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'Me too' strategy a dangerous path and the wrong way to innovation [Bangkok Post, Thailand](Bangkok Post (Thailand) Via Acquire Media NewsEdge) Oct. 13--In today's fast-paced marketplace, accelerated product life cycles, extreme competition, extensive unpredictability and demanding customers have stimulated a need for innovation, making it a matter of do-or-die for many organisations. But simply calling for innovation isn't the same as producing it. Your team and your organisation need a clear and concise roadmap for developing innovation. Developing creative, viable new products or services that solve a problem or serve a need ? and doing so profitably ? requires great teamwork, impeccable strategic planning of innovation initiatives and inspiring leaders. Eventually it will also require an enterprise innovation management system that provides at-a-glance dashboards of product and portfolio status and transforms your team from administrators to innovators. I am certain that most of you are familiar with "innovation", so in this article I want you to try something a little different: I want you to picture the opposite of innovation strategy. Several ideas should pop up into your mind ? is a copied or me-too strategy one of them? The me-too strategy is best illustrated by the reaction when you see your competitor putting out something that is so good that you become envious. So you do something similar just to feel on par with your competitor. This is what "followers" normally do in a market where there are four types of market dominance strategies: Leader, Challenger, Follower and Nicher. So, when a me-too strategy isn't always effective and only works well with organisations that have no ambition beyond being mere followers, why would some still want to use it? I can think of a few answers. They include not having sufficient potential for creating or developing new ideas ? let alone new products ? to having a limited budget for research and development, to risk avoidance, or wishful thinking about achieving a quick win. Such organisations merely copy or follow in the footsteps of the successful market leaders, hoping that the result will be as successful as the real innovator's was. In reality, some organisations are fortunate enough to earn quick cash this way, but most companies that use this approach ultimately fail, sometimes hard, or even go out of business. Hence, it is vital to bear in mind that the me-too strategy does not guarantee risk-free success. Sometimes it can be bad for your reputation if your copycat approach raises ethical questions, which copying often does. Besides, spending your money to say "me too" is almost the same as spending money to advertise for your competitors, especially if the message is unique. This is because people generally don't remember the second person to do something ? they only remember the first. Consider this: who was the second person to discover America? Can you remember the second person who climbed Mount Everest? Almost certainly not. In other words, when you copy something unique, it will remind your audience of their first impression, when and where they heard and saw it first. Even worse, when you position yourself as the "other guy" ? compared to another business that did it first ? you'll be perceived as the one who created the knock-off. The bad news for you is that people are often willing to pay extra for the original, but they expect the knock-off to be deeply discounted. What's more, as any marketing book will tell you, it's all about differentiation. How does matching every single offering from someone else differentiate you from your business counterparts? You can never win by playing their game, especially when that isn't the game you know how to play. I think by now we've established that "me too" is a recipe for failure, and why innovation is so highly valued by many organisations, regardless of the industries they are in. These organisations are always looking for innovators, both within and outside, to keep them successful. By now you are probably asking: "How and where do I find innovative people for my organisation? And how can I become more innovative myself?" These questions will eventually lead you on your quest to build an innovative culture within organisation. In an article called "How to Create a Culture of Innovation", the renowned entrepreneur Faisal Hoque once wrote: "How one goes about building an innovative organisation ought to be unique. But for every organisation, it starts with the right mindset ? the unexpected must be expected." While I agree with this statement, I would like to add that the right mindset must exist primarily in the leaders. They play a vital role in building a culture of open collaboration around ideation and fostering others to experiment and communicate across functions. Most importantly, they are seen as role models themselves for others to follow. When it comes to leaders with an innovative mindset, Samsung chairman Lee Kun-hee has few peers. Apart from his commitment to abundant investment in research and development, he is aware that his highly successful company can never stand still or rest on its laurels. Earlier this year, he declared: "There's an ongoing competition by global companies across all areas from products, technology development and hiring talented people, to patent disputes. The market is big and opportunities are wide open, so we should find out new businesses that Samsung's future will hinge on." Mr Lee's vision sounds simple yet it is very powerful, relaying a meaningful message to Samsung's employees to forget about old technologies and habits, drop their current practices, and focus on innovating around the clock non-stop to come up with new technologies and direction to be able to compete in any market. Apparently, Samsung has nailed it so far. Now, after reading this article, I want you to ask yourself whether your organisation currently is using an innovation strategy or wrongly applying a me-too strategy. If your answer is the former, congratulations! ? you're on the right track to increasing business value, something considered essential in sustaining business in this highly competitive market with increasingly demanding customers. On the other hand, at a time when growth is exceptionally hard-won, you might think that simply copying others might help your business to earn money a little faster, and that's why you're adopting a me-too strategy. My question to you is: given all the reasons mentioned in this article, do you still want to use it now that you know what a dangerous path this strategy can lead you down? Simply put, think again if you want to continue using a me-too strategy. Maybe it's time to take the lead and employ a "me only" strategy instead. ------- Arinya Talerngsri is Group Managing Director at APMGroup, Thailand's leading Organisation and People Development Consultancy. She can be reached by email at [email protected] ___ (c)2014 the Bangkok Post (Bangkok, Thailand) Visit the Bangkok Post (Bangkok, Thailand) at www.bangkokpost.com Distributed by MCT Information Services |