What is Coopetition?
co-o-pe-ti-tion [koh-o-peh-tish-uhn] The act or instance of categorically similar businesses or entities working together for a common purpose or benefit. Willingness to cooperate and work with your competition for the greater good.
Okay, We know this is a totally made up word. In Fact, we made it up… (one night at a bar, but that’s another story). Coopetition is the idea of “competitive” businesses working together for a greater goal…the customer.
When business professionals focus on the customers true needs and not just about making the sale. Everyone wins.
Wait, I don’t get it? How do I win if I don’t get the sale?
When the customer gets EXACTLY what they’re looking for; they will confidently refer their friends to you, because YOU are a problem solver — regardless of whether or not you get the sale.
When you realize that not everyone is your customer, It’s about getting the right customer for your business. Think about it…Nordstrom and Walmart serve a very different customer base, both are VERY successful.?Prospecting is about elimination not inclusion.?Work with the customers YOU want to work with.
With coopitition you work with your competitors to find the best customers for your business. not just taking what comes to you. You’ll look forward to Monday instead of Friday. Woohoo it’s Monday!