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Kate
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I agree with the other ladies that the one-two punch of Google alerts plus Twitter searches are both easy to set up and (best of all) free! This makes them a great starting point for small businesses especially, but larger businesses shouldn't over look them either.
Like anything else, your success depends on your follow up; you need to actually check your alerts and your Twitter searches and have a plan for what to do with the results - especially on Twitter where things can unfold fast.
Check out my blog post on how Comcast uses Twitter searches in an amazing customer service campaign: "If You're Not Doing This Already With Twitter You Should Be."
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Jamie
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Twitter
It's a fairly obvious one, but also one I find people often overlook because they don't think their target audience/competitors/customers are engaged on Twitter. Imagine their surprise when they start listening and find all kinds of chatter on their industry, competition, and even their own brand.
Listening on Twitter is easy and free. Just set up a series of keyword or hashtag searches and then keep an eye on what comes through on the search feeds. The most efficient way to do this is via a 3rd party app (like Hootsuite - my favorite!). These apps allow you to create and save multiple searches for constant monitoring. Quickly scrolling through the tabs a couple times a day can yield all kinds of interesting news, trends, and links to relevant content and events ... keeping you on top of what's happening, and making you look super connected and tuned in.
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