Collaboration Vs Competition

During my time running a tissue paper business, I had the chance to attend a business fair, and sales was good. However, it was the subsequent fair that truly changed the game for me. I connected with a “competitor” I had met previously, and we decided to join forces by sharing a booth. We displayed a banner encouraging prospective clients to select their preferred brand.

The outcome?

By joining forces, we not only doubled our sales and expanded our client base significantly compared to our independent efforts, but we also managed to cut our exhibition costs in half.

This experience underscores the power of collaboration in fostering growth, while competition can occasionally hinder our progress. A bit of healthy competition can inspire us to reach new heights, it is through teamwork that we unlock exceptional opportunities for advancement and success.

"Alone we can do so little; together we can do so much." – Helen Keller

Collaboration is an invaluable strategy that enables businesses to harness each other’s strengths, broaden their reach, and prosper collectively.

Here are two examples of SMEs that have thrived through collaboration:

Make-Up and Fashion Collaborations (Nigeria): In Lagos, Zaron Cosmetics, a leading make-up brand, collaborated with Sisi Yemmie, a Nigerian fashion designer, to create a limited-edition make-up collection designed to complement her clothing line. This collaboration allowed both brands to tap into each other’s audiences, boost visibility, and create an exclusive offering that appealed to fashion-conscious consumers who also care about beauty.

Bag and Footwear Collaboration (UK): Olivia & Joy, a luxury handbag brand in the UK, teamed up with Sophia Webster, a high-end shoe designer, to launch a co-branded collection of bags and shoes. The collaboration allowed both brands to expand their product offerings and attract customers who loved fashion and luxury accessories. By combining forces, they created a stronger brand presence and offered a complete, cohesive style experience for their customers.

Tips For Identifying Valuable Collaborations:

• Find complementary products: Look for businesses that offer products or services that complement yours. You can also explore a strategic way to collaborate with competitors especially if it helps your target audience choice.

• Shared target audience: Collaborate with businesses that cater to a similar customer base but provide a different solution.

• Mutual growth: Ensure the collaboration benefits both parties and fosters long-term relationships.

This week, I encourage you to think about potential partnerships that could expand your business offerings and reach. Remember, collaboration creates a win-win situation where both parties can grow together.

Cheers to a collaborative and strategic week.