The Fine Line Between Copying and Innovating for Business Success

Imitation may be the sincerest form of flattery, but copying in business doesn’t take a company far. There may have been a time when copying the products and services of another firm was enough, but in today’s global economy, it doesn’t make business sense, even if it was ethical.

That’s because with the Internet and the global marketplace, there’s now a substantial overcrowding in many instances. Just copying another business is not enough. Something new needs to be brought to the table.

Now of course derivation will always have a place in business; does any idea really spring from a void? Arguably business is more iterative than ever. But businesses need to toe the line when it comes to derivation, always keeping an eye on contributing something new.

“It can be tempting to want to jump on board. But, don’t strive to be just like the hot new thing,” noted Carol Roth in a recent Nextiva blog post. “Not only are trends fleeting, but it won’t come across as authentic. People like to buy from others that have the KLT factor (those that they know, like and trust). And nothing screams inauthentic more than the imitation knockoff of the original.”

The balance between copying and being inspired by others is keeping contribution in mind.

Focus on how your company can stand out from the competition by playing to its strengths. A key question to ask is what your firm can bring to the idea of another business to make it even better. That’s where copying turns into derivation, and where it goes from sketchy or illegal to innovative and unique.

Sometimes these contributions to the original concept can be small. Maybe improved customer service is the addition, or branding. Pricing, added features or adapting a product or service for a particular market are also techniques that businesses should consider.

“Putting your own unique stamp on a concept is a major key to having a successful endeavor,” noted Roth in the blog post.

Keeping the customers in mind is another way to take an existing idea and make it your own. How are the customers being underserved by what’s currently on the market? What does your firm bring to the table that would make your offering more effective than that of the competition?

“If you can fill those voids and resolve their issues, you will stand out even more and have a much more successful business,” according to Roth. “Focus on your own authentic voice and skill set to differentiate your business, soothe your customers’ pain points and ultimately, stand out from the competition.”

Because derivation is good, but copying is not.

Edited by Rachel Ramsey