How to learn innovations from your competitors?

We have prepared 8 expert lifehacks for you that will help you maximize the benefits of learning innovation from your competition.
You can use them immediately in your work.

1. Avoid depreciating the actions of competitors.
Sometimes it’s difficult, but emotions aside. Be factual and judge the facts. Sometimes something that seems worth nothing at first turns out to be working.

2. Are you sure you know your competition?
Note that when you create an innovation with a specific recipient in mind, you compete not only with your competition, which has a similar target. What you offer to the recipient of the innovation will be judged according to all his experiences. Experiences that build opinions in it, whether something is simple, difficult, useful, impressive, fast, slow, etc. So the question about your competition is really a question of how well you know your recipient of the technology.

3. What is your competition trying to solve with innovation?
Do you have the same challenge as a company that requires action?

4. Look at the implementation of competition from the perspective of its recipient.
List what the innovation solves for a specific recipient. Maybe there are several target groups? In such a case, make such a list separately for each of them. You can do it for several competing companies if they offer similar solutions. Now add your company to the list. What you see?

5. Different views.
We usually judge by “our measure”. Therefore, invite people from various departments in your company who have direct / indirect contact with the recipients of the innovation planned for implementation. You may be surprised how surprising their different insights will turn out to be what the competition is doing.

6. We see more than we really are.
It is both an opportunity and a threat. Opportunity – because seeing more of the competition, we create our own ideas that we can implement ourselves. Threat – because maybe this company had to implement something, and it will soon withdraw from it. You know yourself that it is different in companies.

7. What would you advise the competition?
Looking at their solution – what would you add from your own experiences?

8. Communication of innovation to its recipient.
Pay attention to how the competition coped with communicating the implementation to their recipients. This is often the key to success.

If you want to learn more, we encourage you to watch the webinar.