Today was one of those days when the crew of the LOOKOUT! ship had time to sit down, have a brew (or peppermint tea, no judgement implied!) and catch up with the papers and industry comics.
The headlines are dominated by the EU referendum (should we stay or should we go?), BHS (don’t ask), Hillsborough (finally) and the revised economic outlook (has anyone ever got this right?). While perusing a particular article caught my attention and made me smile…
‘But what could it be?’ I hear you all ask (all 12,021,000 of you if our IT Developer/ Swiss army knife is to be believed!). It was an article in the Times about Racecourse Media Group (stay with me) which is responsible for not only my appalling blog title, but also for securing £80.2 million in media rights payments last year. That’s an increase of almost 10% on 2014, made on behalf of the 34 British racecourses it represents. The reason it made me smile, as I drank my peppermint tea, is because it proves that there is strength in numbers. The cooperative business movement model in its basic form (without Flowers and illegal thrills!) is a highly effective way to work together. So-called competitors can actually benefit from collaborating.
It’s a lesson which businesses of all shapes and sizes should heed. When it comes to market research, data and insights, working as a collective only strengthens one’s position in the market.