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Inspiration

Competitors are good for you

t may seem counterintuitive, but your competitors tition but rather to let the prospect's feedback illuminate
are not just your rivals. The lines between competi- areas where your offerings can do a better job of address-
tion and collaboration often blur, creating "coopeti- ing the merchant's pain points.
I tion," a synergistic blend of cooperation and compe-
tition that helps enterprises like yours grow and succeed. This means that even if a sale initially goes to a competi-
tor, the competitor's efforts can still provide information
Coopetition is particularly relevant in the payments useful to you. Maintain periodic contact and show contin-
sphere, where professionals typically share stories and in- ued interest in the prospect's needs, and you'll be a ready
sights at conferences and team up on certain projects and alternative should the competitor falter. This approach
products, while also vying against one another for clients transforms your competitor's gain into a potential future
in other areas. opportunity for you.
Unwitting allies Motivating factors

Competitors you don't collaborate with can also benefit A healthy sense of competition can also invigorate your
you. If a company is thriving by selling products and ser- sales efforts, adding motivation. Winning a prospect from
vices similar to yours (or that you are considering as addi- a competitor can be immensely rewarding, fostering a
tions to your product suite) their success indicates a pre- sense of achievement and energizing your team.
established need for those services.
So embracing co-opetition can transform your approach
A prospect who chooses a competitor's solution thus con- to challenges, enabling you to navigate the complexities of
firms the demand for the type of services you offer. Your payments with increased agility and insight.
task then is to determine the reasons for the prospect's
choice and explore opportunities to present your alterna-
tive as superior.

To do this, talk with the prospect to learn about your com-
petitor's weaknesses—perhaps in areas like technology or
customer support. Your goal isn't to disparage the compe- Kate Gillespie, President and CEO

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