Coopetition, what is it exactly? And how does it pertain to Relationship Marketing?
Recently I had the opportunity to interview Carl Wilson, the owner of Extermiman Pest Control.
Carl is a master at Relationship Marketing. We talked a lot about implementing a relationship marketing system to build trust and loyalty, with not only customers but with his competition as well. Not to mention, the importance of creating a balance between a system that you use, and putting the heart into the system.
During the interview Carl mentioned his top 4 lead generating activities;
- search-related advertising;
- customer referrals;
- BNI or networking organizations;
Number 4 stood out to me during this interview. I’d learned a word I have never heard before “coopetition” and of course I had to ask him what it was.
What is Coopetition…
Basically coopetition is a collaboration between business competitors, in the hope of mutually beneficial results.
Carl said “surprisingly a good amount of my business comes from competitors. A lot of people, when they think of their competition, they think “Oh, that’s the guy I need to fight against or with.”
Most people in business naturally have bad feelings or bad blood towards their competitors. However, it simply doesn’t have to be that way.
Folks, there is competition in every industry! Our success stems from whether or not we choose to fight against our competition or collaborate with them.
Listen to this slogan that was borrowed and used often by JFK…
“A rising tide lifts all boats”
Coopetition is the tide and our competition is the other boats. Quite simply, coopetition is a “give to give” philosophy, where we give referrals and allow reciprocity to work.
Consequently, coopetition in conjunction with relationship marketing makes a huge impact on how your competition views you. It sets you apart as somebody that genuinely cares about another human being.
I will tell you, that’s what relationship marketing is as well. That’s literally what it is and it’s really hard to teach the business community that principle.
Coopetition and Relationship Marketing go hand in hand. The only thing that matters is that you are at peace with yourself, on how you conduct business and how you treat other human beings.
Finally, be nice to people and be kind, it all does work out in the end and as a result.
If you want to be a master of relationship marketing then visit my fan page @ https://www.facebook.com/kodybateman/