We need to debunk the myth that you need a revolutionary, never-before-seen idea to launch a successful business. You actually don’t. Although originality is a noble goal, it is not a prerequisite for corporate success. Sure, you’re not inventing anything completely new, but that’s fine! What matters most is how you approach and execute your chosen idea. Instead of reinventing the wheel, success is often found in improving and perfecting an established idea. Consider this: the smartphone was not a unique idea, but Apple’s iPhone transformed the industry by creatively mixing existing technologies. No single organization can precisely meet the needs of every user. There will always be room for new companies to enter the market with similar products or services that appeal to specific user categories or highlight a unique demand component. Consider the numerous food delivery options available nowadays. Each may have comparable menus and delivery options, but they cater to various dietary requirements, delivery speed, or pricing points, making them appealing to different customer segments.
Consider a world with only one brand of shoe or brand of water. How boring would that be? The market is active and exciting because of the range of offerings and adjustments to current ideas. So, instead of becoming discouraged if your idea isn’t fully original, consider how you might offer a new viewpoint or specialization.
Sure, a dominant company may be in the market you want to enter. Consider the shoe industry: while Nike and Adidas reign supreme, enthusiastic entrepreneurs are still developing successful tiny shoe brands that cater to specialized markets. Smaller brands can prosper by focusing on one-of-a-kind designs, environmentally friendly materials, or specialized athletic performance. Remember that when Amazon first joined the online retail industry, they faced tremendous competition, but they were able to carve out a place through unmatched customer service and a diverse product offering. So, instead of being intimidated by the presence of huge players, pick a specialized area or underdeveloped market that corresponds with your passion and experience.
Have you heard of Crisp, HelpCrunch, Tidio, BotPenguin, and LiveChat? They all compete in the same online customer assistance space as Intercom, but each adds a unique spin. Their distinct selling points have won them a devoted following, demonstrating that it is more than just being fully creative; it is about how you distribute and differentiate your goods. Consider this: the burger industry is saturated, but brands like Shake Shack and In-N-Out Burger are still prospering. They distinguished themselves from the sea of fast-food companies by putting their own touch on a traditional item and focusing on quality products and a concise menu.
Remember that while you can aim for creativity, how well you provide your product or service is what truly distinguishes you. It all comes down to the experience you provide your consumers. A personal touch, excellent customer service, or an intuitive user interface can make all the difference.
Consider the success of ride-sharing programs. While Uber was not the first to promote the concept, they transformed the business by emphasizing customer experience, simple payment methods, and rapid driver pickups. Their competitors, on the other hand, struggled to provide the same level of ease, resulting in Uber’s rapid adoption and market supremacy. There are hundreds of water brands out there, yet they all sell the same thing: water. So, how do they do it? It’s not about reinventing the wheel; it’s about branding, marketing, and identifying your target audience. Consider Fiji Water: they capitalized on their water source’s clean reputation and targeted people who respect premium and sustainable products. Remember that your unique value proposition and branding can help your product stand out. Remember to consider the importance of storytelling and emotional ties in retaining customers. Let’s face it, not everyone has the funds or manpower of established large brands or new product categories. In that case, selecting an established idea and putting your own spin on it can be a more practical and risk-free strategy. It enables you to capitalize on the groundwork laid by others while remaining unique.
By selecting an existing idea, you are not venturing into unexplored terrain. The major players have already done the groundwork, tested the business model, and demonstrated what works. You can be inspired by their achievements and failures, learn from their techniques, and avoid their traps. Take, for example, the success of Airbnb. They did not originate short-term rentals but redesigned it by providing a platform centered on authentic experiences and community connections. Airbnb disrupted the industry and created a household name by examining what worked for previous vacation rental firms and addressing their pain points.
Instead of worrying about uniqueness, focus on creating an audience around your version of the product. Highlight any differentiating traits, sell to your target customers, and create a brand identity that is appealing to your target audience. Learn about your target market’s wants, needs, and pain areas. Airbnb, for example, thrived by catering to travelers’ desire for authentic and immersive vacation experiences. You’ll be on the right track to success if you align your product with the desires of your target audience.
Never Be Original, Just Copy
