LinkedIn has, for years now, been at the forefront of sourcing business and employment opportunities for thousands of people globally. The rise of the LinkedIn platform that operates via websites and mobile apps is a result of internet spread and use all over the world.
The LinkedIn platform focuses on professionals, enabling one to network, develop professional portfolios, and reaching out to the masses linked to the very same system. With thousands of equally qualified people on the platform, it is easy for those looking for prospective partners or employees to link up within an instant.
This feature highlights the possible ways that you can actively use LinkedIn for your business competitor research. The LinkedIn platform features thousands of professional portfolios of thousands of people and businesses across the board. Competition in enterprises with what makes the commercial industry to thrive. Knowing what your competitor’s business entails is vital in coming up with strategies focusing on offering better services and beating your competitor at their own game.
Using LinkedIn to your business advantage
Competitive business research requires one to do a thorough and detailed analysis of their rival entity to come up with ways to improve their services and wade off competition. Competitive intelligence is essential in staying on top of the game by knowing what your competitors in business are dealing with in their operations. Analyzation of the competitor’s information and data is critical in judging how your business operations stack up and make revamped strategies for better services.
LinkedIn, as a professional networking site, offers many aspects that will enable your business to gather competitive intelligence for greater use and your advantage. The most successful strategies you can employ in gathering information and data on your competitors on LinkedIn include the following;
- Take note of hiring trends– checking how your competitors are fairing on their recruitment front. What are they doing in terms of hiring, retention, and laying off of their employees? Check on your competitor’s trends like new hires might, an indication of business expansion. Compare the trends with those of your business entity and make the necessary adjustments.
- Connect with relevant groups– LinkedIn allows you to connect to like-minded professional business entities. The connection gives you exposure to new business ideas, opening up your mind to the possible ways of making your business better, and improving your profit margins.
- Locate your competitor’s previous employees– your competitor’s laid-off employees can provide you with inside information on the run-ins at the business entities. The employee’s profiles are available on LinkedIn, and it is easy to reach out to them, and they can even serve as your potential employees.
- Check out the competitor’s connection– LinkedIn has details on all links available on each business entity. Check out the trends in connection and try to find information that will be of help to your business entity.
Gathering information on your competitors from LinkedIn plays a significant role in changing your business fortunes. Ensure you do due diligence and pick information and data that is positive and helpful. If you need to know more about How to use LinkedIn for your business competitor Research? Get in touch with us.