5 Reasons Why You Should Never Copy Your Competition
When entering the market it's enticing to want to get your foot in the door by copying a competitor who offers similar products to yours. While this seems like a great idea, and you might have the intentions to customize the product to fit your brand, the reality is that you might never get there because you're busy running your small empire and following the competition to see what they are doing and how you should keep up. Below are five reasons on why copying the competition is not a good idea.
1: The learning curve is missed
The beauty in starting from scratch, is the knowledge attached to your growth. In our society, stealing is easy to do. We live in a copy and paste world where waiting is a thing of the past since everyone wants quick results. The problem with this approach is that you never get to learn the process, only the end results. You don't end up growing with your product to learn what works and what doesn't. You don't have the experience to know where you started and what you changed to get where you are. Stick to your product even when it seems easier to just copy. The most satisfying conclusion to your design is seeing it come to life. To know your product well, you have to understand what the flaws are, benefits and type of customers that will benefit from this product the most.
2: You're playing catch-up
When you are copying the competition, you're in turn a follower of their business and never really a leader your own. You have to make changes as they make changes, you market as they market, you have to have the same target audience and therefore, you never really set yourself apart from them. Your budget is not the same budget as the competition since they already entered the market and have a standing. They're known and acknowledged in their field. When you're trying to enter the market, you have to have enough funds backing you up since your marketing has to match theirs to get noticed.
3: Your product is never really yours
You're not putting your identity on it. It is not a product that you raised up and made it into what your customers will look for. Your small business is being set up for failure because you're failing to understand what the customers really want when you copy the competition and assume that since they make a profit, you will too. Customers are very fickle and they lose interest very quickly. Because of this, products are always changing to keep up with demand.
4: Your business integrity is decreased
The company lacks the foundation of originality and authenticity because you are copying the competition and this can be taken as dishonesty. Employees notice the culture of the business and act accordingly. You want a business where you show pride for your own products and compete with your competitors organically. Your product should not be a copy and paste of the competition, but a unique product that represents your company. Employees love a culture of growth and individuality.
5: Your product could be better than the competitions
By copying the competition, you are limiting the success of your product and it's potential. You want your product to stand out in comparison to theirs. Look for what the competition lacks and target that area. Market research will help you to see what you can improve on, to make your product better than the competition and reach a market that they are not reaching.
In order to release your product into the market, you have to be willing to take risks and learn from your mistakes. It is easy to get caught up with everyone else and follow the trend. Making your own way takes tenacity and courage. You are in control of your product and what you want it to be.