Competition is generally seen as a good thing for an industry. It forces you to keep improving yourself and gives your customers more opportunities. But what happens when the competition starts to emulate exactly what you are doing?
Do you have an Identity Theft Management Plan? Much of your success depends on how you react to stiff competition.
The Ultimatum of Infringers
Copiers, are people who stay away and wait for others to succeed. Once they are successful, they try to make a quick buck. While copycats are rarely successful in the long run, they can absorb some of your profits. And that’s what you need to be aware of in order to move forward.
Protection your brand
You might find it hard to believe that there are some people out there who copy other people’s ideas and call themselves entrepreneurs. Unfortunately, when it comes to money, people hang on to anything they can make money with. Although there is nothing you can do about it, your invention/brand can be protected by the following ways:
The more legal protection you have for your business and / or products, the better off you are. Patents, including temporary ideas, are needed. You should also use confidentiality agreements when discussing product information with people (including employees).
The mark may also offer a different level of protection. If there is a legal problem in the future, your brand can serve as concrete proof of the idea. It also timestamps the birth of your idea.
- Try to do something special
Legal protection is good, but there are ways around the patent. Some people will expose loopholes, while others will clearly break them down and challenge you to file a costly complaint. So what is better than a patent is a completely unique idea that cannot be duplicated.
- Stand up and defend the subscribers
When you see an impersonator appear, stand directly in front of the person or company. Don’t rush your lawyer, it can take up to three weeks to respond. Call a copier and talk to the managers. Tell them that a) you don’t like copying your product; and b) you use all legal means necessary to close them. They don’t always force them to leave, but they know who they’re kidding.
- Try to Build brand loyalty
Would it be great if you had to take care of impersonators? In other words, what if the script already exists, but no real threat is needed? You can, but you have to invest in brand loyalty.
After years of hard work building brand loyalty, anyone can jump off the board when they see a cheaper alternative to a copycat. They take all factors and use them to stay loyal to your brand.
- Provide excellent service.
The products are easily interchangeable. The complete movements are easy to produce with the same kind and precision you had. But there is one thing that is not that easy to match: good customer service. Provide your customers with excellent service and they will continue to trust you.