How can your small startup win if another company copies your precious idea?
Try learning from clever global giants who have learned to overcome Chinese copycats in the intensely competitive Chinese consumer market: Advertising Age reports some very clever moves that are working to fend off me-too competitors in China.
These are some tips I got from their tricks:
- Keep moving. Be a target harder to hit. Those resource limited copycats will leave, looking for easier targets.
- Innovate boldly. The new thing done differently, when combined with courage and confidence produce amazing results, leaving copycats staring with envy and dismay. No guts, no glory. Just doom for your startup.
- Be different. This is time to step out of the safe zone, move out of the box. Brands become branded because they are different. Copycats will be stuck with trying to be "better, faster, quicker, cheaper." Those "er" words spell gloom for their attempts to leapfrog your products.
- Ask customers. Communicate weekly. Stay in touch. Ask (don't tell) what they want (different). Let them tell you what they think of your innovations before you launch them. Copycats just launch and keep their fingers crossed, hoping in the dark.
BOTTOM LINE: Look at consumer giants fighting Chinese market copycats to learn how to fight me-too startups in your market. Serial entrepreneurs know how. You can learn it also. Make it part of how you build your unfair advantage.
I wish you The Best on your Adventure!