Turn your competitors into competi-mates
The business landscape is changing—and fast. To stay competitive, you need to keep up with the latest trends and adapt to them quickly. It's not enough to just be aware of what's happening in your industry, capitalizing on opportunities as they arise requires a deep understanding of the industry's movement and your business capabilities.
But how can you do that? What's the best way to control the risk of industry change and monetize the value of your relationships?
Competitors are our natural adversaries. They are the companies that are trying to beat you out of a share of the market and are always gunning for your customers. But you can use this natural tension to your advantage. If you can turn competitors into competi-mates, you will be able to better control risk in your industry and monetize the value of your relationships with them by sharing knowledge and driving innovation through sharing intellectual capital and product development.
The idea of turning your competitors into allies may sound surprising, but it actually makes a lot of sense. When you look at other businesses as partners in the same industry—not as enemies—you can create mutually beneficial relationships that help everyone grow.
Turning your competitors into competi-mates is one of the most effective ways to achieve sustainable business growth. Joint ventures, partnerships, alliances, and mergers are all tools that help create competi-mates—and they can help you achieve collective strategic goals while optimizing each parties’ individual needs. The creation of competi-mates is a strategic decision, but not a simple one; it takes careful planning to find ways in which these alignments will create value for all parties involved.
Need help deciding if this strategy is right for your business? Reach out to one of DTD Management’s business consultants at www.dtdmanagement.com/our-team