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Co-opting competitors

Working with other hobby shops may seem counterintuitive, but it has a lot of benefits — for their business and for yours, too
By Claire Sykes
Published: September 15, 2015
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It’s a dog-eat-dog world out there for hobby retailers and store owners in all industries. Rivalry is the name of the game as everyone fights for survival. So what’s all this nonsense about cooperating with the competition?
Whether you consider it a fleeting trend or a growing movement, you can call it “coopetition”—“competition” plus “cooperation”—when competing companies work together for the benefit of, ultimately, in-creased profits for all. From joining a purchasing co-op to pooling your advertising efforts, teaming with fellow hobby retailers has several benefits.
With coopetition, you and hand-picked competitors cooperate to expand existing markets and exploit new ones. As a result, you enjoy stronger customer relationships that you might not develop on your own.
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