Kailynn Bowling, ChicExecs Marketing Agency’s Co-Founder/Co-President, discusses how to market your business during a pandemic by joining forces with your competitors on Forbes blog.
Most industries are facing their share of struggles right now. If you’re looking for an innovative, effective way to boost your brand in a pandemic, consider extending an olive branch to your competition.
Competition is the heart of business. It’s easy to view the competition as someone who’s stealing all your clients, and things can get a little heated. But what if competition isn’t always the answer? From a marketing standpoint, partnering with your competitors can work in your favor, especially during hard times like the Covid-19 pandemic.
Cooperation is key to marketing yourself during hard times. Not sure how to work with your competitor in a healthy way? Try these three tips:
1. Partner up on a charitable mission
This is the simplest and most low-stakes way to partner with your competitors. Odds are, there’s a big issue either in your industry or socially that you and your competitor can solve.
2. Create products together
Sometimes two heads are better than one. This option isn’t for everyone, but if you and your competition both have formulas, technology or other useful information that can work together, you can join forces to make something even better.
3. Buy raw materials in bulk
Fortunately, you don’t have to design a product with your competitors if you don’t want to. But chances are, you both use similar materials or raw goods to make your products.
The bottom line
You don’t have to become besties with your competitors. However, 2020 was a rough year, and calling a truce on your rivalry can benefit your business during hard times.
Instead of trying to one-up the competition, try these three strategies to thoughtfully grow your brand alongside a competitor.
Read Kailynn’s full blog here.