If there’s one thing that keeps a business in the black (profit) it’s innovation. It seems counter-productive to do something different but the reality is that there can only be a few successful copy cats out there and their life span is very limited. My experience shopping in New York is a great example of this.
Do you remember bootleg CDs and DVDs, or knock-off purses and watches? When I first moved to New York you could find “good looking” fakes everywhere. I always thought the real thing was better than the imitation, but there was enough of a market to keep the imitators in business… until there wasn’t.
Is the greatest form of flattery imitation, or is it the kiss of death? What got me thinking about this so much lately is the increasing number of copy cats I’m seeing on the market. There are two distinct ways I’ve been seeing this: At events and in marketing.
Now, obviously there are some fundamentals that need to be done in every business operation. That’s not what I’m talking about here. Today I’m specifically talking about the copy cat formula that is being washed, rinsed and repeated without any adjustment… Read the full article...