Media
Co-opetition
27/09/09 11:59
First off, I am not suggesting that you share your books or customer list with your competitors, however for Seed, Early, and Growth Stage companies there is a great deal of value that can come out of some collaboration with your competitors within the industry. By taking the time to get to know each other and to explore common challenges that you face within the industry, you can then begin to find ways to work together for the benefit of everyone within your industry. For example, by working together you may have a bigger voice in order to take on lobbying for some new government regulations, or you can explore new methodologies and technologies that can increase the efficiency and profitability of both of your businesses. In the article, Brian even states "...who knows when I might need my competition for help?"
Lets face it...if there is truly opportunity and money within your market, then you will always have competition. So, why not find a way to work with your competitors so that you both can benefit. After all, if you are truly committed to your industry, and you are focused on your customers and their success, then you should not be overly worried about your competition. If you have built a solid relationship with your customers then they will want to return to you despite any type of "competitive advantage" that your competitors may have. If you are truly close to your customers then you will find out about any of these "advantages" that your competitors may have well before it begins to have an impact on your bottom line.
So. much like what is suggested at the end of this article, I too would like to challenge you to pick up the phone and call your fiercest competitor. Have a discussion to find ways to work together for the benefit of your industry and your customers as a whole.
P.S. If you have not picked up a copy of this months edition of Profit magazine, then you may want to as it also includes the Hot 50 - Canada's Emerging Growth Companies list. It is a source of information as well as motivation. Congratulations to all of the Canadian companies (including some of our Customers) who have made it onto this years list.
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The definition of insanity....
27/08/09 16:20
The definition of insanity, is doing the same things over and over again but expecting different results!
According to Rick Spence who is the author of Canadian Entrepreneur, in a recent article that appeared in the Vancouver Sun entitled Deep Cuts Not the Best Cure reiterates this statement. According to his article and research provided by a Canadian marketing firm, it appears that of the of the small to medium sized companies, many of which have been affected by the current economy, have done nothing to change their approach. It goes on to highlight that these companies have not changed their sales strategies, have not tried anything to adapt to their customers needs, and have not done anything in order to try to get closer to their customers.
That is insanity. It is one thing to not know what to do or how to do it...but, it is another to do nothing at all. It is unfortunate because the success or failure of these companies affects us all. Not only does it create jobs and opportunities for Canadians, it affects the communities we live in, it affects the opportunities available to the next generation (our children), and it affects the ability for Canadian companies to be able to truly compete on a global level.
According to Rick Spence who is the author of Canadian Entrepreneur, in a recent article that appeared in the Vancouver Sun entitled Deep Cuts Not the Best Cure reiterates this statement. According to his article and research provided by a Canadian marketing firm, it appears that of the of the small to medium sized companies, many of which have been affected by the current economy, have done nothing to change their approach. It goes on to highlight that these companies have not changed their sales strategies, have not tried anything to adapt to their customers needs, and have not done anything in order to try to get closer to their customers.
That is insanity. It is one thing to not know what to do or how to do it...but, it is another to do nothing at all. It is unfortunate because the success or failure of these companies affects us all. Not only does it create jobs and opportunities for Canadians, it affects the communities we live in, it affects the opportunities available to the next generation (our children), and it affects the ability for Canadian companies to be able to truly compete on a global level.