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Benefits of Working with the Competition

If you want your business to succeed, your competitors can be your best teachers.

Start talking.
A simple conversation between you and your competitors can produce results you may not expect. You may get insight into where they’ve been, and where they’re headed. You may gain opportunities in areas you might not have considered. And you may make a personal connection with someone who understands the trials of your business and simply needs a sympathetic ear. All of these can lead to more opportunities further down the road.

Share and integrate.
Your competitor may be working on an upcoming product that shares similarities to one of your own. This is an excellent opportunity for you both to combine forces and offer integrated bundles. Work out the deal carefully and you could end up with a scenario where everyone benefits.

Cross endorsement.
There may even be scenarios where your competition isn’t directly competing with you at all, by offering products/services markedly different than your own. This is an excellent opportunity for you to refer business to one another, without directly losing customers.

Learn more: http://www.entrepreneur.com/article/223964