Secrets to Success
Deborah Cole Micek
Turn competitors
into collaborators to
your mutual advantageWho is your greatest competitor? I was recently asked that question by a local business person.
My answer to her was that our company doesn't really have competitors. If you'd like to be able to have the same response then the strategies described in this article will be invaluable to you.
While each industry is different, the odds are that after reading this article you'll be able to identify at least one company you previously thought of as a competitor and turn them into a possible strategic partner.
Remember to think laterally instead of literally for the next few minutes as I share how small companies are modeling the examples of international organizations.
Fortune 500 companies are providing a excellent model for the endless possibilities and profound benefits that come from strategic partnerships and joint ventures.
The best way to describe this concept of strategic partnerships is by highlighting a group of professionals that would typically be considered "competitors" if you applied 20th century thinking to their business model.
But by applying 21st century business theory, you'll quickly understand how you can apply the same types of strategies in your own business, industry or profession.
The Hawaii Coaches Alliance is a group of business and personal life coaches who live and work in Hawaii.
They work virtually with their clients in Hawaii and around the world using 21st Century technology to make this happen. Instead of competing for clients with one another, they collaborate.
They've gotten together, aligned themselves, identified each of their unique specialties and refer clients to one another based on what their clients are looking for.
Often, clients interview at least three coaches before identifying who would be the right match. This allows the client to be the primary focus and consequently gets their needs met best by this process.
Hawaii Coaches collaborates on conferences and business expos.
They offer an eclectic range of coaching styles and cover a range of topics such as work-life balance, reducing stress, leadership development, marketing and time management.
No matter what your industry, you can find ways to strategically partner with others to better serve the needs of customers.
Take for instance a smaller deli/restaurant who partners with a nighttime establishment to advertise jointly, keeping costs down for both businesses therefore increasing profits more rapidly.
Clients from each establishment cross over and frequent the strategic partner's restaurant. This doubles the traffic to each business and spreads the word faster than either one advertising independently.
Another example is two shoe stores that cater to a specific niche partnering with each other. A shoe store selling sneakers can refer people with special discount offers to a shoe store who sells dress shoes, and vice-versa.
Or how about a coffee shop that refers to an ice cream store, and vice versa. A Fitness club that provides promotional coupons to their members for a local restaurant offering healthy choices for dining, and vice versa.
The possibilities are endless ... when you think laterally, not literally.
Action for you to take this week:
Look at the market you serve. Then, look at how you can meet more of your customer's needs by connecting them with another store, service or product.
WARNING: This concept will not work if you have a scarcity mentality, thinking, "There's only so much money to go around."
If you're struggling with this implementing this article's proven concept, working with an experienced coach will help. You can start by believing there's enough to go around.
As you open up your businesses to strategic partnerships, you'll free up your own wallet and free up others to do the same. Employment numbers increase, profits soar and we all win!
Deborah Cole Micek, chief executive officer
of RPM Success Group, is a business success coach
and life strategist. Reach her at DCM@RPMsuccess.com
or (888) 334-8151.