Friending Competitors: A Smart Social Media Move?

I'm a late visitor to this post.
In my opinion, there are two points that decide.
One is knowing - in all honesty - what you bring
to the table and what you don't.

Another is knowing that there is enough (work/clients/projects)
for everyone.

In some ways, having clarity about these two aspects
eliminates what we typically refer to as competition.

That way, friending competition shows the commitment to
"elevating insightful conversations" as Scott puts it.

The way I look at it is that you can offer the same overall services as your competitors, but it's the person and the experience (as in customer experience) that sells at the end of the day.

Yes, you'll still get the client that wants the best financial deal. But I've increasingly found that your honesty and your willingness to open up and be helpful goes a long, LONG way in sealing a new deal.

Think of it as similar to taking a new partner on either a cheap date or a more expensive meal. Cheap dates will always have their place (for those you don't care about), whereas the expensive meal is for the keepers.

People that watch you interact online are deciding if you're the cheap date or the expensive meal. Offering information and help regardless if competitors are watching means that you know your value. That makes you worth taking to an expensive meal. And that's what it's all about.

Keep doing what you're doing, Scott - it's what makes you so respected, fella.

From a brand perspective, I see this in terms of communities (online and offline). And within most healthy communities, you're going to have your fans/advocate, your detractors and those somewhere in the middle. Wouldn't your competitors fall in there somewhere? Aren't your competitors already a part of your offline communities in your particular markets?

From a personal brand perspective, it's the same philosophy. Now, I see eye-to-eye with you Scott on many issues. But, within the community that I've come to know and love, there are plenty of others who do not agree with my takes. And I think that's a good thing. It opens me up to other point of views, that will eventually help me grow and broaden my perspective. In the end, it makes me a better, more well-rounded PR pro. And that's my ultimate goal.

@arikhanson

There's some great feedback here from all of you.

@Tom The "rising tide lifts all ships" mentality makes sense in some cases, and is a tougher sell in others. Your example of the Napa vineyards makes me wonder: Are those of us in the communication industry propping each other up (primarily VIA social media) simply to lend credibility to social media? Do other industries, whose paychecks are less dependent on the viability of the medium, share our "promote they competitor" mentality?

@Stuart If I read you correctly, your argument is that monitoring your competitors is key. I agree. Is that unique to social media? I think it's a time-tested tactic, albeit one made easier thanks to monitoring software.

@Dan Thanks for the kind words. Trust and integrity ARE important -- in any industry. It's one of the reasons I'm not shy about tipping my cap to peers/competitors who do well. I wonder how much is too much, though. What do you think of Sandy's comment about a competing real estate office asking her to be a fan of their Facebook page?

@WhiskeyChick I like your approach to social networking...I think you'll get a lot of value with that approach, and you'll deliver great value, too. And you never know: Handing over some money on a silver platter today could pay off down the road. And that's the crux of this, isn't it? That everything in social media is a bit of a gamble, and that we each have to weigh the risk against the reward?

As a freelance copywriter and SEO I keep a close eye on the up-and-coming talent in my field as well as the path that led them there. Often I may run across a potential client that I am not able to assist due to either scheduling, budget, or other reasons. I still provide a value to these potential clients by matching them with the right talent for their job.

I think you answered your own question with regard to your personal brand. You said you want to be known as the guy who finds and elevates insightful conversations. To me, that signals someone who assigns a higher priority to professional integrity and putting-clients-first than making the next buck.

Trust and integrity add value to a brand, particularly one built on professional relationships rather than, say, widgets or breakfast cereal. That said, I would want to keep some control over the competition's access to my clients or planned activities.

Meanwhile, feel free to scratch my back by commenting on my first post ever at http://twurl.nl/0ku6fc

I think you have to see what your competitors are doing and see if they are doing anything better then you are. Then you can adjust your strategy accordingly to become more effective.

Scott

An interesting thought. Friendly competition can work -- look out west to the Napa Valley. The wineries out there help/compete freely with one another because in the early days of Napa it was them against the world to prove Napa wines worthy.

Classic "all ships rise" thinking.

So while it might not be the first marketing strategy I'd employ, certainly could be effective given the proper context.
@TomMartin