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Why Businesses Should Consider Partnering With Their Rivals November 16, 2022 (0 comments)

Joining hands

Dallas, TX--Collaboration is a practical approach for businesses to branch out and fill gaps in their process, right from acquiring goods to delivering products. And while it might be common to reach out to other businesses and team up, not many think of joining hands with their competition.

[Photo by Thirdman via Pexels]

"Instead of just going head-to-head as foaming-at-the-mouth competitors, think of ways you can partner," Josh Linkner, four-time tech entrepreneur, New York Times best-selling author and keynote speaker, said in a report. "There are countless opportunities to partner with people or businesses you previously considered your competition." Linkner notes that it's important to grow together as competitors by "elevating one another" and the industry. 

The article highlighted some key strategies through which businesses could collaborate with their competitors. Sharing resources is one way to achieve that. For example, Del, HP, and Emerson agreed on using Intel processors for their machines, helping create a standard in the industry. Similarly, KLM and Northwest Airlines teamed up to share routes in the 1990s and create a joint-operated flight to boost profitability.

The article discussed the importance for smaller businesses to leverage a partnership to compete with a more extensive inventory, such as buying inventory together in bulk. Collaborating with competitors can also pave the way to attracting prominent clients.

The article highlights how trade shows are another example of a great collaboration. 

Read more on collaborating with rivals in the entire article.

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