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Imitating Innovators is Smart Business
| Guest post by: Maribeth Kuzmeski |
Article Overview: The truth is, making an innovation better or taking it to market in a more effective way is often what brings greater success than coming up with the innovation itself.
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Free Download - “Free” can get your clients going wild! But what’s in it for you? By Maribeth Kuzmeski |
Imitating Innovators is Smart Business
Did you know that 97.8% of the value of innovations goes to
imitators? (Imitation is More Valuable Than Innovation,
Harvard Business Review, April 2010.) White Castle led to McDonald’s;
Diners Club lead to Visa, MasterCard and American Express. Walmart’s
founder admitted to borrowing most of its practices from others and
improving on them.
In the
financial services industry there
are many product
companies that never are the innovators but have profited from taking an
initial
innovative idea and making it more appealing (for instance the riders on
variable annuities). That means that the hard work in designing a
concept, breaking
ground, and taking it to market first are on the shoulders of the
initial
creator. Their many attempts to create something that isjust right
finally pay off…until someone else swoops in and makes it that much
better. The truth is, making the innovation better or taking it to
market in a
more effective way is often what brings greater success.
In marketing,
people
copy others all the time. It’s like watching someone else putt on a golf
course green right before it’s your turn to try a similar putt. You
learn from what
happened to the first
person’s putt and hopefully are able to make it better. Was there
an unseen dip in the green? Where does it break towards the hole?
According
to those much smarter than I, it is imitation that trumps innovation. It
seems
to be smart business to start keeping an eye out for the innovators in
and
“learn from their putt” instead of spending the time and resources
to be the first to try something.
But isn’t
copying
against the law? Copying
isn’t illegal unless there is a
trademark, copyright or patent protecting it. So, do you have a
marketing
strategy or idea you want to implement in your marketing plan this year?
It might have a better chance of succeeding if someone else has tested
it
first, and you learn from their results and make it better.
Would you rather be
first or last? According to the
infamous Ricky Bobby from Talladega Nights, “if you’re not first
you’re last”. In business, however, it may be better to be second.
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Article Tags: Harvard Business Review, imitation, imitator, innovation, innovator, Maribeth Kuzmeski, marketing strategy, Oded Shenkar, Red Zone Marketing
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About the Author: Maribeth Kuzmeski RSS for Maribeth's articles - Visit Maribeth's website Click here to visit Maribeth's website   3 Lessons for CEOs from Reality TV Show Undercover Boss Network Like Its Your Job 12 Ways to Create Job Connections in a Virtual World 10 Questions Great Connectors Ask at Networking Events Killing Your Competition with Client Kindness Are you anxious about using social media in your business |
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