“Learn everything you can from your competition, and then create something even more valuable.”
By Josh Kaufman in his book The Personal MBA: Master the Art of Business
Even the simplest 5 or 6 step marketing strategies will have this as their 2nd step:
Market Research.
Define the problem, set your goals & objectives.
What next?
Look at how others are solving that same problem.
Collect all data and study their business model.
Why are we doing this?
To draw inspiration?
No.
To be better than them obviously lol.
We are learning from the things they did right and also their slip-ups, to create a much better model from scratch!
Why do we see a new brand coming up every 2 days, that is practically giving us solutions of the same problem?
Healthy ice-creams, hair-loss solutions, gut healthy supplements and what not.
Each company under a specific niche is launched with the objective of one-upping the previously existing products in the market.
But only few actually manage to do so!
It’s up to you, how you see others.
As competition or merely as a stepping stone towards your own success.