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How can you build a professional relationship with a competitor?

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Building a professional relationship with a competitor might seem counterintuitive, but it can actually benefit your e-commerce business in many ways. You can learn from each other, collaborate on projects, exchange referrals, and create a positive reputation in your niche. Here are some tips on how to approach and maintain a friendly and respectful connection with your rival.

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Anderson Cardoso, xBA

E-commerce | Marketing | Novos Negócios
Jen Sellar

?I help EVERYDAY Leaders Discover PURPOSE, Create IMPACT and EMPOWER Growth | Speaker ?? | Facilitator | Coach | Mentor

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Nick Penev

?? Co-founder @ XTREME POWER brands ?? eCom Hot Sauce and 10x5 Hack Series ?? Partnerships Advisor @ hellotax and 100+…

1 Identify common goals

The first step to building a professional relationship with a competitor is to find out what you have in common. You might share a similar target audience, value proposition, vision, or passion for your industry. You can use social media, industry events, online forums, or blogs to discover and engage with your competitor's content and activities. By showing genuine interest and appreciation for their work, you can start a conversation and establish rapport.

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Nick Penev

?? Co-founder @ XTREME POWER brands ?? eCom Hot Sauce and 10x5 Hack Series ?? Partnerships Advisor @ hellotax and 100+ Companies in the eCom Space ??Webinar Host ?? Fully Remote since 2010! Long before it was cool ??
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Competitors sometimes end up being the best partners. So the first rule is to never make assumptions and meet your "competitors". On the outside, they might seem like one but when you meet them you'll realize that you guys have different ICP and you can turn into an ideal partnerships. So meet your competitors and see what they do and vice versa and you'll be surprised to see that some of them will end up being your top partners.

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Jen Sellar

?I help EVERYDAY Leaders Discover PURPOSE, Create IMPACT and EMPOWER Growth | Speaker ?? | Facilitator | Coach | Mentor
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Absolutely the first step is to identify common goals of your competitor(s) and then develop rapport & trust so that you can begin a positive, respectful and possibly even a collaborative relationship. When you can share stories and experiences that your competitor relates to, they will feel more at ease in sharing their experiences with you. This creates a foundation of trust and mutual respect which opens the door for a more mutually beneficial relationship. This is also super important because you never know when you may switch companies or end up creating your own business where you may end up working together or choose them as a partner/team member.

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2 Offer value and support

The next step is to offer value and support to your competitor. You can do this by providing feedback, sharing resources, recommending tools, or introducing contacts that might help them. You can also compliment their achievements, congratulate their milestones, or acknowledge their challenges. By being helpful and generous, you can demonstrate your goodwill and expertise, and create a trust-based relationship.

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Vlad I.

Top LinkedIn voice; #armUkraineNow #stoprussianaggression ????
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Building professional relationships with competitors can be achieved through respect, collaboration and open communication. My opinion is that sometimes, offering too much support may blur competitive boundaries. While it's good to help, always ensure you're not compromising your own business strategies or giving away valuable intel in the process. Balance is key.

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Anderson Cardoso, xBA

E-commerce | Marketing | Novos Negócios
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Demonstre seu compromisso em agregar valor ao setor. Ofere?a suporte em iniciativas ou projetos que beneficiem ambos, construindo confian?a e reciprocidade.

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3 Seek collaboration and partnership

The final step is to seek collaboration and partnership with your competitor. You can propose a joint venture, a co-marketing campaign, a guest post, a webinar, or a product bundle that can benefit both parties. You can also ask for their advice, opinion, or insight on a specific topic or issue that you are facing. By working together on a common project or problem, you can leverage each other's strengths, expand your reach, and generate more value for your customers.

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Anderson Cardoso, xBA

E-commerce | Marketing | Novos Negócios
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Esteja aberto à ideia de colabora??o e parceria. Isso pode envolver a cria??o de iniciativas conjuntas, participa??o em eventos do setor ou até mesmo o compartilhamento de recursos.

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4 Respect boundaries and ethics

While building a professional relationship with a competitor can be rewarding, you also need to respect boundaries and ethics. You should never copy, imitate, or steal their ideas, strategies, or customers. You should also avoid bad-mouthing, criticizing, or sabotaging their reputation or performance. You should always be honest, transparent, and fair in your interactions and transactions. By respecting your competitor's rights and interests, you can maintain a healthy and productive relationship.

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5 Monitor and adjust

Building a professional relationship with a competitor is not a one-time event, but an ongoing process. You need to monitor and adjust your communication and collaboration according to the changes in your market, goals, and needs. You should also review and evaluate the results and feedback of your joint efforts, and celebrate or improve them accordingly. By keeping in touch and adapting to the situation, you can ensure that your relationship remains relevant and beneficial.

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6 Enjoy and learn

Building a professional relationship with a competitor can be enjoyable and educational. You can have fun, exchange ideas, share experiences, and learn new skills and perspectives from each other. You can also inspire, motivate, and challenge each other to grow and improve your e-commerce businesses. By enjoying and learning from your relationship, you can enrich your professional and personal life.

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Anderson Cardoso, xBA

E-commerce | Marketing | Novos Negócios
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Aproveite a oportunidade para aprender com o concorrente. Compartilhe insights e experiências, promovendo um ambiente em que ambas as partes possam crescer e evoluir.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Anderson Cardoso, xBA

E-commerce | Marketing | Novos Negócios
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Mantenha uma comunica??o aberta e transparente para evitar mal-entendidos. Certifique-se de que ambas as partes estejam obtendo benefícios mútuos da parceria. Explore oportunidades de inova??o conjunta que possam impulsionar ambos os negócios.

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Jen Sellar

?I help EVERYDAY Leaders Discover PURPOSE, Create IMPACT and EMPOWER Growth | Speaker ?? | Facilitator | Coach | Mentor
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Another way you can create positive relationships with competitors is to attend industry networking events or continued education seminars. These offer unique environments to connect with competitors in a more relaxed setting. They also give you the chance to start or continue building rapport as you get to know them better and spend time in similar circles which could lead to collaborative projects and/or partnerships.

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Paul Houston

Chief Clinical Researcher @ TrialsofLife | Health Interventions, Community Engagement
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Define your pricing point and product positioning and work out your strategies from there. If you offer a lower price point and lower functionality then it is easier to have your competitors with a high price point pass over customers who they are too expensive for and vice versa you agree to do the same for those looking for more features etc.

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How can you build a professional relationship with a competitor?

1

2

3

4

5

6

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1 Identify common goals

2 Offer value and support

3 Seek collaboration and partnership

4 Respect boundaries and ethics

5 Monitor and adjust

6 Enjoy and learn

7 Here’s what else to consider

E-commerce

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How can you build a professional relationship with a competitor?

1

2

3

4

5

6

7

1 Identify common goals

2 Offer value and support

3 Seek collaboration and partnership

4 Respect boundaries and ethics

5 Monitor and adjust

6 Enjoy and learn

7 Here’s what else to consider

E-commerce

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