Originally at http://tracking.feedpress.it/link/9375/2664644
Posted by ronell-smith
[Estimated read time: 9 minutes]
In 2009, I wrote a magazine story about a Japanese lure company selling high-end fishing lures in the US for $20 to $50 each. With anglers buying the lures in droves, it was only a matter of time before competitors followed suit, creating carbon copies of the best sellers, which lead to a market frenzy the industry had never seen.
Months later, I interviewed the owner of the lure company everyone was copying. His comments were eye-opening and accurate.
“I don’t get it,” he said, referring to the competition. “I sell one million lures for $25. They sell 10 to 15 million lures for $5 to $10. I should be copying them.”
Basic math highlights the truth of his words: $25 million < $50 million–$150 million.
A good idea doesn’t mean good for your brand
What looked like an idea — selling more expensive products to eager buyers — sufficed as a blinder to what would become an amazing opportunity: finding a way to sell more low-cost lures.
For those of us involved in content marketing, we’re used to scenarios like these. Right?
The competition does something cool or interesting or that gets links, likes, or conversions, and we lose our minds in an attempt to copy them, even if it makes zero sense for us to do so.
Sure, list posts can be and have been effective, but other than throwing some traffic your way, for most businesses the long-term value simply isn’t there.
But we live in a monkey-see, monkey-do world, so whatever the competition does, we attempt to do it better.
Never mind the fact that (a) we don’t really know how successful they are, or (b) how successful attempt…
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