Recently I was working with a client who was so worried about what the competition was doing that he set strategy that did more harm to his business than good. In my opinion, if you want to get ahead of the pack, you have to be innovative, not base your strategy on what others are doing.
One great example of this is the singer Lady Gaga. I was watching a morning show while having coffee with my wife and saw Lady Gaga talk about a new fragrance she was introducing. It soon became very clear that she was taking an innovative approach to product design (the perfume is black) and marketing.
She has a strong foundation of talent to work from, and she is probably one of the best marketers I have ever seen. She truly is out in front of the competition, doing things that others would never think of. And the result is that she has become not only a household name but a symbol of individuality and innovation.
If you want to grow your business, don’t worry too much about the competition. Focusing on your customers and taking innovative approaches will help you stand out from the crowd.
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