If a brand becomes popular, it will be easy for anyone to imitate it. This phenomenon has several implications for the brand. While some imitators will be creative, others will just copy and use the brand’s name. For example, if a product is a hot dog, a person might imitate the brand’s logo. The latter would be illegal, and might even be considered a copycat.
Copycats
It’s no secret that copycat brands have the upper-hand in the brand economy. These companies can easily mimic an existing brand by studying its road map and focusing on similar qualities. Copycats of well-known brands can also become hugely successful. For example, Starbucks didn’t start as a coffee shop, but instead cloned several others. In this way, copycats can replicate their brand’s concept and improve on it.
Consumers often have trouble distinguishing between well-known brands and lesser-known imitations. But while consumers sometimes confuse two brands, copycats don’t pose a legal threat. Copycats may just be taking advantage of a legitimate opportunity to boost sales. And, if the copycat’s product is incredibly similar to the original, the brand can still bring a lawsuit against it. So, how can brands prevent copycats from causing them financial damage?
Intelligence
Brand Intelligence is the systematic analysis of data surrounding a well-known brand. Its goal is to understand what consumers think and say about that brand, allowing it to make adjustments to its products and services to enhance its image. The ultimate brand success platform, Loomly, helps marketing teams manage, nurture, and measure the impact of their social media efforts. This article will discuss how Loomly works to maximize brand intelligence.
First, understand the brand’s concept. The core concept should appeal to the psychology, logic, and creativity of your audience. This concept should appeal to the subconscious mind and resonate with a particular customer persona. The messaging built around the concept should be backed up by facts and other messages that reinforce the brand’s essence. This will help you reach your target audience, increase close rates, and build loyal, repeat customers.
Trendspotting
Trendspotting when someone uses or imitated a well known brand is a form of marketing research that involves examining data. Trendspotting is not the same as traditional market research, but it is still a valuable tool for companies to stay on top of the newest trends. While traditional research may be done only when a company is faced with a crisis, trendspotting requires a proactive approach and monitoring data. The benefits of spotting are many. First, it is possible to get in on the ground floor of a trend before it becomes widespread. This means that you have more time to troubleshoot and adapt to new trends.
Aside from providing media oxygen, trendspotting requires a deep understanding of data and analytics. Developing these skills over time is crucial if you hope to become one of the top trendspotters. For example, frequent conversations with customers can provide clues about what people want or are interested in. A trend spotting team will have a better understanding of consumer behavior based on their analysis of data and analytics.
Making money
The idea of making money by imitating a well-known brand is not new. In fact, it has been used by businesspeople for centuries. The idea of a new product is extremely risky – more often than not, it fails, and it can take years for it to catch on. In fact, the Chinese Century is a case in point – a company made $2 billion by imitating Elon Musk’s Tesla car.