1 year ago -
Copying is an IDEA, STRATEGY for Business. It’s NOT about like cheating on EXAM. Facebook, Instagram, YouTube…. All are copying each other features. Have you ever copied any features from your competitors?
When Snapchat hit the market, it was a great success. So successful that Instagram started to copy some of Snapchat’s features. And it makes Instagram even more popular. Snapchat, still today is a success. But a lot of people have their features. Here, Instagram has grown into a large corporation, now, so much so that it is said that it’s estimated to be worth over $100 billion according to Earth Web.
Of course, Instagram is owned by Facebook. But still, there is a large chunk of facebook’s market cap.
Eventually, TikTok came out and people started to do the same with them. They started copying TikTok’s features. Just look at YouTube shorts and Instagram Reels. It’s similar to TikTok. According to Statista, YouTube shorts has over 30 billion monthly views. That’s a lot of views.
Do you see a pattern here? Everyone is copying each other.
TikTok is the clear winner as a pure short-form video platform that primarily targets Gen Z. As the original platform that started the short-form vertical video trend, TikTok has a greater range of editing features, a longer maximum video length, and the highest engagement rates of any social media platform. And these are some of the reasons why our influencer marketing agency chose to focus client services on TikTok. It’s the most undervalued and engaging social media platform. You can learn more about Digital marketing strategy here.
But at the end of the day though, it’s important to first determine your target audience and objectives to pick the best platform for your particular needs.
Have you heard of BeReal? BeReal is a social network that notifies another user when to take a picture. The whole purpose of it is to people can see how your day is really instead of you optimizing that perfect picture and painting a story of how your life looks when that’s not really a reality.
And given what, others will copy them too. It may frown on you, but it’s a business.
Google does it. Facebook does it. If Apple likes something someone else is doing, what do you think, they’re going to do? Of course, like many other companies, they are going to copy it and try to make it better.
“If something is working for your competitors & you aren’t doing it, you’re going to lose market share and business.”
So, Here is what you can do with your company when someone is out-innovating you:
WHAT IS CAUSING THEIR GROWTH & COPY IT
Use tools like Semrush, Ahrefs, Ubersuggest, etc for optimizing your competitor’s behaviors.
HIRE BETTER TALENT
Always have better talent. Go to LinkedIn and see who works for some of your competitors. Who are they using that’s outshining you, right?
Look at your competitors who are growing faster than you have those amazing features that you don’t have. Why not steal them and hire them?
Copying your competition is one thing. But if you really want to win, you have to one-up them. The one way to beat them is to start experimenting.
There is no guarantee that something will work the way you want. And sometimes when you think something that won’t work out, in many cases it does. That’s why you should run at least one experiment a month and ideally, one a week.
Over time, you’ll learn how to create a better product or service and even win over your competition. When you’re running these experiments, don’t get dominated by failure. Just keep in mind, “the more you fail, the more you’ll go down the path that leads you down the right way and helps you win.”
You probably don’t like it, but start learning how to copy, execute faster, or one up by making whatever you copy better than your competitors. Because it’s a reality.
If you say, I’m not interested in copying any competitors’ products or services features like how Google may try or Apple or Facebook may try. Do you think Apple’s cloud storage was new? No, Dropbox was doing an amazing job, but Apple came out. They got iCloud and started eating into their market cap.
Copying does mean it has to be pixel for pixel copycat of what they are doing. It is an idea. It is the strategy. You just need to figure out how it can tie up into your business, how it can fit with your customers, and how you need to mold that product or service or strategy, or feature to fill your audiences.