Impact of social media on competitive business intelligence

A single mouse click on a “Social Networking Site” by the business professionals will open up a new world under your palm. Your decision would be dynamic and based on definite reason and brings about profitability and natural growth to a business entity / a living professional system. The Internet world has left no stone unturned. It has changed the whole nature, function, structure and operation of any business entity. If an organization is deeply involved in the glory and importance of social media, then it would be able to make a constant dialogue with its potential customers for business promotions and knowing proper reactions of the customers about the value and orientation of its products and services.

So, no business entity is free from the influence of social media. Social media also provides lubricating oil to the machine of competitive intelligence. On the basis of social media inputs, many decision makers are able to take their decisions, keeping an eagle eye on their competitors. Social media and competitive intelligence both are considered to be the two sides of a single coin. Social media investigates various aspects of your products and services. It also focuses on product line marketing.

If an organization is following social networking sites like Linkden, Facebook,Twitter, Biznik, E.Factor, etc., then it would be able to know about its competitors’ product, price, promotion, place and other factors like technical issues, clinical trial design and sales force structure.

So, as a decision maker, one has to be very serious about time, energy, and resources used for tracking social media. Business intelligence strategically needs regular tracking of social networking sites. It should be included as your “Sale Cadence”. As a social media tracker, you should be aware of three vital factors like social data collection, social listening and social media interpretation.

Taking all these vital points into consideration, many business entities are in favour of forming social media research strategy for competitive intelligence.

The fundamental concept of social media lies in maximization of analytical time and minimization of research time. So, keep abreast of your social media presence and its impacts on clients or colleaguesand competitors.

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