Imitation is the sincerest form of flattery. But is it hurting your business?

It was Charles Caleb Colton who first said “Imitation is the sincerest form of flattery” way back in the 19^th Century.  Yet, it seems to be alive and well in the 21^st Century, whether its in fashion, music, or business.

It is, of course, a tribute to the success of individuals or companies when others copy them. In business, small companies will often copy market leaders, aspiring to have their level of success.  Of course, this rarely happens, as it is the research, development, innovation and investment that creates the market leaders in the first place, and by the time others try to copy and catch-up, market leaders will already have moved on.

Take Insight Data.  Established in late 2006 the company became firmly established as the leading supplier of prospect data to the window industry within three years, overtaking companies established well over 10 years.

We were the first window industry supplier to provide data with monthly updates, and a year later our competitors followed suit.  By then, we had already invested £150,000 in developing Salestracker, the World’s first online prospect database for the window industry, back in 2008.  One small competitor reacted by attacking us, claiming that users should avoid web-based systems and stick to traditional desktop formats such as MS Access. Yet, two years later they have been forced to shamefully back-track and introduce a basic online version of their own databases, managed by a third-partyIT company for them.

Imitation might be the sincerest form of flattery but in business it can be a dangerous game. Imagine if your suppliers simply copied products from the market leaders without the vision, innovation or investment to “paddle their own canoe”.  Your business will always trail behind your competitors who put their trust in those visionary companies who do invest, who do innovate, and who do lead the market.

At Insight Data, we have continued to strengthen our position further as market leader.  By developing Salestracker in-house with our own software team we’ve already launched the next generation packed with advanced new features that help our customers win millions of pounds in new business.  We’ve invested in a state-of-the-art telephone research centre to ensure our customers have the most accurate, up-to-date market intelligence, and we’ve invested in a direct mail fulfilment centre and digital marketing studio so that our customers benefit from the very best of off-line and on-line marketing. And we’re investing in the future – in new technology, innovation, new databases and better ways of doing business.

Think carefully about choosing suppliers who simply imitate. While as market leaders, we appreciate the flattery, if you want your business to stay ahead of the game – instead of playing catch-up – perhaps the wisest move is to team up with those suppliers who do lead from the front.

For more information on how we help clients win new customers and stay ahead of their competitors, call 01934 808293 or visit www.insightdata.co.uk