If your trusted industry peer is now your competitor, you will navigate this unexpected shift in the market better since there are quite a few things that you know about him, namely his strenghts and weaknesses. This knoweldge is a power that enables you to turn to collaboration with others to more than fill the void left and if necessary face him head on. Moreover, it allows to adjust your strategy and why not turn towards another market segment. Do not forget to keep communication channels with him open to maintain flow of information, but keep your distance.

When a former industry partner became a direct competitor, I didn’t panic. Instead, I kept our personal relationship intact by reaching out to congratulate them on their new direction. We established boundaries early on—agreeing to keep certain shared insights confidential. By maintaining professionalism and focusing on innovation within my own company, I ensured we both thrived in the same space without unnecessary rivalry.

When a trusted peer becomes a competitor, it’s crucial to adapt strategically. First, assess your position by analyzing your strengths, weaknesses, and market share compared to your rival. Next, refine your Unique Selling Proposition (USP) to highlight what differentiates you—whether it's quality, service, or innovation. This helps reinforce your brand’s identity in a crowded market. Additionally, foster new alliances to expand your network and leverage complementary strengths. Collaborating with others can enhance your offerings and customer reach. Lastly, keep an eye on market trends and customer feedback to stay agile, ensuring you can pivot and respond effectively to changes in this competitive landscape.