Copycats are an inevitable part of the business world. They may do the exact same thing, but copycats also make some mistakes of their own. But, in many ways, copycats can actually help your brand grow. Rather than simply stealing your ideas, copycats may be able to point out your product’s weaknesses and challenges your assumptions. That’s a win-win for both sides.
Imitation is the greatest form of flattery
The phrase “Imitation is the sincerest form of flattery” was first used by Oscar Wilde in the 19th century, when he referenced a short, common saying that provides universal truths or advice. The term “proverb” can also refer to a group of people who follow an example. If a brand or company does not innovate or invest in its products, it will be compared to imitators.
While the phrase is true, it can also be used dishonestly. For example, an employee hoping to get a promotion might flatter his boss by complimenting his new suit, or a waitress may use flattery to receive a larger tip. Even laughter can be used to flatter people. Although imitation may be the sincerest form of flattery, it’s a recipe for failure in the world of commerce and intellectual property.
Imitation is the greatest form of business
When dealing with brands, it’s important to remember that copycats are everywhere, and this is one of the most common forms of business. You’ve probably noticed store brands everywhere, such as Walgreens, CVS, and Walmart. These businesses are not only imitating your brand, but they are also eating into your profits. Here are some of the ways to protect your brand from copycats.
First, you need to realize that copycats don’t always mean bad. Some may be doing a great job of copying your product or concept, while others are just out to make a profit. Moreover, copycats may make mistakes that you wouldn’t make, pointing out the weaknesses of your product or challenging your assumptions. Nevertheless, copycats should be given a chance, as they may help you grow your business.
While copycats are sometimes the greatest form of business when dealing with brands, imitation is always annoying. Some businesses see imitation as an improvement or better than yours, but it’s unlikely to revitalize your brand. You should protect your brand’s intangible assets, and define a strategic approach to collaboration with others. Remember, no two people are the same. Your ideas are unique, so protect them as you would protect your brand.