The business environment is increasingly volatile and turbulent. Organizations must adapt to their environments proactively and swiftly in order to survive and prosper. Environmental scanning can be adopted by organizations to discover varieties of information. Competitor information serves as an important part while conducting environmental scanning. Before gathering the competitor information, competitor mining is a key and necessary task for company that allows a company to shore up their defenses against probable competitive incursions and plan competitive attack and response strategies. In this research, we extend the network-based approach by incorporating text information as additional predictors and propose an iterative approach to improve the performance of competitor mining. The evaluation results suggest that the approach proposed by this study performs well in competitor mining problem.