They might be around the corner, in the next town over, or, depending on the industry you're operating in, fifty miles down the road. But they are waiting for your clients to slip up so they can grab the best customers during their current sale or during this recession. Who are they — your competition. You may be spending so much time trying to outwit the competition, you'll never consider the unthinkable — a marketing alliance. Does it ever make sense?
Tamara Audi recently considered this topic in a Wall Street Journal article that highlighted the 400-year-old rivalry between two Native American tribes in New England. These days, the Mashantucket Pequot and Mohegan tribes battle for superiority at the coffers of Connecticut casinos. For years, these casinos competed for business by advertising on TV, radio newspaper and out-of-home to lure patrons throughout New England and New York. And then, the market changed. Consumers reduced spending at casinos and this shift led Atlantic City casinos to begin marketing to New York residents who could easily travel either to New Jersey or Connecticut for their gaming entertainment.
The Mashantucket Pequot and Mohegan tribes formed an advertising alliance to convince consumers that Connecticut remains the superior destination. This shift in strategy underscores the importance of following trends in your region and sometimes suggesting unusual strategies to your clients. Could a marketing alliance work for you?[Source: Audi, Tamara. "Tribal Casinos Ally To Improve the Odds," Wall Street Journal, 7.7.09]