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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? …

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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  • 1. Be Social, Stay Competitive
    Leveraging Social Media for Competitive Intelligence Gives Your Brand an Edge over the Competition
    © MutualMind, Inc.
  • 2. Competitive Intelligence
    The collection of actionable data about competitors in a given business’s market.
    © MutualMind, Inc.
  • 3. 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.
  • 4. 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.
  • 5. Steps to using Social Competitive Intelligence
    © MutualMind, Inc.
  • 6. Strategy
    Define Parameters for Your Brand
    © MutualMind, Inc.
  • 7. 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.
  • 8. 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.
  • 9. 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.
  • 10. Drill-downs, Filters and Search
    • Filter results by brand , competitor or both
    • 11. Authentic consumer opinions
    • 12. Influence levels
    • 13. Rich insights
    © MutualMind, Inc.
  • 14. Best Practices: Social Media CI
    Start with a clear goal and identify metrics that will be of interest to key stakeholders (e.g. volume, mentions, engagement)
    Optimize listening – use keywords which are neither too broad nor too narrow – to get the right balance of breadth and depth of data
    Track keyword based mentions as well as the social media properties such as Facebook , Twitter and YouTube
    Leverage sentiment analysis by combining it with influencer analysis and segmenting by parameters of interest such as source (e.g blogs) and geographic location
    Use topic discovery capabilities to understand buzz and to identify any issues (Early Warning System)
    © MutualMind, Inc.
  • 15. How to Select a Social Media Intelligence Platform
    Challenges
    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
    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.
  • 16. 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.
  • 17. Sources
    Facebook.com, (2011), “Facebook Statistics,” Available at: http://www.facebook.com/press/info.php?statistics
    Mashable.com, (2011), “YouTube Facts,” Available at: http://mashable.com/2011/02/19/youtube-facts/,
    FourSquare.com, (2011), “So we grew 3400% last year…,” Available at: http://blog.foursquare.com/2011/01/24/2010infographic/
    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.
    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.
    MutualMind Platform, http://mutualmind.com
    © MutualMind, Inc.
  • 18. About MutualMind
    MutualMind is an enterprise social media listening, analytics, management and engagement platform
    www.mutualmind.com
    info@mutualmind.com
    Twitter.com/mutualmind
    © MutualMind, Inc.

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