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While some companies may be new to monitoring competitors in social media others are seasoned players. Different companies will have different strategies ranging from tracking competitor campaigns and applying key learnings to their own, to keeping track of express needs and competitor mentions in order to jump in and provide an alternative. Social media can be a difficult space to navigate until you’ve found your groove and so can applying the information you find, in this case that which relates to your competitors.

http://www.radian6.com/blog/2011/06/collect-assess-apply-and-repeat/

Additional articles

• Five Rules of Smart Speed in Social – or How Not to Over-React!
• There’s Hearing, Then There’s Listening
• Six ways your advertising can tap into how customers’ brains work