You're at a networking event with a competitor in your industry. How do you make the most of the encounter?

Networking with a competitor can be a valuable opportunity if approached correctly. Nothing teaches you more than being with your competition. If they can dare to be your competition, sure they have ticked quite a few boxes right, which entitles them to be treated with a lot of respect and positivity. Moreover, this is a great opportunity to collaborate to offer something really good to the industry you both belong to.

At our roofing networking events, we often encounter multiple competitors. Instead of viewing them as rivals, we aim to foster collaboration, even through friendly encounters or idea exchanges. Many in the industry tend to gatekeep, but by promoting collaboration and communication, opportunities arise to work together and grow. Competitors may have overflow they can’t handle or jobs in areas they can’t reach. Viewing situations collaboratively rather than competitively opens doors. Approaching with engagement and cooperation makes competitors more likely to see you as an ally than an enemy.

First and foremost, follow your employer's policy. Given the opportunity, listen carefully to what they say (or don't say) as they engage with others. Most importantly, be respectful (even if they aren't). Remember they are also professionals in a job, and moreover, they are human just like you. Today you may be competitors, but tomorrow you could be teammates, and you'll want them watching your blindside.

Focus on finding common ground and sharing industry insights without revealing proprietary information. Use the opportunity to understand their perspective on industry trends, which can provide valuable insights

- Engaging in discussions about industry trends with competitors is a strategic move. It allows for a deeper understanding of market dynamics while maintaining confidentiality. By identifying non-competing areas, businesses can explore collaborative opportunities that benefit both parties. This approach fosters a healthier industry environment and can lead to innovative solutions that might not have been possible in isolation. Ultimately, finding common ground strengthens industry relationships and positions companies to better navigate shared challenges.

Collaborating with a competitor might sound counterintuitive, but it can lead to mutual benefits. Here’s how... 1 / Discuss Industry Trends: Share insights on general market movements and innovations. This helps gauge the landscape and where each stands without revealing sensitive details. 2 / Identify Common Ground: Understand areas where you’re not directly competing. This can reveal opportunities for collaboration or at least coexistence. 3 / Build on Shared Interests: Establishing a dialogue based on mutual concerns can pave the way for potential partnerships or respectful industry relationships. Embracing a spirit of cooperation rather than competition can transform potential rivals into valuable allies, expanding possibilities!

You already share a common ground with each other as you belong to the same industry. Sure there are common interests or challenges that can be discussed, both you, being in the same industry. Discussing such, one can collaborate and build a rapport which can be helpful to both your companies. While you are on common grounds as competitors, you should also be on the right side of the moral grounds representing your respective companies.

There will be gaps / differences in both your offerings and understand how that contributes to both of you in a positive way. Lead with that when engaging new contacts, and don't be afraid to refer and receive people either way depending on the needs of the customer.

- Strategic information sharing is key in maintaining a competitive edge. By focusing on general business practices and industry-wide trends, you can establish thought leadership without exposing critical assets. This approach not only fosters collaboration but also positions you as a knowledgeable and open-minded leader in your field. Always prioritize protecting your intellectual property and strategic initiatives while engaging in discussions with competitors. This balance between transparency and caution ensures long-term success and sustains your competitive advantage.

One must always keep their respective company policies in mind while sharing insights with the competitor, ensuring one doesn't discuss any specific company information or any sensitive data during such meetings.

I will typically compliment them on something they are doing well. Could be a winning product, or a recent launch, or an ecosystem partnership or an acquisition. As long as you are genuine in your compliment and respectful of them personally and their company, they will open up. Then I ask questions. How did you come up with idea? What were the challenges to getting it done? Then shift the conversation to mutual challenges you share and get their perspective. What do you think about this new startup competitor or ours? Always build relationships.

If you're at a networking event with a competitor, chances are that you are there for similar reasons such as sponsoring a vendors conference, learning about new technologies, or trying to stay up to date on industry trends. Either case, there's likely a compelling reason or topic that got everyone in that room that's worth talking about. What your competitor mentions or asks could reveal what sort of an impression others in the ecosystem have about your solution (true or not) and can be a good indicator of weaknesses, interests, and shortfalls on both sides. I.E., The acquisition of a large virtualization company has created enormous opportunity for large hyperscalers, small HCI platforms, and everything in between from hybrid cloud, etc.

Think creatively about potential collaborative opportunities. Instead of only considering direct business ventures, explore complementary aspects of each other’s operations. For example, if one company specializes in technology and another in customer service, there could be synergies in creating joint solutions that enhance both technology and customer experience. Consider proposing a pilot project or a joint research effort that aligns with both companies' interests.

The dynamic of the IPL, where rival cricketers unite to form a formidable team, offers a compelling analogy for business. Just as these athletes collaborate to achieve shared victory, competitors in the same industry can potentially identify synergistic opportunities. By fostering a positive relationship with a competitor, you open doors to exploring mutual benefits. Perhaps there are untapped markets, complementary products, or shared resources that can be leveraged for the advantage of both parties. Remember, every interaction is a chance to uncover hidden potential and expand your professional horizon.

I have been in multiple events with our competitors and below is what I have learnt: 1. Be extremely well-aware of your company's policy about competition and networking and abide by it. 2. If you encounter your competitors, greet them respectfully and have a pleasant interaction. It is best to discuss on general topics like the overall market, weather, cricket, or best- Bangalore Traffic ;) 3. Avoid getting into any specific client and deal discussions. Part ways mutually and continue with your job. Remember, your competitor today, can be your colleague tomorrow, and maybe even your employer day after ;) So be respectful and spread kindness; we are all humans after all.