Imitate, Innovate, Dominate

Innovation is improving on someone else's idea. Thus to innovate first one needs to understand what, when and how to build on someone else's idea. That doesn’t mean making slight changes to call a product or service revolutionary. It means changing to such an extent that the result is of greater value. Innovation is about imitating the best, understanding your target market and then taking that knowledge to create something unique.

We've all heard the stories of big companies getting disrupted by smaller, nimbler competitors. Why does this happen? Because the established players are so focused on protecting their market share, they often miss out on the new opportunities right under their noses.

There is always someone who is building the next big thing. Chances are that they got inspired by some previous product or solution and can make it better for a different audience, sell it in a much more unique way or have been able to create a technological advantage. And now the original is obsolete and will start losing market share. However just like this new idea has replaced a previous best seller, the same will happen to this new big thing.

So how do you ensure that your big thing remains a big thing? Simple combine innovation with a small dose of imitation. First always be on the lookout for new trends, emerging customer segments, and what your competition is doing. Understand that while it is difficult to seek a trend initially, it is effortless to spot it before it becomes a norm. So always keep an eye out for trends even if they are in a small market segment. The same thing happens in customer segments. Consumption patterns are ever-changing. Those who are ready to make an early entry( not the first one) will always reap benefits. So try to understand the shift occurring in consumer behaviour. All of this can be achieved by keeping an eye on the competition. After all, competition will help you grow more. Since they are also trying to get ahead in the market.

The above points also bring us to an important factor. The market is ever-evolving. Knowing when to pivot and when to scale up an approach will be the ultimate test of the business. For that being agile and accepting market realities is important. A great idea will not lead to any profit if the right consumers are not approached. Similarly, the right consumers need to be made aware of the solution. And attracted at the right price point. Since consumers do not have fixed consumption behaviour, why should you be stuck in an old plan? Adapt and change when needed.

With all this information, it is easy to just copy. But since copy will not lead to brand recognition for development, why not innovate? Copying someone will lead to disaster when done without the context of the method. It will not give the same results as you will not be able to understand how the result was achieved. Since no one shares their complete journey. So it is better to innovate instead of copying and find a way to build on the idea that has impressed you.?

Imitation is a springboard, not a destination. While learning from others can accelerate growth, true business success hinges on transforming those insights into something unique and valuable. By understanding your market deeply and infusing your offerings with innovation, you can build a sustainable competitive advantage and achieve long-term prosperity.

It's only fair to try yourself. But being stuck by a problem is wrong. So why not discuss it for a solution? When you are ready to innovate and outshine the competition, let's talk strategy. DM me on my profile to set up a meeting.?Or click on the link to set up a strategy session:

https://calendly.com/devalagnihotri/meeting