I'll admit...I stole the word 'Co-opetiton'. It was either from Frank Platt or Ron Styers, two of Nashville's Technology Titans, and all around damn good guys.
The idea was one I already followed, but they both cemented it for me. Thank you both.
The brief definition of this (and I've already blogged about it before, excuse any repetition) is to embrace your competitors as inevitable and, where possible, to engage them on behalf of your client. To expound a tad, my client will be looking at CarrierX. They currently do not have a contact. I will ask, on the clients behalf, to make an introduction.
The iPad carries a strong app for Windows Office suite. This is due to the inevitability of Windows Office. To not have co-opetition here would be fruitless and detrimental to Apple. So it goes.
At a Golf Tourney today and a Technology 'special interest committee' meeting yesterday, the idea of Co-opetition arose. Many at both events could not accept the idea.
So...what are the fallbacks?
1. You may not be able to trust everyone in this capacity. This is the biggie. There are ways around this. If they reject the idea completely it is a bad sign, but not a total washout. My advice to a friend today was make as educated a decision you can on the individual, pass the lead and wait for reciprocity. It will take a while to come, but most of us are not close to retirement. Give it time.
2. You may lose a deal that you would have won. I struggle with this one. I believe firmly in the idea of "What is mine you cannot take, what you can take was never mine." If you disagree with the previous statement, then maybe co-opetition is not for you. Follow your gut.
3. If #1 occurs to the negative, and you leave with a feeling of being slighted, you may not move on to the next good relationship with your competitor. I say it's worth the risk.
What's the upside? This one is simple..leads for you from your competition, respect from your clients, and a stronger amount of control and knowledge within any deal where co-opetition occurs.
I love the quote "Those without trust in their hearts should not be trusted." If you see this in others either avoid them or try to be the change. If you see this in yourself, well...you can't avoid yourself.
The idea was one I already followed, but they both cemented it for me. Thank you both.
The brief definition of this (and I've already blogged about it before, excuse any repetition) is to embrace your competitors as inevitable and, where possible, to engage them on behalf of your client. To expound a tad, my client will be looking at CarrierX. They currently do not have a contact. I will ask, on the clients behalf, to make an introduction.
The iPad carries a strong app for Windows Office suite. This is due to the inevitability of Windows Office. To not have co-opetition here would be fruitless and detrimental to Apple. So it goes.
At a Golf Tourney today and a Technology 'special interest committee' meeting yesterday, the idea of Co-opetition arose. Many at both events could not accept the idea.
So...what are the fallbacks?
1. You may not be able to trust everyone in this capacity. This is the biggie. There are ways around this. If they reject the idea completely it is a bad sign, but not a total washout. My advice to a friend today was make as educated a decision you can on the individual, pass the lead and wait for reciprocity. It will take a while to come, but most of us are not close to retirement. Give it time.
2. You may lose a deal that you would have won. I struggle with this one. I believe firmly in the idea of "What is mine you cannot take, what you can take was never mine." If you disagree with the previous statement, then maybe co-opetition is not for you. Follow your gut.
3. If #1 occurs to the negative, and you leave with a feeling of being slighted, you may not move on to the next good relationship with your competitor. I say it's worth the risk.
What's the upside? This one is simple..leads for you from your competition, respect from your clients, and a stronger amount of control and knowledge within any deal where co-opetition occurs.
I love the quote "Those without trust in their hearts should not be trusted." If you see this in others either avoid them or try to be the change. If you see this in yourself, well...you can't avoid yourself.
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