How to build a friendly and successful partnership with your competitors
Features | 3 minutes read | 2 years ago | 248 views
In a global competitive environment, it is only natural that some companies compete with other competitors. But in fact, this has given us "cooperation", a term derived from "participatory competition".
Partnership is manifested when you overlap with your business partner. You are a partner in one area of your business but you are competing in other areas. The question that has occupied the minds of all business leaders is why should we do this? Why should we #partner with our competitor? We are here to remind you a few things.
"Think of ways to engage," says Josh Linkner, a four-time tech entrepreneur, #best-selling author and keynote speaker at the New York Times. "There are countless #opportunities to partner with people or businesses that you have previously considered competing with."
Dad, there are four reasons why this might make sense to you:
1. Competition as an ecosystem:
We are in a world where we see a lot of business competition between different leaders. But there is a problem, this is not a kind of competition, but #cooperation in getting better, attracting customers, growing. Imagine multiple airlines, when several airlines work together, even where they operate competing routes. By partnering, airlines will be more competitive with other airlines. On their network, they share costs and loyalty #programs to provide a better experience for travelers. They all see this event as a valuable opportunity to promote their latest #services to potential travelers and #customers rather than independent efforts.
2. Focus on meeting customer needs:
When your only business goal is to serve the customer, you can work forward with other competitors. Sometimes, customers demand goods and services from several #companies that might otherwise compete with each other, forcing these brands to know how to work together. You can also attract large customers by working with competitors. People often ask how they can even be successful. However, they are successful because they serve the customer.
3. Risk sharing and cross-referencing:
There can be a lot of risk in large and complex #projects. If you, as a member of an ecosystem, accept only part of the risk, and only in areas where you have the most expertise to reduce it, the risk will be more controlled. Mutual referrals also enable you to be part of a larger organization and, in addition to working with competitors, to provide better facilities and services to your audience. Doctors do this all the time. A specialist refers patients who need intensive care to a partner who provides that care, and vice versa. Identify the services that your customers often need and similar jobs that specialize in that service or complementary product, thereby attracting more customers to the brand.
4 - Join a large team:
This way can have a positive impact on your #business and create a larger market. Small businesses can use a partnership to compete with a large competitor. Gather together to buy the seller's inventory of goods or services in bulk. Not only will this make you more or less known among the big businesses, but it will also increase your #customers in the future.
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