Advertising Age says Bill Gates should follow Eric Schmidt (Google CEO). Why? Because they’re competitors.
The article goes on to say that many businesses are afraid to follow their competition. They don’t want the world to know they follow their rivals because it might give the competition a boost. It might, but then it might not. Practically speaking, it’s a great way to keep up with your competitors to see what they are up to. In the words of one marketer, “How else can I stay ahead of them?”
Let’s see: You follow the competition so you can stay ahead of them? Now that’s a novel idea!
And it’s a pretty wise one too. If your competitors are on Twitter then you should be too. And you should be following them so you can keep up with what they are doing. Another reason to follow your competitors is so you can gain access to their followers. You can make an offer to followers of your competition if you see that they are fans of a particular brand. If you have a similar brand then offer a discount for trying yours.
So who else should you follow on Twitter? I’d recommend, besides your competition, industry peers, your employees, journalists that cover your industry, bloggers in your niche, and your customers. Follow anyone who has anything to do with your industry. And engage with them as well.