identifying the Influencers <br />Sentiment analysis<br />Result Exclusions & Custom Labels<br />Customized:<br />Dashboards with CI views<br />Reports<br />Controlling the quality of incoming data <br />Pricing is by volume of results<br />Extracting the useful information from the noise<br />Discovering trends and patterns within results<br />Drill-down capabilities<br />Search within results<br />© MutualMind, Inc.<br />
  16. 16. How MutualMind Can Help<br />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.<br />Interactive dashboard with dedicated view for Competitive Intelligence<br />Text Analytics – Automated and manual Sentiment Analysis<br />Powerful Data Drilldown, Filtering and Search<br />Refinement of collected information<br />Custom Reporting with access to full, raw data<br />Flat, predictable pricing<br />© MutualMind, Inc.<br />
  17. 17. Sources<br />Facebook.com, (2011), “Facebook Statistics,” Available at: http://www.facebook.com/press/info.php?statistics<br />Mashable.com, (2011), “YouTube Facts,” Available at: http://mashable.com/2011/02/19/youtube-facts/,<br />FourSquare.com, (2011), “So we grew 3400% last year…,” Available at: http://blog.foursquare.com/2011/01/24/2010infographic/<br />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.<br />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. <br />MutualMind Platform, http://mutualmind.com<br />© MutualMind, Inc.<br />
  18. 18. About MutualMind<br />MutualMind is an enterprise social media listening, analytics, management and engagement platform<br />www.mutualmind.com<br />info@mutualmind.com<br />Twitter.com/mutualmind<br />© MutualMind, Inc.<br />

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