Competitors Who Copy You Are Really Not Worth The Bother And Annoyance

This is an image a lady with a phone with a man looking over her shoulder for an article called Competitors Who Copy You Are Really Not Worth The Bother And Annoyance by Octopus Competitive Intelligence consulting agency. Who are the competitors of a company? Understanding the Competitive Landscape of Your Business

Competitors who copy you are really not worth the bother and annoyance

In almost every business or market, the fear of copycats is always present. If a new company or product offers something unique and creates buzz, another organisation will try to replicate it as quickly as possible. 

Competitors who copy you are really not worth the bother and annoyance.

However, that’s not necessarily a bad thing. In many cases, it can be an indication of success and allow you to further expand your reach with new products or services. To stay ahead of copycats, you need to focus on innovation and remaining one step ahead of the competition. Here are three ways to avoid becoming just another forgettable competitor and keep them from replicating your success.

Continually Innovate and Experiment

Sometimes a new product or service will be so wildly successful that it’ll be copied left and right. If that happens, it’s essential not to rest on your laurels and become complacent. Instead, it would help if you viewed that as an opportunity to continue innovating and experimenting with new products and services. For example, if you create a new type of phone and it quickly becomes a smash success, you might want to create additional products in the same category. If you created a new type of phone, you could experiment with creating broadband and tablets etc.

You could also create new versions of your phone with different styles or colours. Or, indeed, give it a cool name and keep improving the camera every year. While your original product was wildly successful and served a purpose, there’s no reason to sit back and rest on that success. If a competitor begins to copy your product, you can simply keep creating new products and evolving your business.

Diversify your Product Portfolio

Another way to avoid becoming just another forgettable competitor is to diversify your product portfolio. This can be done by creating products or services in several different categories. While you might be best known for your athletic footwear, having a few other products or services under your belt can also be helpful. If you’re primarily known for phones, you might have trouble competing with companies offering a wide range of products in many different categories. By diversifying your product portfolio, you can avoid becoming just another competitor who offers phones. If you also create socks or other products, you’ll be able to attract a wider audience, and they won’t all compete against your phone solution. Another way to diversify your product portfolio is to create a few different services as well.

Be the First to Market with a New Product or Service

If you want to avoid becoming a copycat, you have to be the first to market with a product or service that is genuinely different from anything that came before it. If you are first to market with a new product or service, you’ll have time to build a loyal customer base and brand rather than deal with a flood of competition. When you’re the first to market, you have the opportunity to set a new standard for your industry.

Another benefit of being first is that you’ll likely enjoy a period of relatively little competition. If you’re the first to market with something truly unique, you’ll be able to establish a substantial presence before copycats even have a chance to catch up. Being first to market can be a challenge, but it can also be gratifying. It’s important to remember that coming up with a truly innovative product or service is incredibly difficult.

Competitors who copy you are really not worth the bother and annoyance

In conclusion, to avoid becoming just another forgettable competitor, you need to focus on innovation and staying one step ahead of the competition. You can do this by being the first to market with a new product or service, continually innovating and experimenting, and diversifying your product portfolio. By doing these three things, you’ll be able to keep competitors from replicating your success and increase your chances of long-term success.

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