5 Ways to make your Competitors work for you

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Are your competitors giving you tough time or getting you into a ‘paranoid’ situation? Competitors can be a form of danger, but competition is a necessity to keep your business performance in shape and outstanding. There’s an old english saying- “Keep your friends close and enemies closer”. This phrase suits the current market situation well as nowadays, it is important to collaborate with competitors. Collaborating with customers and finding common grounds with them in order is important in order to find more customers, visibility, etc. The chances of losing sales is comparatively less if businesses in the same sector come together. Here are five ways via which businesses can make their competitors work for them.Assimilating new customers
One of the best ways to make your competitors work for you is by getting into a deal of offering an integrated product to assimilate new customers. In other words if your competitor and you are offering similar range of products, both of you could consider getting into a deal in order to offer integrated new product to assimilate new customers.

Cross selling related products to improve your sales
It is smart to negotiate with competitors selling related products to cross sell your products in exchange for some per cent of profit and ultimately improve your sales. You can also cross sell their products to have additional income.

Cost sharing strategy
Companies working together on segments of their business can minimise their costs while not losing their uniques attributes.

Conducting webinars with competitors
Conducting webinars with a competitor is an easy and beneficial way of gaining potential customers since this helps to directly tap into competitor’s customer list who are verified and existing buyers.

Possible investors
If businesses express their credibility and value there are chances that a strategic partnership may extend to a financial relationship. These possible investors may be interested in investing in your company and may posses the finances you need.

Now you know how simple and smart strategies can make your competitors work for your business.

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