Find Out What Your Competition is Doing – and Make Your Business Better

I just returned from the smallest industry conference ever.  But I think I learned more about the business to business eCommerce world than I have at any other conference I’ve been to.  A group of about 15 different companies in a niche of this industry gets together twice a year.  Each company sends their CEO and one or two other executives to meet with each other and an industry analyst or two for two days and two nights.  This particular group has been getting together for about 10 years or so.

Sometimes smaller is better

You might think that a group that small might not provide enough value to the participants to make it worthwhile.  The fact is that each person brings a circle of knowledge that is much larger than their company.  Because the attendees are executives, each person there knows quite a bit about their market. Each person is able to share information about trends that they see in their region or their specific niche.

Another great value of such a small group is that you are really able to get to know each other pretty well.  When you spend 8 or 9 hours working and eating breakfast, lunch and dinner together for two days, it’s hard not to get to know each other better.  You really find out who you click with and who you might want to do more work with later.  You have the chance to get to know people and form a community that you would probably never otherwise be able to in just a business setting.

What information to share

You might worry that the concept of having competitors getting together to meet with each other and share information is too dangerous to your business, or possibly against the law.  But with the right rules, it can work very well.  This particular group has an attorney who serves as the organizer and moderator for the group.  At the beginning of the meeting, the rules are reviewed and include mostly common sense things like: no sharing or collaborating on pricing during the event, no discussions of merger and acquisition during the event, no sharing of confidential information, etc.  Other rules require each member to give a presentation at least every other meeting and participate in panel discussions.

Attendees are encouraged to share information about how their businesses are doing.  The trends and changes they see in the market.  What they anticipate happening in their business and their market in the future.

This particular group consists of companies from all over the world and the member companies take turns hosting in the city where their business is headquartered.  The host chooses a venue and helps to coordinate meals and evening entertainment.

Form your own industry group

Communities are very powerful.  When you get a group together, you get a broad view of your industry.  You see trends and synergies that might otherwise escape you.  You form powerful relationships.  You exchange ideas that help generate other ideas.

Does your niche have such a group already?  If not, why not form one yourself.  For some tips and ideas to get you started read this post I wrote about how to use communities for your business.  I talked mostly about online communities, but much of the same advice applies to forming a community of executives in your niche.  I bet you already know at least ten other executives who might be interested in the idea.  See if you can get them together to discuss the concept.  Offer to coordinate the first event.  It’s a great way to learn more about your industry, have fun and grow your market.

So get out there.  Form your own industry community.  Let’s get started.

photo credit. llawliet