In business, it can often feel as though you have a strange relationship with your competitors. You’re obviously trying to stay ahead of them and ensure that your customers are more inclined towards you than them; but at the same time, they can provide directions for you to follow when they pull ahead. However, you’d rather not fall behind in the first place, so why not look to other industries for cues to take?
Such a move might seem strange in that you might expect to find little common ground at all, but you could be surprised at how much crossover presents itself to you.
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The Versatility of Shared Tools
The most obvious way that you might start to understand what you can learn from businesses in other industries is to first look at your similarities as opposed to your differences. Through this, you can understand different approaches that they take to you due to the lifted constraints that your specific industry faces, and that can teach you how to get creative within the space you operate.
The most straightforward area to do this in might be in tools that you both use, specifically technological ones. Components such as semiconductors are used in so many industries that you’re bound to find common ground, and looking to aspects like field effect transistor basics can give you ideas on how to potentially improve the semiconductors that you use in your own field.
Different Marketing Approaches
The areas that you might find most inspiration could be those which deal with communication, particularly interacting with your varying audiences. Of course, your audience is yours for a reason, and while you might feel as though you’ve carefully assessed those who would be interested in what you provide, setting your sights further can have you expanding your audience and casting a wider net. It can be difficult to see outside of your own frame of reference when you’ve spent so long in the perspective of your industry, but seeing new marketing techniques and how different platforms can be used to reach different audiences might open your eyes to innovation.
These might not always be perfectly applicable for your business, but sometimes it can help you to get out of a rut that you might have fallen into. Co-selling with complementary businesses may be just the thing you need to jumpstart your success; learn from WorkSpan about how to implement this powerful model.
As much as your life and career might be about the industry that you operate within, the lives of your audiences might not be in the same way. In fact, any given person might encounter a broad range and variety of perspectives throughout their life and taking the time to understand some of these can help you to appeal to them in a more understanding way. This can help you to better attune your own marketing, but it can also help you to refine your product to accommodate for such things. For example, understanding the state of the automotive industry can give you better ideas on how to make your own product more usable or convenient to people who regularly find themselves on the road.