Why it might

be your best tactic

for beating the

competition!

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IMITATION

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Cherry pick & imitate

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Why imitate rather than

innovate in small business?

reduces your risk exposure

you have limited internal

capacity to innovate

there are limited funds to

undertake R&D

you're time poor

or have competing priorities

there are high cost to enter

a new market

marketing new product is too

onerousRead more at

Imitate the Competition

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Making your life easy

no legislative or regulatory

restrictions

customer interest and

encouragement

no entry barriers to the market

limit costs to educate consumer on

the product or offering

learn from the mistakes of others

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Approaches to imitation

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Options for small business

copy-cat - replicate exactly and

compete on price or non price

value

repackage or re-bundle

improve the original

develop a viable alternative

solving the original problem

personalise to your market

present in a different or related

lateral market

simplify to achieve cost advantage

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Exceeding the original

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Focus on 3 key goals tosucceed in imitation

building a better offer rather

than being cheaper

increase revenue before reducing

costs

do everything to achieve the

above

Ref: Deloittes

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A word of caution

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Consider the downsides

repeated imitation may dull your

own creativity and innovation

you might not be imitating a

'winner'

you might be missing key facts -

you don't have access to the

innovator's business intelligence

you don't build your own culture

of ideas generation for your

future

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