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Formal Rules of Engagement Key in Co-opetition—Yet Only 39% Use Them
“Talk with the Experts” webinar host Jodi Gill shared “only 39% of companies surveyed said they have a formal agreement in place when working with competitors.” Marketing experts on the program challenged this as a poor business practice.
The Experts Bench (TEB), an industry leader for marketing consultants to Global 500 companies, invited guests to weigh in on the survey results and answer questions from the marketing community on co-opetition, collaboration and strategic alliances.
Diodati and Renshaw expressed concern for engaging with competitors without defining rules of engagement at the C-level and encouraged drawing up a formal Memo of Agreement (MOA). “A MOA defines roles, responsibilities and resources…It assists in developing a strategic approach,” explained Renshaw. Diodati added, “It is very specific with no ambiguity and defines sharing intellectual property.”
Key drivers for today’s businesses to cooperate and work together were prioritized as: the economy, setting standards, and specific customer requirements. Feiertag cited that certain industries are drawn to co-opetition during slow economies but the opposite is true for hospitality. The Virginia Tech professor stated, “After 2008, hotels were really competitive;
Guests also shared top five best practices for co-opetition:
1) Have a cooperative attitude.
2) Be careful with whom you cooperate with and the information you provide.
3) Treat your partners as your customers.
4) Get creative.
5) Be transparent.
For more information on Talk with the Experts or a recording of the webinar please contact Cindy Caldwell, eMarketing Manager at email@example.com. On May 23rd, Talk with the Experts will explore Mobile Marketing. To register go to: http://events.r20.constantcontact.com/
The Experts Bench, Inc is a global industry leader in providing highly skilled interim marketing experts and programs to the Global500. For more information call 866-775-6810 or visit www.tebww.com