You can track what people talk about your competition, you can track consumer sentiments for your competition and understand where they are lacking. This also helps you understand where your brand stands today against competition.
Conversations happening on web are often ones with utmost honesty. Deep diving in forums and blogs can reveal what people feel about a product or a service.
Social Media pages are one of the best places to manage complaints or concerns which your consumers have. As it happens on your page, the outcome can be controlled, and it enhances brand image.
Web conversations if heard well can give deep insight of product and services, it also helps us understand the pain area consumers have. Companies can use it effectively to create their marketing strategy for launch of new products or services.