One of the very best things about getting to know your competition is that you can actually join forces in both short-term and long-term projects called joint ventures. A joint venture is accomplished when two separate businesses join forces to achieve a specific goal for profit or charity or both.
- Host a Webinar Series Together – Webinars are super popular ways to engage your audience, and you will attract more people to your webinar if you have expert speakers that are your competitors. You can do a joint webinar series together for your shared audience or do it for your shared industry, depending on what you want to accomplish. Hint: Plan both types!
- Host a Live Event Together – A webinar can be a live event, but so can a summit or an in-person event. People love to go on location to educational events; whether an event designed for your audience or the industry taking it to a beautiful and luxurious site can be very lucrative.
- Publish an Industry Magazine Together – People really do still like to read, especially if they will learn something important. You can publish an industry magazine together and make income from the advertisements.
- Run a Contest Together – When you run a contest to build your list, for example, you can attract a lot more subscribers if you get others involved. You can each build your audience by telling your audience about each other through the contest.
- Start a Podcast Together – Podcasts are also top-rated; people love having something to listen to as they cook and exercise or on their commute to work. If you can find a way to educate or entertain your audience, it will be more fun and more effective.
- Join Each Other’s Affiliate Programs – If you sell any products or services, start an affiliate program. For services, offer about 10 to 20 percent commission for everything else like digital products offer at least 50 percent commission. Invite your competitors to promote you and agree to promote them.
- Contribute Guest Posts To Each Other For Use on Your Blogs – It’s hard to produce enough interesting content on your own, but you can breathe life into not only your own blog but your own content by accepting and contributing content with your competition.
- Contribute Newsletter Content To Each Other – If you have a newsletter, invite your competitors to contribute to each issue. Do the same for them. Set up a publication calendar well in advance so that your competition can plan for the content development.
- Start a Membership Site Together – Membership sites are a great way to repurpose your courses, workshops, and other content. Agree that you each contribute something to it, and you can make an additional six figures or more to share with the membership site.
- Syndicate Each Other’s Content – You can also set up a private syndication deal with each of your competitors so that they can feel free to use select parts of your content that you publish first on your blog or website.
- Start a YouTube Channel Together – Just like you can start a joint podcast, you can also create a joint YouTube. You can do a show together, or you can each contribute a stand-alone product to the channel.
There are so many short- and long-term projects you can work on with your competitors. To build a strong brand that will withstand the test of time, you need each other. Your competition should be considered complementary. What’s more, the competition you have with deep pockets can often do a lot of the research for you, so it’s a win-win to throw in some of the labor to get noticed by your competitors.
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