I always tell my team, “when you are looking to solve a problem, don’t look at the competition.” Too often, when faced with a problem, we check our competitor’s product to see what they did. If there is one thing I insist on, it’s not to compare us to the competition. Why?
- The reason that competitor made their choices are unknown to you, and so are the results.
- By copying your competitors, you become more and more like them. Eventually, you will become so similar to the rest of the industry that your only competitive option will be to provide lower prices than they do.
So, where can you find inspiration?
Look for similar problems solved in different industries—particularly ones that are growing and innovative. Ask yourself: What other types of products and services do my customers buy, and where do they get the best experience? That is where you should look for inspiration.
