Profit From the "Secret" of The Copycat Principle

Article by: Marty Foley

Multi-millionaire John D. Rockefeller is reported to have said:
"When you hear of a good thing - something already working for the other fellow - don't delay but get in while you can." Therein lies a key to saving time and money in your business, as well as improving your chances of success: the "secret" of the Copycat Principle.

The established leaders in your particular field have already blazed a trail for you. They've spent considerable time, money and effort researching what works and what doesn't. What the trail blazers have learned only through much trial and error experimentation and expense is largely available for you to learn - easily, and at little or no expense to you. There is no need to reinvent the wheel. (Even giant corporations borrow ideas from one another. You can do the same.)

Closely examine the leaders in your field to determine the things they are doing right (so you can adapt them to your own situation) and the things they are doing wrong (so you can avoid them). Study their operating methods. Get on their mailing lists. Scrutinize their catalogs, brochures, ads, (especially their repeat ads), and other marketing materials. Try to adapt the winning elements of these to your own business, without copying anything illegal or that can otherwise cause problems for you.

Ideas can be gleaned from others to help you in many areas, including: new products (and services) to develop or acquire, how to price them, how and where to market them, etc. This is not to say you should copy others too closely. Isn't variety the spice of life? Be a creative imitator. Aim to refine and improve on the ideas you glean. Use your own imagination and ingenuity, adding your own unique twist. Who knows, you may even come with something better!

Especially when first starting out in business, lean heavily on the Copycat Principle. Venture into uncharted waters with extra caution. Once you're well established, you'll have more experience to draw from, making ventures into uncharted waters less hazardous. You have limited time and money to risk in your business. You can reduce that risk, thus increasing your likelihood of success, if you use the Copycat Principle.

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