19 Feb The Role Of Social Media Analytics In Competitive Intelligence
Inevitably, the development of the digital era has made the marketing concept develop. This development gave rise to various business strategies that lead to digital concepts. Not a few business actors have changed their marketing concept from conventional to digital. Entrepreneurs or businesses need to immediately jump into the world of digital marketing (digital marketing) for the sake of the sustainability of their business.
In running a business, you are not the only business actor. Many competitors out there are running various types of businesses that may be the same as the one you are running. So it becomes necessary to master competitive intelligence which can be useful in the world of digital marketing.
Then, what is competitive intelligence? Competitive intelligence can be said as the ability to collect, analyze, and use information collected from competitors, customers, and market elements that contribute to competitive business advantage. Competitive intelligence is also commonly known as corporate intelligence.
Talking about digital marketing, surely you are familiar with one of the marketing media, namely social media. The existence of social media can be one that can help your business strategy in carrying out digital marketing.
Well, you can take advantage of social media to help gain competitive intelligence by using social media analytics. Social media analytics is an approach to collect data from social media and evaluate this data as a basis for making business decisions.
The following is the role of social media analytics in competitive intelligence that you need to know:
- Help understand the sources of costs
By utilizing social media analytics, companies can collect information from social media users through comments, feedback, blogs, and even interactions between customers which can help differentiate sources of costs.
Examples of costs that can be identified are such as shipping costs, maintenance costs, or customer service costs. This information can help the company distinguish high or low costs between each competitor.
- Provides location-based services
Based on the research that has been done, social media analytics can provide information about location-based services or location-based services. This information will show differences in habits, tastes, and preferences in different locations.
This helps the company improve its business strategy to be able to compete with competitors. Companies can develop their marketing strategies based on location and set prices, products, and promotions according to the target audience.
- Improve supply-chain management
In supply-chain management, social media analytics improves at least three aspects. The first aspect relates to demand planning and inventory management. Social media analytics can help identify products or services that customers are interested in and most likely to buy.
The second aspect relates to supply-chain operations. Real-time data obtained from social media through blogs, comments, product reviews, and group discussions can generate information about events or factors that will affect the supply chain process.
The third aspect is directly related to supply-chain management. Information obtained from social media can be combined with information from other sources such as customer transactions. This can improve the efficiency of your company’s supply chain.
So, after understanding the three roles of social media analytics in competitive intelligence above, it would be nice for you to start utilizing social media platforms that match your business. Only by processing information obtained from social media, you can be superior in competing with other competitors.
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