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The Green SheetGreen Sheet

The Green Sheet Online Edition

May 27, 2024 • Issue 24:05:02


Competitors are good for you

It may seem counterintuitive, but your competitors are not just your rivals. The lines between competition and collaboration often blur, creating "coopetition," a synergistic blend of cooperation and competition that helps enterprises like yours grow and succeed.

Coopetition is particularly relevant in the payments sphere, where professionals typically share stories and insights at conferences and team up on certain projects and products, while also vying against one another for clients in other areas.

Unwitting allies

Competitors you don't collaborate with can also benefit you. If a company is thriving by selling products and services similar to yours (or that you are considering as additions to your product suite) their success indicates a pre-established need for those services.

A prospect who chooses a competitor's solution thus confirms the demand for the type of services you offer. Your task then is to determine the reasons for the prospect's choice and explore opportunities to present your alternative as superior.

To do this, talk with the prospect to learn about your competitor's weaknesses—perhaps in areas like technology or customer support. Your goal isn't to disparage the competition but rather to let the prospect's feedback illuminate areas where your offerings can do a better job of addressing the merchant's pain points.

This means that even if a sale initially goes to a competitor, the competitor's efforts can still provide information useful to you. Maintain periodic contact and show continued interest in the prospect's needs, and you'll be a ready alternative should the competitor falter. This approach transforms your competitor's gain into a potential future opportunity for you.

Motivating factors

A healthy sense of competition can also invigorate your sales efforts, adding motivation. Winning a prospect from a competitor can be immensely rewarding, fostering a sense of achievement and energizing your team.

So embracing co-opetition can transform your approach to challenges, enabling you to navigate the complexities of payments with increased agility and insight. end of article

The Green Sheet Inc. is now a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals. Click here for more information.

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