Sharing Information With Industry Competition: Should You Do It?

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Sharing information with your industry competition can be a good way to make connections, but you might feel like the favors aren't reciprocated all the time. If you're sharing information and not getting much in return, there's a way to fix that problem. In this video you'll learn 3 smart tips for sharing information with others in your industry without baring it all.

1. Create a Public FAQ. If you are sharing information on the same topics over and over, try creating a public FAQ page and direct your competition there.

2. Just Say No. Most people forget that when it comes to sharing information, you can always say no. Try this script instead of sharing information you aren't comfortable giving out: “I actually don't share that information. It's a part of our business that's taken me a long time and a lot of resources to build.”

3. Three Words: Quid. Pro. Quo. Or…This for that. There's nothing wrong with an exchange of value when it comes to sharing information. Try this script: “You know, I don't give away that information because it's taken me a long time and a lot of resources to figure it out — but if you want to set up a consulting session, my fees start at X per hour.”

How do you deal with sharing information with your competitors? Share your best strategies in the comments on the blog.

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