CEOs: It’s important to have a cordial relationship with the CEOs of your competitors and to meet with them on a regular basis. Why? Three reasons, which ultimately all boil down to humanizing your competitors and not having them feel like a black box.
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First, it will make it easy for you to call them when you have common ground. This is useful when, for example, you want to collaborate on industry-wide initiatives such as regulation.
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Second, even if your CEO-to-CEO meetings don’t delve into confidential topics, I promise you will learn at a high level about how they are thinking about the industry. And that, in turn, will sharpen your own thinking.
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Finally, you never know when the time might come to join forces. M&A is much easier when the CEOs of the two companies have a healthy relationship.
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To summarize, reach out to the CEOs of your competitors with an offer to meet up for coffee or over zoom. You won’t regret it.
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Fourth reason (h/t ) it’s much harder for someone to do you over if they have met you personally. Works both ways obviously but a net positive. Make friends!
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Disclaimer: Just to clarify, I am NOT advocating that CEOs collude to harm consumers or customers in any way, shape or form. I maintain that it is absolutely possible for CEOs to meet and build a relationship without colluding or conspiring.
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Social game is as important as the business game. Maitain and cultivate relationships. Civility should not be compromised while competing. Sage advice.
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