I came across this cool video from Mashable that uses the UPS Whiteboard commercial format to explain a simple example of monitoring your industry or market using social media. With all the concentrated effort going into social media (see examples) and many people just getting started, its important to learn about how to monitor the activity in your market.
I find the UPS Whiteboard style pretty straightforward and Adam Ostrow does a great job with the basics. I would have to say there are many more comprehensive services you can subscribe to monitor everything – from blogs to Twitter to multimedia. Some of these technologies include Biz360, ScoutLabs and Filtrbox. Check them out as you can get started very easily – often with a free trial and a good cost structure.
Enjoy the video and let me know if you have additional ones to share.