We have seen a great example of coopetition this weekend.
Coopetition is a phrase that has over 100 years of history and in simple definition is where two or more parties that are normally in competition, work together to benefit the receiving parties.
On Sunday in Singapore, there was an F1 race. The real standout achievement was the way that Carlos Sainz brought home the first win for Ferrari.
If you aren’t aware, this is the first win outside the Red Bull camp this season.
With Mercedes closing Ferrari down (they had 20 laps newer and softer tyres), it became apparent that Ferrari who was leading had a problem. But, the inevitable was cancelled out by the way that Ferrari drove.
As one of the commentators said,
‘the best driving is the one that is the slowest drive that can win’
and this is what Ferrari did.
They allowed 2nd place McClaren to get closer to benefit (opening their DRS), but not close enough to allow McClaren to be a threat. This allowed McClaren to hold onto the 2nd spot and kept Mercedes in 3rd (despite best efforts with one of their cars hitting the wall on the final lap as they pushed).
This unlikely tactic by Ferrari created a competitive advantage and put Sainz as P1 (the winner).
Why do I mention this?
As we look at our marketplace – there can be unnatural partnerships that can be formed. Relationships that can be symbiotic – that is, ones that are of 2 way benefit. I am not referring to monopolistic activity that controls markets (this is so wrong), but I am talking about natural partnerships that can offer the market and clients more than just you alone can do.
Is this a growth initiative? Absolutely, but one that needs to be entered into with eyes wide open.
What are you doing and what is your market doing that could appreciate a slightly different approach of coopetition?