Coopetition - the new superpower for business.Feb 16, 2023
We've all heard the phrase "two heads are better than one," but what about "two competitors are better than one"?
Yesterday I spent the day with my Mastermind group and the notion of coopetition came up multiple times in conversation. Ironically, it's also closely connected to next week's podcast episode "Community vs Competition" - so naturally with so much presence of coopetition in my world this week I wanted to share it with you.
Coopetition, a combination of the words cooperation and competition, refers to the concept of companies working together in certain areas while also competing against each other in others.
It might seem counterintuitive, but coopetition has proven to be a powerful tool for companies in a variety of industries.
Ever since starting my Production House, I've held the strong belief that there's enough work for everyone and that my clients will always get a VIP experience.
And without even realising it, I've used the power of coopetition throughout the last decade - calling upon other production friends to help with projects when I needed extra hands or crews in multiple locations. It's proven time and time again to be a powerful tool for my business to achieve success.
So what could be the benefits for you embracing coopetition in your business?
👉 increased innovation and creativity between teams
👉 reduced costs thanks to shared resources
👉 possible access to new customer bases and distribution channels
👉 increased knowledge and expertise
It's a well known fact in the retail sector that similar stores thrive when they're close together.
The power of coopetition lies in its ability to bring together companies with complementary strengths and resources, allowing them to achieve common goals while still competing in other areas.
So Katherine, as the saying goes, "keep your friends close, and your enemies closer" - in the case of coopetition, your competitors might just become your best allies.