Co-opetition

by Guest Blogger, Lena West, Chief Social Media Strategist at xynoMedia

(photo credit: Jack Berlin)

I am about to say something so strange and so foreign that I am sure, at first consideration, it will seem both impossible and improbable. Here goes: It is possible to actually work with your competition for the betterment of your business. There, I’ve said it. But, hear me out.

Since the Industrial Revolution, business-owners have been somehow duped into thinking that competition is the major factor in keeping companies lean, mean, fighting machines. If you would like  to limit your market-share and stunt your growth, then buy into that, don't read this post and move on.

However, if you are more interested in how to form highly interesting business relationships and expand your market share, (not to mention boosting revenues) then feel free to read on.

1. Focus on your own business. Over the years, some sort of obsession with the competition develops. So much so that you might be tempted to neglect your own business or fall prey to the ‘copy cat’ syndrome – mimicking the competition even if what they are doing does not work for you. If you are friendly with your competitors, you are less likely to view them in a threatening manner – and less likely to make careless imitations.

2. Spark creativity. When you don’t view the competition in a threatening manner, you experience less stress. When you are more relaxed, you are more apt to be inventive and develop creative, innovative promotional tactics. And, that's what it's all about!

3. Increase revenues. Look for areas in which you specialize but your competition does not. Set up affiliate programs for those areas and invite your competition to become an affiliate. They will make money on the sale, widen their offerings and you make money and get exposed to more clients. Win, win, win, win and more winning.

4. Two small businesses = one big business. Combining forces with the competition will create a larger company with more manpower and services. Simply put together you will wield more power and realize better gains. Use the increased breadth to develop new products and markets. This also increases the likelihood of winning bids on government and corporate contracts. Cha-ching anyone?

5. Prepare for the future. Given the increasing interconnectedness of our society, coopetition is a business trend whose time has come. Be an early adopter and reap the benefits. The first one to show up to the party, gets to pick where they sit.

6. Don’t just survive – thrive. While you are focusing on eking a living from your business, why not combine forces to increase profit margins and share the workload. It’s much better to work smart, not hard. Spend the time you save on the beach.

Comments

[Lena L. West]

@ Tricia:

Wow, I'm glad my post had such an impact.

It's all about working together.

Sometimes we buy into the fear and scarcity mindset that there isn't enough money or business to go around. There's MORE than enough money and clients.

I find that if we just stop watching the news, stop buying into the business competitive mindset and focus on being our best selves, it's amazing what we can do.

@Barb:

I love your concept of being "community taught". Amazing.

As for your idea to get together some local photogs and learn from each other - I say go for it. Nothing of value can be built solo and when you reach out you'll find that the right people...the people with whom you REALLY need to connect...are looking for healthy, supportive business connections, too!

Thanks to you both for reading and commenting!

[Tricia Meyer]

Something in your article really struck a chord with me. After attending the Affiliate Summit conference in Boston last week, I made a decision that I was going to try to become a leader in my industry, even if it meant sharing information with my "competitors." While there are definitely things that I keep to myself about my business, I am starting to see more and more that there are ways that we can work together in areas such as fraud detection that will not only help ourselves but our whole industry.

Very timely that I found your post!

[Barb]

I completely agree with you and have been fortunate to find that so many other photographers do as well! It's because of those other photographers that I have been able to learn and study online, from home, for free. I can not call myself "self-taught" because of it; instead, I call myself "community taught". :D

I've been wanting to coordinate a local group of photographers, but have been afraid of the negative backlash. I hope to use your article to unite us, and help us all to thrive. :)