Keep Your Friends Close and Your Enemies Closer

Competition is seen as the enemy. At the same time though they are a healthy motivation to a growing business. The push to be innovative, faster and of course more profitable. We look at what they are doing and then think how can we do it better? Different?

Today at work  I was reminded that there are two key players when you’re in business. Your partners  and your competition.  Since the partners are not a threat they are sometimes over looked. The problem lies when there is a lack of communication  or neglect in keeping up with the partners agenda.  It is important to practice a similar strategy with competition.  Although you would not share your ideas with them as you would partners, in both scenarios it is vital to be aware of what they are doing.  Is your partner coming up with something that could benefit your company? Are they announcing something else that you could perhaps be tied in with? Even more important when is your completion releasing their products for sale? What events are they holding?

In a prior blog I talked about how timing is everything.  All the lessons come full circle in PR it seems.  If you are planning an event at the same time as your partners why not collaborate? Its more cost efficient and more than likely you will have the same demographics, allowing you to reach out to even more people.

The same works with competition.  It is inevitable that you and your competition will virtually have similar clients. At the vey least similar demographics. If you hold an event around the same time of your competition you are forcing your public to choose. Instead of allowing them to be educated separately. This is a big risk even if you have the upper hand.  Even worse, you are forcing the media to choose and risk losing potential coverage, which in the PR world is unthinkable. Sure you can get a reporter but is it the one you want. Remeber each journalist has their own beats, columns and niche. 

I’m thinking that perhaps an hour or so of the day should be dedicated to researching the competition. Knowing information before it happens and strategically planning accordingly. Having a good relationship with your partners through constant communication can ease some of the work load in having to monitor their actions aswell. Keeping informed will build a relationship instead of seeming uninterested in what they are doing by relaying on solely the partner to communicate their actions. Perhaps this is where newsletters come in handy?  We inform the partner and request they do the same.  As for our "enemy", that work falls on our shoulders alone. Although there are many channels of information to keep updated on their actions as well.  Our friend the media is the neutral party in which we should continually lend our eyes and ears to regularly in this field.  This isn't looking too time consuming after all....simple tasks with enromous rewards. Why can't everything be this way :) ?