Three Reasons To Be Friends With Your Competitors

What are your competitors (local and worldwide) like? Are they “the hated enemy” or are they someone you enjoy chatting with? Consider making friends with others in your industry. Here’s three reasons why that might be a great idea:

1. Your competitor might be able to help you out when you’re in a jam. Have you ever had a rush job for a top customer only to find that you don’t have the materials you need in-stock? Guess what? Your competitor down the street just might have some sitting on their shelf. And I’l bet they’d lend it to you if you ask. Because someday they might need the same favour from you.
   
   
2. They might be a great partner. Sometimes your customers need things that you’re not able to produce. Rather than telling your customer that you can’t help them, why not see if one of your competitors can do it. Then negotiate a “trade price” for it and sub the job out to your competition. You’ll both benefit.
   
   
3. You can get a lot of information and help from your competitors. People love to talk about their business and their industry, and that includes your competitors. Why not give them a call “just to chat” and see how they’re doing. Let them know what’s working for you and what’s not working. They’ll likely share the same with you. If you talk long enough, you both just might learn something. Pro Tip: When you’re on vacation, stop by and see the local folks in your industry. Chances are they’ll be happy to talk shop for a while and even share a few secrets.

As you can see, being friendly with your competitors can help you serve your customers better, and can teach you more about your own business. Are you willing to reach out and befriend your competitors? I think you’ll both benefit if you do.