Competition among businesses can spur the urge to invent new offerings or development of processes that are more efficient. Therefore, business leaders should not worry about new industry entrants. Instead, they should focus on creating friendships with their competition. Unfortunately, some business owners still have the “we vs. them” attitude. Are you wondering why business owners should form friendships with their competition?
This post reveals the benefits of becoming friends with your competition. Keep reading to discover important reasons why you should consider becoming friends with your competition.
1. You Can Learn From Competitors
Keeping an eye on your competition can be an effective way of increasing your marketing abilities, along with fostering innovation. Like you, your competition has their marketing strategies, customer retention strategies, and their customer relationship management methods. Paying keen attention to what your competitors can be a great learning opportunity.
2. Lends Credibility To Your Industry
Forming friendships with competition can be a great boost to your industry. Consider that you are creating products that serve the customers. Smart business leaders do not do it alone. They build support networks and take competition as a coaching opportunity. It is through joining voices that the industry grows.
3. You Can Refer Prospects To Your Competitor
Sometimes, you are overwhelmed, hence cannot take new orders from your customers. If you are friends with competition, you can refer the new leads to them, and in good faith. The simple act makes yourself look good, and you will soon realize more opportunities from the competitors.
4. Pushes You To Becoming the Best You Can Be
Healthy competition challenges business leaders to develop the culture of evolving and growing the business. Therefore, keeping communication lines between you and the competition open establishes benchmarking opportunities, helping your business to grow.
We have looked at compelling reasons to form friendships with your competition. There are times you will learn from the competition, and even earn new business opportunities from your competition. To keep the relationship going, share moments through affordable VoIP solutions. Call each other as needed, through the EveryDay VoIP Solution