“We must all hang together, or assuredly, we shall all hang separately.” ~ Benjamin Franklin

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: 

  • Develop a joint venture project together. Some of the best business ideas are born out of competitors joining together. For example, in my industry, organizers are collaborating together to offer certification prep courses, train new organizers, design organizing products, etc.
  • Share a booth at an expo, tradeshow or business showcase. Not only will this help each party keep costs down, but as we all know, two minds are often better than one. You may come up with great new ideas to market your industry and businesses, offer more products, and gain more attention from participants and the media.
  • Co-present with a competitor. Co-presenting is a wonderful tool when done well. I have had the opportunity to present with colleagues to offer workshops that I may not have been able to do on my own. The participants benefit from hearing two different presenters, which helps keep the workshop fresh and interesting. Each presenter only has to do half the work, which makes your job easier overall.
  • Advertise with a competitor. Advertising is expensive. Sharing that expense with a colleague or competitor to promote types of service, your industry, or an event you are doing together is a great way to maximize advertising costs. 
  • Refer leads to each other. This is probably the most common form of coopetition. But don’t lose sight of how powerful it is! What you give out almost always comes back. If you cannot service a prospective client, find a colleague or competitor that can. The potential client will view you as a true professional and resource-provider, and the competitor will be grateful and will usually reciprocate in the future.
  • Co-author an article or book together. Writing does not come easy to many people. Consider sharing writing responsibility by co-authoring an article or book with a competitor. This may be the most effective way to get published in your industry. For example, if you teamed up with 9 competitors in your industry and all wrote one chapter, voila, a 10-chapter book is born!
  • Offer a teleclass or webinar together. You’ve probably seen this many times where two business experts team up to offer a teleclass or webinar together. Many times they are in complementary industries, such as an interior designer (or life coach, or wardrobe consultant, etc.) and professional organizer, or a financial planner and accountant. Again, two minds are better than one, work is shared among the presenters, and the participants get to hear from two experts. It’s a win-win situation for all involved.

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.

About Lisa Montanaro

Lisa Montanaro is a Productivity Consultant, Success Coach, Business Strategist, Speaker and Author who helps people live successful and passionate lives, and enjoy productive and profitable businesses. To receive her free Toolkit, Achieve Powerhouse Success with Purpose, Passion & Productivity, visit www.LisaMontanaro.com/toolkit. Lisa is the author of "The Ultimate Life Organizer: An Interactive Guide to a Simpler, Less Stressful & More Organized Life" published by Peter Pauper Press. Through her work, Lisa helps people deal with the issues that block personal and professional change and growth. To explore how Lisa can help you be purposeful, passionate and productive, contact Lisa at (530) 302-5306 or by e-mail at Lisa@LisaMontanaro.com.

7 Responses to “Coopetition: A Fantastic Way to Boost Your Business”

  1. Janet Barclay

    This is excellent advice, Lisa. Some people are so worried about losing business to their competitors that they are afraid to partner with them in any way.

    I actually have a call scheduled this afternoon to explore coopetition opportunities with one of my virtual assistant colleagues, so this provides some very timely food for thought!

    Reply
  2. Sue Donnelly

    Hi Lisa, this is so timely as yesterday I had a meeting with someone in the same industry who shares my own values but looks completely different to me – that’s good in my industry (image and impact) with a view to creating something new and exciting together.

    Reply
  3. Lisa

    Sue – That is wonderful! Love hearing about how colleagues figure out clever and creative ways to partner together. Looking forward to hearing what great things the two of you dream up… 🙂

    Reply
  4. Nadine Nicholson

    Fabulous Lisa!! I didn’t know that word (yet) and now I do. I love coopetiting with you. Great ideas and definitely a list to print off for future reference. Thanks again!

    Reply
  5. Lisa

    Nadine – Thanks for your comment! So glad you learned a great new word. You are fabulous at coopetition. You just didn’t know what it was called. But you do it all time, and I am honored to be someone you choose to do it with! 🙂

    Reply
  6. Lisa

    Christine – Thanks for your comment. Yes, you are all about collaborative work, Christine, and the power of many! You truly embody that in your work, and it shows. And it is so amazing how 2 heads together, or 3, 4, etc. can produce amazing results!

    Reply
  7. Christine Marmoy

    I love this Lisa. I’m all about collaborative work and success in leveraging the power of others, so yes this rings a bell. I believe cooperation to be more beneficial to everybody involved and our clients than competition. I’ve never been so much of a competitive person because it always seemed so ‘not worth it’ too much energy wasted at the wrong place. On the other side, when you use this energy to co-create something with your competition, you can achieve mountain. This is not new but it’s about time that we all stand up to share our vision and to inspire others to do just that. Thank you Lisa.

    Reply

Leave a Reply

Your email address will not be published. Required fields are marked *

Anti-Spam Quiz: