No matter what businesses you’re in, you have to deal with copycat competitors. You can’t escape.
Competitors who steal your strategies, your moves, your plans and sometimes even your name and logo, too.
Should you worry about it?
Of course, you should.
It happens more often than we think in this online world where stealing and copying others ideas are much easier than offline.
What to do when someone is copying your business?
Having a competition in business is good, you shouldn’t worry about it.
But if the competitors have an evil plan to kill your business with your weapons, then it’s time to get serious and ready to fight.
I am not saying that you attack your competitors’ office with a rocket launcher and missile.
What I mean to say is, it’s time to get serious and change your strategies and plans that keep you two-step ahead of your competitors.
Here are some of the strategies smart companies use to deal with copycat competitors:
1- Stay calm and don’t lose your mental health
Competitors.[Tweet “Every business got them if you don’t have a competitor, either you are now growing or you’re in a wrong business.”]
If you have competitors, it is obvious they will try to copy some of your moves.
You should take it positively.
However, it’s frustrating and disappointing. But it’s also exciting too! At least, we’re doing something right.
Change your mindset towards your competition and see the positive side, if you only would’ve in the business, you might never know the other challenges of your business.
They are followers they are following the strategies that you had already done 1-2 years ago.
You’re already ahead of them; the competition thing shouldn’t lose your temper.
Relax and enjoy your success.
2- Fix a meeting with your lawyer
Sorry, I am not an attorney, so I can’t help you with this, but your lawyer can. 😉
Contact your lawyer and see what he can do in this matter. What are the legal steps you can take against your rival company if needed?
Nevertheless, I can find you an attorney, but every case is different, and it would be better you find an expert yourself.
3- Ride on your time machine and fix as much as you can
Riding on a time machine?
Wow! How exciting, isn’t it?
I am not talking about that time machine from the movie The Time Machine.
Instead, I am saying go back and fix everything trademarking, every logo, image, article, product description, tagline, and whatever other materials you can.
By doing so, you can save lots of time and money which you might have to do in the future if you don’t do that right now.
Protect your future and register everything legally and keep the proof.
I know it’s annoying, but to keep away from the future trouble you have to do that.
4- Don’t bad-mouth the copycats in public[Tweet “If you’re the leader, act like the leader.”]
Think twice when you are responding to competitive attacks.
I know you have right to speak, but sometimes keeping silence works better than talking nonsense.
Saying something against them will draw people’s attention towards them and will provide them extra attention.
Some companies hired people to write fake reviews and try to show as angry customers have posted that.
These types of the cheap act never let any business grow.
So, better for you to avoid this kind of stupid activity.
5- Stay Smart and Stay Cool
Show them like nothing has happened, trust me it will kill your competitor right away.
If multiple players are playing the same game, you are going to learn new moves and also will uncover your limitations.
Accept it; there is plenty of business to go around for everyone, even if you want, you couldn’t handle 100 percent of it. So, be nice and share some with others.
Even though thousands of other brands providing similar products like yours, the truth, is every single one of them will be different.
A smart company does not focus on multiple products at the same time. Instead, they concentrate on a few products and make them better for their users.
6- Keep an eye on your competitor and learn from them
Copycat competitors are the reality of business; you can’t deny it.
Without them, you may be careless; there will also be nothing to motivate you and do business development.
Relaxed and keep an eye on your competitors to learn new skills, what they are doing better than you.
If you see every other company as a threat, you might miss some great partnership opportunities.
For instance: A freelance designer who thinks he is competing against another designer in his space. Once he changes his thinking process, he finds the same designer is willing to hire him to help with overflow work he doesn’t have time to take on.
In business, you have to be fearless and bold. Make yourself available for your potential partners.
Haters will hate, they will mimic, they will try to stop you, but you have to take all these as a compliment and keep moving forward.
7- Accept limitation and Focus on your strategy
If the competitor has copied your business strategy, service offering or model, don’t get nervous, take it as a challenge and do it better than them.
Offer your clients the value they deserve. If we see it as a long-term point of view, the company that provides the best value to the customer will be in the game.
Don’t cut your price; it is the first indicator of value.
Have you ever encountered any copycat competitors? If yes, how did you deal with that, what was your best strategy to deal with a copycat competitor?