Right now,
each one of your competitors
is doing something better than you.
It could be a small something.
It could be a different something
for each competitor.
But they are excelling at something.
As Mike Michalowicz
shares
(this entire post
is a must-read for innovators)
“Sam Walton once said,
“I believe I am Kmart’s best customer.
I have visited almost every
one of their stores.”
He constantly evaluated other retailers
and copied what they did best.
Among the many innovations
he extracted from his competition
was the centralization
of the checkout process.
Instead of having a checkout
in each department of the store,
he centralized everything
to one checkout line
at the front of the store.
Walmart leaped forward
and set a new standard
that we see everywhere today.”
Savvy business owners
learn from their competitors.