By now we’re very aware of how much information is online about companies, but have you ever considered the business advantages of keeping regular watch on what your competition is doing? There is a lot of information your competitors are posting publicly for you to learn more about them if you’re willing to pay attention and fit the pieces together. If you’re curious to begin monitoring your competitors, here are seven ways you can start observing them today:
1. Google Alerts: Google's free alert system is easy to use and easy to manage. You can (and should) be using it to see what's being said about your own company, products, and leadership team, but you can easily set it up to notify you when there are new competitor mentions in blog posts, videos, and online news outlets. Google Alerts can be emailed to you (as it happens, daily, or weekly) or you can subscribe via feed reader. If you don’t do any other form of monitoring, you should at least be using Google Alerts.
2. LinkedIn: LinkedIn was built, in part, to aggregate information about people who work at various companies. Knowing this you can get a sense of what a competitor's team of employees look like, how long they have worked there, and whether they have hired any new people. This may not seem particularly insightful, but consider what discovering a competitor’s new hire might tell you: they’re showing what they’re about to do next. For instance, if you found out your competitor hired a developer who specializes in iPhone apps, they might be revealing that they're about to launch their own app in the near future. Likewise, if you notice several people leaving a company who all do similar work you may well surmise that particular part of the company is either shutting down or at the very least being poorly managed and therefore creating an exodus of people leaving the company.
3. Facebook: Facebook pages are great ways to see how your competition is interacting with their fans. If you're observing your competitor’s page correctly, however, you can find what you're competitors think is working or not working on their pages. For instance, if you find that they begin offering a lot of the same kinds of coupons or incentives, then they may be experiencing a sales bump as a result of this offer and they want to keep at it. This could reveal an opportunity for your own business to try similar offers on your own Facebook page.
4. Blog comments: Most companies have well vetted the posts on their blogs, but they don’t usually take the same due diligence when they respond to people in the blog comments. The comments are less formal, more off the cuff, and in general more likely to give you some inside information if you watch them long enough. Likewise, Facebook and Twitter comments will give you the same kinds of insights if you watch the way your competitor responds. Similarly, you may find people complaining about the same thing on the competitor’s Facebook page which could reveal to you a flaw in their product and therefore an opportunity for yours.
5. Twitter search: It goes without saying that you can monitor what your competitor is saying on Twitter by simply looking at their Tweets. What you won’t know, however, is what other people are saying about your competitor on Twitter. Just following your competitor’s Twitter feed won’t give you the full perspective of what you can learn about them via Twitter. By searching for all mentions of the competitor and any products or services they may offer, you can also see how well they are responding to these mentions. You’re not just monitoring what your competitor is saying through social media, you’re also monitoring what other people are saying about your competitor through social media.
6. Twitter and Facebook pictures: I once saw what appeared to be fairly boring Tweet from the CEO of a nationally recognized nonprofit that included a picture. The CEO was taking a picture of some family who came to visit him at his office. What the CEO never realized was that the white board behind the family members had some organizational information on it that probably wasn't meant for public knowledge. It showed clearly what some of the organization’s upcoming goals were and how those goals compared to a year ago. I was blown away at everything he was unknowingly sharing. I've seen similar things from pictures taken from business meetings. Keep an eye on any "behind the scenes" type of photos your competitors are sharing because they may be giving you more information than they think.
7. Foursquare and Gowalla: The numbers of people checking in on location based social networks like Foursquare or Gowalla are very small compared to the number of people using Facebook or Twitter, but for people who use them, they tend to reveal a lot about themselves. This can become a competitive advantage for you if you know who some of the people working for your competitors are (start with LinkedIn) and can find them on one of these services. If you find them, they may reveal information about conferences they’re attending, suppliers they use, or new locations where they may be looking to expand their business.
The bottom line is that there’s a lot of information being shared today that might not seem interesting to competitors alone, but when you combine all the data you may discover your competition is giving you significant insights into their business.