We work with some of our market competitors. Its healthy, it makes sense and we’re always looking to learn from others….
Building relationships of trust and ACTUAL knowledge of other’s businesses rather than assumptions is totally the way to go. Our business trains and utilises skills that would perhaps not be sustainable in a larger company with a broader scope of products. Through working together both businesses benefit in the short and long term and as trust grows within the collaboration, so does the potential for growth.
Stop worrying about whether you should compete or collaborate. Winning can be exciting and exhilarating. It can also be a relief: there is a lot of tension involved in the pursuit of success. Most people know the thrill of competition and the rush of emotions when you realise you have beaten your competitors.
Some of us also enjoy collaborating with others and achieving something that would never have been possible to do alone. So when the opportunity for co-opetition (cooperation combined with competition) comes along, there are obvious benefits for everyone involved.
Co-opetition is an approach that involves competitors pooling their knowledge, skills and resources to co-create a new solution or add greater value to all parties. Amazon’s Marketplace is a good example:according to researchers at Finland’s Lappeenranta University of Technology - by engaging in productive competition with its rivals, Amazon has created entirely new markets for both itself and its competitors.
So how do we embrace co-opetition?
Begin with a mindset of abundance - when we look at the world through the eyes of abundance, we see there are more than enough opportunities, roles or clients to go round. This makes us more willing to look for opportunities to work together. Contrast this with approaching the world from a scarcity mindset. In this state of mind, we are less willing to share information or to be open in our approach.
Look for opportunities that bring greater value to all - consider leveraging individual organisations’ strengths and enabling everyone to gain greater value together.
Without competitors, your market may not thrive - we all need competition. It helps businesses to improve and encourages us all to build our knowledge and skills. Being prepared to work with your market competitors, some of whom you might have previously viewed as competition, can help everyone to develop. After all - when you walk down any high street you will find lots of similar businesses grouped together - as humans we find safety in numbers but then we also want to differentiate ourselves.
Learning to manage the tension between competition and collaboration is a skill worth acquiring because it can bring greater value and success to you and others.
Anyone want to collaborate …?