During the corona epidemic, one of the ways suggested by researchers is to use a strategy of cooperation with competitors called coopetition. This Business to Business marketing strategy refers to the sharing of knowledge and capability between two companies that are in the same industry or other industries.
Certainly, companies have less access to organizational resources during the crisis; Partnership strategies can fill this important gap. Working with competitors is a very promising way to gain more market share. Today, successful experiences in the field of drug discovery and the production of breathing devices are being formed in the world that works together to produce a product, even temporarily.
But a few recommendations are essential for managers who want to work with their competitors.
Managers should not give their full competitive advantage to a partner company, as the partner may become a competitor. Finding a trustworthy and complementary partner can lead to better growth for the company. Also, companies should pay enough attention to the rules and should not enter into an unethical environment (such as a monopoly on distribution or pricing out of the common). The crisis does not lead to the breaking of trade laws.
Nevertheless, cooperating with competitors in the corona-virus circumstances will be more effective in producing and responding to customer needs, especially for health-related goods, by maintaining caution and choosing the right partner.