Business is about moving forward. It’s about developing a continuously improving business. I don’t think I need to go on about this. Hopefully we all get this now. You can’t just sit back, serve your customers and count your takings. You need to understand the market, see what your competition are doing, listen to what your customers want, anticipate where things are going and make changes to your business so that your offering is still relevant. Actually not just relevant but exciting and enticing!
There are primarily two ways of doing this, either through imitation or innovation. Standing still isn’t an option, so to move forward you can either take the best of what is out there or try to innovate and come up with something truly original, truly new.
Both of these approaches require you to understand the market, your competitors and your customers. Imitation stops here though and looks to take the best on offer and consolidate that into an offering that fits with the businesses customer mix. Imitation is relatively easy and fast, imitation is cheaper because you know what you’re going to try can be done. The...