Competitors Don’t Need To Be the Enemy

By , Money Strategist for Business Owners

Solo-E Certified Solo Entrepreneur Expert

Justin Krane, CFP - Money Strategist for Business Owners

Seinfeld and Newman. Total rivals. Always scheming against one another. But somehow, they managed to survive living on the same floor. A few times they even did things together and got along.

Seinfeld and Newman are like Netflix and Comcast. Two competitors that are usually trying to one up one other.

But maybe not…

Until the Wall St. Journal reported that Netflix is in talks with Comcast to make its app (its content) available on Comcast’s set top boxes. This deal would allow Netflix’s online videos to be streamed on Comcast set top boxes. The thinking is that both Comcast and Netflix would do some sort of rev share and both financially benefit.

Netflix. Comcast. You can learn a few things from this:

  • Having content and a platform for your content is sooooo huge. Gigunda huge. You could have a killer blog, but if no one knows about it – and you don’t have any distribution (in this case a platform or a following) – it’s going to be pretty tough to grow your brand. That’s why Netflix is approaching Comcast. Comcast has over 50 million subscribers. Netflix wants more distribution for its content.
  • If you want to make a giant leap, there is only so long you can onesie-twosie things in your business. Consider strategic alliances that can give you scalability and leverage. Big time.
  • Consider a joint venture with your competition. Yep. Sandra Yancey the CEO of eWomen Network doesn’t even use the word competition. She’s all about co-opetition. She defines it as collaborating and working together where both businesses benefit. Think differently about your competitors. 1 plus 1 could equal 3.
  • Change with the times. There is a risk that Netflix could lose a bunch of customers if the studios decide to sell content direct to consumers. But by aligning with Comcast, they get more critical mass. Think of something that you know you need to do but haven’t gotten around to doing to keep you current in business. Mine is Google Hangouts. PM me if you are good with this…
  • Video. Video. Video. Netflix used to be just a DVD company. But now they are all about streaming video online. The technology is here for you to use video as a medium to connect with your audience. Ten years ago the technology wasn’t available to stream video on the net. Now it is. Take advantage of this and get in front of the camera.

The train is leaving the station. Are you the locomotive or the caboose? Be the locomotive. Team up with businesses even if they’re competitors that could set you up for a huge 2014. Game on.

Justin Krane is a money strategist for business owners. His mission is to help business owners understand the money side of their business. He teaches entrepreneurs how to be strategic with their business money so that they can grow their businesses.

Justin isn’t about cutting back and living a frugal life. Justin is all about getting the shoes, doing sushi, and living the best life today – while saving for the future.

He has been featured in CBS, Fox Business News, and MSNBC. Book a Free Strategy Session with Justin.

© Copyright 2013 Justin Krane, CFP
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