Why Chasing Your Competitors Tail-Light Never leads you to Succeed?
If we see the Top 10 Most Valuable Global Brands 2018
|Brand||Category||Brand value ($M)||Brand value |
We see the above brands are stepping hard, innovating, making them more customer-friendly, g-localizing, improvising, and sticking to their values to achieve their goals; that’s why they are in this list. They are not chasing any one’s tail light.
On the other hand, there are many brands who are just chasing their competitors tail-light and believes that they will also become a Unicorn by doing so, and are constantly failing to do so, and getting bankrupt. And all these happen because:
1. You have hypothetically assumed that your competitor is BETTER than you.
2. You never know the NEXT step for their Product.
3. If your competitor FAILS you fail too.
4. You are never PREPARED for tomorrow.
5. You have given up your companies VALUES & VISION
6. You never have a PLAN-B
7. You will have various UNSATISFIED customers.
8. Gradually you will start LOSING your Passion, as its someone’s else vision; on which you are working upon
9. You’ll Burn all your money and exhaust all your resources, just to match the SPEED and will never be able to focus on overall growth.
10. One day a point will come when your brand will be called as the COPYCATS and you will be paying a lot of money in copyright and IP related legal issues.
Some companies which did these mistakes were: Microsoft Operating System in NOKIA Phones, Samsung for coping iPhones technologies, A lot of automobile players including Maruti Suzuki, TATA NANO for copying Maruti 800, Vanilla Coke, and more.
So as a wiseman once said:
“Stop chasing the money and start chasing the passion.”— Tony Hsieh
And to build a great organization you should consider the following thing instead of following the tail light of your competitors:
- Defining Values, Mission & Vision very clearly.
- Knowing the STP’s i.e. Segmentation, Targeting & Positioning
- Discovering the UVP i.e. unique value proposition
- Defining KPI’s i.e Key Performance Indicator
- Doing Competitive Analysis & Competitive Awareness
- Seeking Feedback from Customers
- Working Purpose with Consistency
- Innovating, Improvising and adding value to your customer every single time.
- Investing in R&D.
- Having a good experiential marketing campaign.
All the above organizations are built on rock solid Values, vision, and goals; facilitated by a good organizational structure, balanced and well-planned strategies. They never look back, improvise themselves every next moment, expand themselves with word-of-mouth, and for them, the sky is the limit. So if you want to be a unicorn of the industry, Stop chasing your competitors TAIL LIGHT.
Please share more brands name that you know from your local market who have done or are still doing the same things. Awaiting for your comments.