Competitors as partners (and stakeholders)

Not only can competitors be key stakeholders (meaning your marketing performance may be influenced by rivals and influence the performance of rivals) - but in some cases, competitors can be key partners.

An entrepreneur recently explained when he considers it good business to partner with a competitor in strategic ways:

• Partner to take advantage of opportunities for entering new markets - with co-developed products, for instance. Or to tap a new channel for distribution.
• Partner to co-purchase raw materials used by both, at a lower price due to high-volume buying in combination.
• Partner with complementary products or marketing, letting customers know about the complementary offerings and receiving customer referrals from the partner as well.
• Partner to undertake activities that will achieve societal objectives.

Microsoft, the giant technology company, asked last year: 'Are we partners or competitors?' The answer: 'Yes, we are.'

Partners, whether competitors or non-competing vendors, are clearly stakeholders when it comes to each other's performance.

In this 2017 blog post, Microsoft wrote the following about working together with competitors as partners to provide customers with what they need and add value for all participants.

It’s not a we-win-you-lose sort of deal. In fact, it’s the opposite. Every time we come together with our partners for a solution, we open a new socket that creates value for everyone. We all need to work together and use transformative technology to help partners build successful ecosystems for customers.

Entrepreneurs give marketing advice

Startups often have big ideas but little money, so marketing is vital to survival and growth.

Here are quotes from entrepreneurs about their marketing ideas and insights.

• 'My service isn’t for everyone, it is for those who appreciate it for what it is'. Melissa Curley, founder of SocialBee, which puts on afternoon tea events for clients, large and small. Her marketing insight is that the target market is not everyone, only people who understand the benefits and value and are willing to pay for her service. 
• 'Look for collaboration and you will find opportunities to grow'. Aaron Jones, founder of Fikay Fashion, an ethical clothing company that puts profits towards reducing poverty. His insight is that marketers can leverage the resources and ideas of partners to become bigger--a good idea for businesses of all sizes. 
• 'Having a pet pig is what I’m known for, it’s what people I meet always want to know about and I’d like to think my business has some of the best qualities of pigs - being smart, sociable and down-to-earth.' Why Katy Pollard named her business Listening Pig Communications is an interesting example of how to stimulate conversation about you and your offering. She didn't brand her service 'pig' but instead added words that would convey more about what her business does.
• 'Usually the original has the greatest value, and will be sought out, and this is the thought, as original creators, that we must cling on to'. Gary Lancet created the Bookchair, a bookholder that would reduce neck strain. Then he began to worry about competitors copying his unique design. So his marketing insight is to protect the innovation but also remember that first-mover advantage has meaning to customers.

Food trucks use social media as marketing engine

Entrepreneurs are bringing their unique food experiences to streets in London and beyond--with social media as the marketing engine for attracting customers. 

At left, a food truck with eye-catching flair: Engine's 1950s fire engine, serving American-style hot dogs and grilled sandwiches. Using social media like Twitter, Facebook and Pinterest helps Engine stay in touch with customers, alert them to new products and publicise new locations.

Another example: Rainbo (offering gyoza and more), which markets its weekend and festival outings with blogs like 'van life' and combines street food with social responsibility (its cause: ending child labour).

Now some food trucks have a membership organisation (KERB) to promote their services and encourage entrepreneurial newbies. KERB is savvy about social media, using Tumblr, Twitter, Facebook and more to feature its members and build excitement about gourmet street food.

Entrepreneur Bruce Dickinson of Iron Maiden

Bruce Dickinson has been flying commercial jets for 10 years, when he's not onstage as lead singer with the Iron Maiden rock group.

Now he's launching a new business to provide aircraft maintenance services from a giant hangar (nicknamed Twin Peaks) in South Wales. In the coming year, Dickinson expects to have a staff of 300 working on jets of every size, even up to the Boeing 767, for airline customers.

Dickinson has flown Iron Maiden to gigs in the band's 757 'Ed Force One'. A commercial pilot with Astraeus, which went into administration in 2011, Dickinson has talked about opening an aircraft-related business in South Wales, as well as a flight training school.

Many airlines have considered outsourcing maintenance services, so there is considerable opportunity for Dickinson's new venture to build on this demand.