Companies everywhere are looking at
their business models and day-to-day operations to get through these trying
times. From their ordering processes to their employee onboarding, they take a
close look at everything to help identify the best opportunities to weather the
COVID storm.
their business models and day-to-day operations to get through these trying
times. From their ordering processes to their employee onboarding, they take a
close look at everything to help identify the best opportunities to weather the
COVID storm.
Traditionally, these conversations do
not include partnership with a competing company, but these match-ups can offer
advantages that are otherwise unachievable. Teaming up with a competitor can
bring your organization some much-needed perspective and a true leader is
willing to extend a hand to identify new opportunities.
not include partnership with a competing company, but these match-ups can offer
advantages that are otherwise unachievable. Teaming up with a competitor can
bring your organization some much-needed perspective and a true leader is
willing to extend a hand to identify new opportunities.
I’ve had no issues playing friendly
with competitors, but it’s sometimes hard to find others who share that
mindset. Here are four reasons that explain why — and when — you should embrace
working with a competitor:
with competitors, but it’s sometimes hard to find others who share that
mindset. Here are four reasons that explain why — and when — you should embrace
working with a competitor:
1.
Customer satisfaction is of the utmost importance
Customer satisfaction is of the utmost importance
More often than not, when two
competing firms team up, it’s to the benefit of the consumer, which ultimately
benefits each firm. When determining whether to pursue this sort of alliance,
customers should always be your first consideration. Kyle Slager, Raken’s CEO
and co-founder, recently got on my radar to work with competing companies in
the software construction industry.
competing firms team up, it’s to the benefit of the consumer, which ultimately
benefits each firm. When determining whether to pursue this sort of alliance,
customers should always be your first consideration. Kyle Slager, Raken’s CEO
and co-founder, recently got on my radar to work with competing companies in
the software construction industry.
Slager says that most of his
competitive partnerships are the result of direct requests from clients.
“Customers don’t want to be forced to choose between one or the other
solution, so we’re giving them the chance to get the best of both. They’re
thrilled when they hear they have more choices,” he explained. Because 84
per cent of businesses working to improve their customer experience report an
increase in their revenue, these customer-driven partnerships are paying off
handsome.
competitive partnerships are the result of direct requests from clients.
“Customers don’t want to be forced to choose between one or the other
solution, so we’re giving them the chance to get the best of both. They’re
thrilled when they hear they have more choices,” he explained. Because 84
per cent of businesses working to improve their customer experience report an
increase in their revenue, these customer-driven partnerships are paying off
handsome.
2.
Competitors can help you fill in the gaps
Competitors can help you fill in the gaps
Often companies choose a niche category
to work in to provide customers with specialized services, but this can leave
customers feeling like they lack support in other areas. Identifying a
competitor who can help fill those gaps can help you provide a product or
service that is more well-rounded.
to work in to provide customers with specialized services, but this can leave
customers feeling like they lack support in other areas. Identifying a
competitor who can help fill those gaps can help you provide a product or
service that is more well-rounded.
Slager experienced this when he first
teamed up with a competitor and said, “When you work with your
competitors, no matter what industry, you will have access to more resources to
fill in any gaps you may have internally. A healthy connection with the
competition allows companies to provide industry and customers with significant
value.’
teamed up with a competitor and said, “When you work with your
competitors, no matter what industry, you will have access to more resources to
fill in any gaps you may have internally. A healthy connection with the
competition allows companies to provide industry and customers with significant
value.’
3.
Lead generation times two is always better
Lead generation times two is always better
You may not immediately think that
working with a competitor would lead to new business leads coming into the
door. However, collaboration done correctly can have a positive impact on the
sales cycle of a company. As your competitor becomes intimately familiar with
your offers, your partner can screen and send qualified leads your way, which
was not necessarily the best fit for their offers.
working with a competitor would lead to new business leads coming into the
door. However, collaboration done correctly can have a positive impact on the
sales cycle of a company. As your competitor becomes intimately familiar with
your offers, your partner can screen and send qualified leads your way, which
was not necessarily the best fit for their offers.
For example, Oracle and SAP band
together when clients want to run SAP software on top of Oracle’s
infrastructure. It leads to a better customer experience, and allows each
company to benefit from its strong suit. Partner-referred leads are a
reflection of true collaboration and show customers that you have their best
interests at heart.
together when clients want to run SAP software on top of Oracle’s
infrastructure. It leads to a better customer experience, and allows each
company to benefit from its strong suit. Partner-referred leads are a
reflection of true collaboration and show customers that you have their best
interests at heart.
If you’re willing to introduce
customers to solutions that best suit their needs even if they’re not your own not
only will you trigger more referrals from your partners, but you’ll also gain
loyalty from potential future customers.
customers to solutions that best suit their needs even if they’re not your own not
only will you trigger more referrals from your partners, but you’ll also gain
loyalty from potential future customers.
4.
The competition can increase your brand awareness
The competition can increase your brand awareness
The collaboration with competitors
also opens up new marketing opportunities. Whether you’re looking to co-host an
event at a trade show or working together on a co-branded webinar, there’s
power to raise awareness about your brand. Your competitors have probably
tapped into a demographic or use case that you haven’t, bringing a new audience
for you.
also opens up new marketing opportunities. Whether you’re looking to co-host an
event at a trade show or working together on a co-branded webinar, there’s
power to raise awareness about your brand. Your competitors have probably
tapped into a demographic or use case that you haven’t, bringing a new audience
for you.
These collaborations add to any
marketing strategy. Even better, they often lead to increased brand awareness
and inbound marketing leads, which are a top priority for marketers and
businesses hoping to keep their sales funnels full without spending an enormous
amount on acquiring each new client.
marketing strategy. Even better, they often lead to increased brand awareness
and inbound marketing leads, which are a top priority for marketers and
businesses hoping to keep their sales funnels full without spending an enormous
amount on acquiring each new client.
As companies continue to look for
innovative ways to help their business thrive in the COVID era, they should
seek help from more entrepreneurs within their industries. When competing firms
focus on maintaining their market share and viewing each other through a
cutthroat lens, they overlook great possibilities.
innovative ways to help their business thrive in the COVID era, they should
seek help from more entrepreneurs within their industries. When competing firms
focus on maintaining their market share and viewing each other through a
cutthroat lens, they overlook great possibilities.
This fear-based mentality leaves the
feeling of customers being forced to choose one company over another, resulting
in a disjointed feeling across the industry. There may, however, be hidden
benefits in teaming up with a competitor, no matter in which industry you are
in. Be willing to look beyond your immediate circle, and reach out to others
who may bring something new to the table, believe it or not.
feeling of customers being forced to choose one company over another, resulting
in a disjointed feeling across the industry. There may, however, be hidden
benefits in teaming up with a competitor, no matter in which industry you are
in. Be willing to look beyond your immediate circle, and reach out to others
who may bring something new to the table, believe it or not.
