Yesterday we made the case for copying your competitors. If you have not read yesterday’s post, I recommend you do so and then come back to this one.
Here’s the case against copying your competitors:
- If you know what they’re doing is not working, don’t copy them. This should be a no brainer, but too many companies will follow their competitors no matter what they do. Make sure you know something they’re doing is working before following suit.
- If your plan is to take market share away from your competitors, you need to do something different or better. You are never going to steal customers away from your competitors by doing the same exact thing that they’re doing.
- If you want consumers to view you as better than your competitor, you should not match every offer that they put out there. If the value that you deliver is better, than you can justify a higher price. Lowering your price just because your competition does is not always the answer, and will usually lead to further price cutting and loss of margin.
- In today’s crowded market, companies that stand out from the crowd will continue to succeed. If you want to be different, you have to truly look and act different. That means that there is no room for copying your competition. Your competitors should want to copy you because you take all their customers away.