Sharing Information With Industry Competition: Should You Do It?

TL;DR

Marie Forleo shares three smart ways to handle curious competitors, including creating a public FAQ, saying "no" when necessary, and engaging in quid pro quo exchanges.

Transcript

Hey, it's Marie Forleo and you are watching MarieTV, the place to be if you want to create a business and life you love, and this is Q&A Tuesday. Yes it is. Today's question comes from Jessica and Jessica writes: "Hi, Marie. What are your thoughts about being approached by the competition? I want to be supportive of other people in my industry but ... Read More

Key Insights

• 💼 Not all competitors can be trusted, so it's important to use your intuition and make decisions on a case-by-case basis.
• 💁 Creating a public FAQ page can redirect competitors with common questions, protecting sensitive information.
• 👨‍💼 Saying "no" is a valid option when you're not comfortable sharing certain aspects of your business.
• 💱 Engaging in quid pro quo exchanges allows for a mutually beneficial exchange of value.
• 📞 It's important to remember that helping others should not be driven by the expectation of receiving something in return.
• 👨‍💼 Trustworthy competitors can be found with whom you can share your business secrets and build a supportive relationship.
• 😫 Setting clear boundaries is crucial when dealing with competitors to protect your business and avoid feeling taken advantage of.

Questions & Answers

Q: How can I protect myself from competitors who might try to copy me while still supporting others in my industry?

To protect yourself, consider creating a public FAQ page to direct competitors to when they have common questions. Be selective in sharing sensitive business information and consider engaging in quid pro quo exchanges to ensure mutual benefit.

Q: What if I don't feel comfortable sharing certain information with my competitors?

It is perfectly fine to say "no" if you don't want to share certain information. You can politely explain that it has taken a lot of time and resources to build that aspect of your business.

Q: How can I handle competitors who take advantage of my support without reciprocating?

When helping others, it's important not to expect a reward. However, if you consistently notice a lack of reciprocity, it may be necessary to reevaluate the nature of your support and consider setting clear boundaries.

Q: Is it possible to find competitors with whom I can share everything?

Yes, there will be people in your industry whom you can trust and share your secrets with. Use your intuition to determine who these individuals are and establish a mutually beneficial relationship based on trust and support.

Summary & Key Takeaways

• Marie Forleo addresses Jessica's question about how to handle competitors who may be fishing for information to copy her. Forleo advises using intuition and making decisions on a case-by-case basis.

• She suggests creating a public FAQ page to redirect competitors with common questions and keeping sensitive business information private.

• Forleo mentions the option of engaging in quid pro quo exchanges, where both parties benefit from sharing valuable information or services.