3 Ways to Earn More Cash from Your Competition

by Sabrina Risley

Who is your competition?  Have you ever thought about it and identified who they are?  For some, thinking about their competition brings up a surge of negative energy. Some feel threatened to be at the same networking event with their competition. Some don’t want to see the social media posts of their competition. Where do you stand and how does it make you feel to interact with your competition?

Well many have heard me shout out “Collaboration over Competition!”  While there are companies offering similar products and services to our own, no two companies are quite the same in their delivery of said similar products/services. We all bring different passions, energy, and even skills to our work. Though there may companies competing for business in our same industry, these so-called “competitors” can often be a source of our biggest leads, referrals and partnerships.

Let’s investigate how we can shift our perspective from competition to collaboration. Check out these points and let me know how you feel.

1.  What would our world look like if we only had one vendor in every industry? It would be a monopoly and against the “American Way.” Having the ability to choose who we work with, hire or give our business to is a huge advantage for the buyer and the seller. While you may be up against five other organizations for the same piece of business, when your company receives the business, you know you were ultimately chosen because you were liked, trusted and believed in. Perhaps you ended up losing the gig to your competition and instead of fretting, take it as an opportunity to assess what you can do better, how you can improve, and what you need to do, if anything, to win the business in the future (if you event want it). You may not have won the business but this can still be a win!

2.  Your biggest “competitor” may very well be your greatest asset. The companies at the top don’t see others in their industry as a threat because they have established themselves and have a solid base of clients. So how can you utilize their strengths? Have you considered being a support- and outsource-partner for them? Good employees are hard to find. As long as you have established a good relationship with them, with mutual respect, you have proven you have similar service levels, skills and abilities, you may very well be a suitable contract or out-source worker for them. Establish an agreement in which you are able to assist them with “overflow” work. Or perhaps you have work you can outsource to them.  It’s a win-win!

3.  Find competitors with whom you can establish a referral partnership to share leads and give referrals. You can’t be all things to all people or you’ll be no one to everyone. It’s crucial to find a niche that you enjoy and at which you can excel. Find professionals within your industry who specialize in a particular product or service offering that you do not or cannot offer or that you don’t wish to be your focus. You can easily partner with them to provide a turnkey solution for your clients. You may not offer a product or service to your client or prospect but they will be grateful for the recommendation of someone who can help them. In this instance, you are actually assisting both the party to whom you are referring the business as well as your clients or prospect being referred. Another win-win!

I challenge you to shift your perspective on competitors in your industry. When utilized effectively, you can easily turn “competitive” relationships into relationships of collaboration which can result in increased revenue for your own business.

(c) 2012 CERTUS Professional Network. All Rights Reserved.

See related posts:

Shifting Perspective: When You Don’t Receive the Business

Collabora-Prenuership May be Your Next Step

Becoming a Referral Superstar: Asking for Referrals so You Actually Receive Them – Part 1 and Part 2

Tips for a Successful Joint Venture

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Feel free to share this article in its entirety and include Sabrina Risley’s Bio information below along with live link back to this blog post.  Thank you.

Sabrina Risley founded CERTUS Professional Network™  (formerly Behind The Moon, Inc.®) in 2003, a Colorado-based professional community and networking organization that sets itself apart with its motto “grow your business by helping others grow theirs.” CERTUS offers several monthly networking events along Colorado’s Front Range, attracting professionals who network to give rather than get. You will find Sabrina speaking to audiences about effective networking techniques, the power of partnerships, and principles of service and giving as a means to grow a business. To receiving Sabrina’s free report, Networking For Success , please visit http://budurl.com/BTMtips.

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