The social web now allows businesses of every size to find actionable insight into what the competitors are doing and gauge the consumers’ responses to their market activities. This competitive information can be easily gathered, incorporated into traditional market research, which then informs a company’s strategic direction, marketing/sales efforts, product development, support offerings, resource allocations, hiring trends
Consumers make it very easy to gather competitive information by sharing their likes and dislikes online in social channels. They base their future buying decisions on their own experiences and those of others. It’s important to gather that feedback and ensure that you provide excellent customer service.
Overall, consistent competitive listening provides brands with inside information at a very low cost and will result in creating more competitive products, minimizing wasted resources and ultimately, increasing sales.