Jeff Bezos has very rightly said, “Don’t focus on the competition, they’ll never give you money”. This is more or less applicable to each and every one of us. Whether at work or even in your personal life, you should never try to compare and copy and do something which some person may be doing in his or her life.
Especially in the field of business, where novelty or uniqueness is one of essential factors to success, blatant comparing and copying will not always yield positive results. This blog helps primarily on focusing the flip sides of comparing and copying the business strategies of your competitors. Let us see some of the reasons which help in contributing to this perspective.
You have no idea if it is working for your competitors as well
First and foremost, the information or the idea which you are comparing in order to incorporate in your business is not known to you completely. Unless you have personally entered and been part of your competitors business, you will not be able to say with confidence whether the idea has been satisfactorily successful.
If your competitor’s business is doing well, even then the reason for his success cannot be solely attributed to that idea only. Usually the reason for a particular business being successful cannot be attributed to one or two factors. It is a joint collaborative effort which works wonders.
Focus and base your judgment on reliable data
Be it any form of business, whether product based or software based, every step which an entrepreneur takes should be on the basis of accurate market data which he should gather from reliable sources.
This will result in well planned and well organized systematic efforts on the basis of which you will make some changes in your current business. On the other hand, however, if you just blindly compare your competitor’s business and insist on bringing the same idea into your business, it may not always work out because you don’t have any reliable data source based on which you are or will be intending to opt for such an option.
Boiling down to numbers
In the field of business, everything is or can be measured. Thankfully today we are in such a time zone that there are ample ways of measuring the success or failure of any and every form of business. For instance, if a particular business model works on website, then based on the number of visitors the business is able to attract one can determine the success or failure rate of that business.
The reason for measuring is that if at all the numbers fail to add up to a good total, then this can serve as a wakeup call to the entrepreneur and he will have to bring in some changes or innovations in the business. All this will, however, not be feasible if an idea is plainly borrowed.
If you are still hell bent on implementing the same idea which your rival entrepreneur may have introduced in the business, then you can do so provided you run it on experimental or testing basis. This will naturally be on a small scale and depending upon the feedback you receive from your clients or customers you can give a serious of either continuing with it or dropping it altogether.