By now, you have probably heard the term "Coopetition." Coopetition is a contraction of the words cooperation and competition, meaning essentially cooperative competition. In the business world, coopetition means collaborating or partnering with your competitors in an innovative way so that both parties benefit. The most successful entrepreneurs realize early on that the old military adage, "To know your enemy, you must become your enemy ... Keep your friends close and your enemies even closer" applies just as well to the business world. Of course, we all know that your competitors are not truly your enemies (at least I hope they aren't!), but the idea of keeping them close is the point. A creative collaboration with your biggest competitor in the same industry may be the best opportunity for boosting your business.
Many of you are already familiar with the idea of collaborating with your competitors through membership in an industry specific professional association. For example, I am a member of the National Association of Professional Organizers (NAPO), the premiere association for my industry. I attend the annual conference every year as a participant or presenter, belong to a local organizers' neighborhood (an informal chapter), frequently engage in discussion on the organizers' email list, and serve as a mentor and business coach to new organizers and organizers-to-be. I have partnered with other organizers in various ways, as well as share referrals back and forth. This coopetition with other organizers has enriched my business in ways that are immeasurable. I've benefited greatly from these relationships and from keeping an open mind in my approach to dealing with my competitors.
It is smart business to capitalize on the positive aspects of a competitive situation. However, for coopetition to work effectively, both parties need to clearly define their roles, making sure not to overstep boundaries. The goal is to find a way to partner with your competitor (read: colleague!) so that both parties can substantially benefit from the collaboration. Look around at your competition, and identify competitors that share the same zest for business and success that you do. You want to make sure that you align yourself with a competitor that you respect and admire, and that exudes the same sense of professionalism and level of expertise.
What are some ways that you can engage in coopetition that will boost your business? Here are some examples of strategic alliances between competitors that are innovative, creative, and effective:
Think broadly, keep an open mind, and seek out collaborative opportunities to boost your business with coopetition. Used wisely, it is a fantastic tool to add to your business.
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Copyright 2009. Lisa Montanaro, "The Solutions Expert," is Principal of LM Organizing Solutions, LLC, a professional services firm created in 2002 that offers professional organizing, business and life coaching, and motivational speaking to individuals and organizations. Lisa publishes the monthly "DECIDE™ to be Organized" e-zine for the general public, and "Next Level Business Success" e-zine for professional organizers and entrepreneurs. Subscribe today at www.LMOrganizingSolutions.com. Lisa also publishes the DECIDE™ to be Organized blog at www.DecideToBeOrganized.com. Through LMOS, Lisa helps people deal with the issues that block personal and professional change and growth. To explore how LMOS can improve your home or work environment, or help take your business to the next level, contact Lisa at (845) 988-0183 or by e-mail at Lisa@LMOrganizingSolutions.com.