Yesterday I wrote about how to talk to investors about your competitors. In short, acknowledge they exist, be transparent about strengths & weaknesses and use your differences to talk about how you want to position yourself in the market.
But more important than how you talk about them, how should you actually treat your competitors?
Conventional wisdom in most companies is that “the competition is the enemy” – it’s the rallying cry to dig deeper, get more features out the door, issue press releases citing differences and attack the competition’s weaknesses in sales presentations. I understand this instinct – it’s tribal, like rooting for sports teams. And there are actually some benefits to having something that galvanizes your team.