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Embrace Your Competition
by Marsha Lindquist
Business leaders are often trained never to trust their competition and to view business as a win-lose game. But this isn’t always the best approach to dealing with the other team.
No two companies are created exactly the same, even when perceived as competitors. While any two competitors may share some similarities, the majority of their functions are completely different. And there are people and systems in the organizations that make each unique.
Once you are past the fear of competition, you can actually build mutually beneficial relationships and grow your business. Forging relationships with companies within your industry can allow you both to achieve greater levels of success. Consider the following five reasons why you should embrace your competition.
1. You Make a Bigger Pie
When the market recognizes the type of products or services you offer, it also becomes aware of other companies that can fulfill the same need. As a result, the pie gets bigger for everyone, even your competition, and you’ll be able to reach corners of the market you could never reach before.
2. You Complement Each Other
You and your competitor fit together within the market because you complement each other’s talents. But you have to approach the relationship without the fear of having your business stolen. When you get into a competition for the same piece of the pie, you can work it out if you have taken time to establish a relationship. However, this mutual respect comes only after trust is developed.
3. You Make Each Other Look Good
When you refer a prospect to your competitor, his performance reflects on you because in a relationship like this, people begin to associate the two of you. You also create respect and trust within your industry, especially among your customers. You stand to do a better job because someone is looking over your shoulder. In some ways, you answer not only to your organization, but also to your competitors.
4. You End Up with More Business
When you and your competitor both generate more energy, business picks up. When you contact and meet people, you get more business. This build up of energy results in a better market advantage because you’re seen with several relationships that are tangential to you. For example, if you don’t have what the customer is looking for and you send the customer to your competitor, you get the market advantage because you are seen as a solutions provider. When you create relationships with your competitors, you have all the answers, even if you can’t give the prospect exactly what is needed.
5. You Learn New Skills
When you work with other people, you learn from them even if you aren’t necessarily trying. And they learn from you too. This learning is important, because you must fully understand how your skills complement each other and how they are different. As a result, you enhance not only what you do, but also your brand—because you know better what sets you apart. This gives you the opportunity to make yourself unique, which has a positive impact on your business.
About the Author
Marsha Lindquist, a business strategist for over 15 years, draws on her proven “down in the trenches” experience, creativity, and participative manner to provide real solutions to businesses to assist them in building and growing their businesses. She is an energetic presenter and is also the Chief Executive Officer of The Management Link, Inc. As well as being the author of “Why Are You Still Working Your A** Off?”, she has written and published several professional journal articles on business strategy and negotiations. She can be reached by E-mail at marsha@marshalindquist.com
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