Why your Business shouldn’t Copy.
Your business shouldn’t copy your competitor or another business in another industry because every business is focused on a vision they have set based on its core competencies. It is the particular knowledge, skills, or technology that a competitor cannot follow. And based on this, a business can develop competitive advantages which are differentiation, cost leadership, defensive strategies, and strategic alliances.
These business lessons apply to marketing as well. But often companies follow copycat methods to compete with their competitors. This must be basically due to the following reasons:
- Lack of vision
- Too lazy to put any effort into developing a marketing strategy
- A wrong marketing agency that is as lazy as your company.
- Fear of Missing Out (FOMO)
So whatever be the reason, the companies are doing no good to themselves as they are just becoming a replica of their competitor and causing consumer confusion. The consumer can’t differentiate between you and your competitor as both products are identical to them. The lack of distinct experience between the two doesn’t leave them a choice and they end up buying a different brand. This causes two major issues.
- No Brand Loyalty
- Higher Cost for Marketing & Promotions
You can do it!
Your business is unique. Realize it, Believe in it, and develop it. So from operations to marketing, devise strategies that you believe are close to your core competencies. Follow the vision you set and develop competitive advantages in the process. As a result, in the long term, your business can easily fend off the competition and stay ahead of them too.
Some key aspects to keep your business stand apart are: