One of the biggest reasons why businesses don’t scale is because they are distracted by what their competitors are doing!
In this episode, Adam Strong discusses how to turn competitors into allies. He emphasises the importance of seeing competitors as collaborators rather than threats. By focusing on the synergies and learning opportunities with competitors, businesses can create win-win scenarios. Adam suggests offering services that complement competitors' offerings and testing small collaborative projects. He also highlights the need for clear expectations and boundaries in the relationship. Ultimately, businesses must take the initiative to approach competitors and initiate collaboration.
Takeaways
See competitors as collaborators rather than threats
Focus on synergies and learning opportunities with competitors
Offer services that complement competitors' offerings
Establish clear expectations and boundaries in the relationship
Take the initiative to approach competitors and initiate collaboration
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Chapters
00:00 Introduction and Purpose of the Session
00:57 The Concern of Competitors as a Distraction
02:50 Seeing Competitors as Collaborators
03:50 Understanding the Synergies with Competitors
04:48 Learning from Competitors
05:46 Complimenting Competitors' Offerings
06:15 Creating a Win-Win Scenario
07:12 Problem Solving with Competitors
08:08 Learning from Competitors' Strengths and Weaknesses
09:05 Offering Services to Competitors' Clients
10:03 Testing Small Collaborative Projects
12:00 Establishing Clear Expectations in the Relationship
13:00 Setting Boundaries and Accepting Expectations
13:59 Taking Initiative to Approach Competitors
15:25 Summary and Closing Remarks
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LinkedIn: https://www.linkedin.com/in/adamistrong
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