It seems counterintuitive in every way to ask for or give help to a competitor in the same industry producing similar products and services.
In the business world now, where almost everything is connected, even behaviors of consumers which influences their purchase decisions individually mostly brings them to a collaborative purchase decision, business should be able to work together at a point to satisfy the consumer and mutually benefit from each other.
However, there are a number of ways that working with competitors can end up putting more money in your own pocket and generate better practices for your business.
Every business organization is in competition one way or the other but the main focus of every organization is to make profits, so why worry when working with a competitor makes your work easier and you still make the profits.
These are some few reasons you should sometimes work with competitors.:
- Sharing information can be mutually beneficial.
While every flourishing business does some things very well, there is always going to be an area of weakness where a competitor can step in and help. If you are able to exchange information that a competitor needs for some of its own industry/organizational information, In the end, both businesses could satisfy the customer, make their profits and benefit from the give-and-take process.
- Teaching accomplishes more than withholding does.
It’s been generally accepted that teaching peers accomplishes more than holding back knowledge. On one hand, it is important to be careful and not give away any secrets that truly separate you from any competitor. Yet if you can help someone in a way that does not compromise your business or your integrity, the world and the marketplace generally will be better off from that interaction.
- Realizing missed opportunities.
Opportunities are everywhere and sometimes you would have to be told about it or directed to it before you are made aware of such opportunities. working with competitors makes you open to many opportunities you may have missed in terms of satisfying your customers. Brainstorming with a competitor and having different opinion about issues and strategic approaches can be the breakthrough to another opportunity
- Joint Resources.
Working with other Organizations on a project or working together in satisfying a particular consumer need is faster, easier and less. This is because, resources such as finances and labor are sometimes hard to come by and reaching out for help is the best option. When business join resources and labor to carry out a project, it done well, on time, decision making is fast and its less expensive.
