Every product manager dreams of their product becoming the next iPhone, or the Google search engine, or some other runaway hit like that. However, as we all know very well, the chances of that happening are pretty slim. However, maybe there is another way to become successful and famous. Perhaps the key to product management stardom is not in being an innovator, but in being a very, very good imitator?
Does it mean that I can copy from others?
Would you like to know an ugly little secret? Dr. Oded Shenkar has been studying this area and found that approximately 97.8% of the final value an innovation creates will end up going to imitating companies, not the inventing company.
Dr. Shenkar also points out that the world of copycats is moving even faster these days. In the old days it took a long time to copy someone else’s product, now not so much. One such example is the minivan that was invented by Chrysler in the 1980s. It took another 10 years before another car company came up with an imitation. On the other hand, CD players were imitated after only 3 years.
Making a copy is not enough
Before you run out and buy a copy of whatever your competition is doing so you can start decloning, you might want to wait just a minute. Making exact copies of someone else’s product will get you in trouble with the patent office and won’t help you succeed.
What a copycat product manager needs to realize is that it’s not enough to copy another product, you actually need to improve it. This is where things get tricky.
To find the right products to copy, a product manager must constantly look for the next candidate to copy. It is never clear where this product will be found; you may have to search far and wide across multiple industries to find what you are looking for.
Once you find a product that would be a good fit for your company to copy, your job as a product manager is just beginning. What you need to do now is to understand what is the core essence of the product to be copied: why do people like/use/want it? What you will have to do is create a way to do it cheaper, better, or faster than the original company.
Why aren’t more product managers copycats?
Since all the evidence points to the simple fact that product managers who are good at copying what others have done end up being more successful, a simple question arises: why aren’t more of us doing this?
As it turns out, the answer to this question is quite simple: We’ve been conditioned to think that being a copycat is “wrong.” Most companies like to think of themselves as innovators, not imitators.
Too often, we view the process of creating a copy of an existing product as undignified. What we’re missing is that if you take an original idea and then improve on it, you’re well on your way to product success.
What all this means to you
Apple is a great company that creates really innovative products like the iPad. However, time will show that most of the value of the iPad will not go to Apple, but to companies that create and implement imitation products that do a better job than the iPad.
Although most companies don’t like to think of themselves as imitators rather than innovators, this is where the real value is. The secret is to make sure that you don’t just create a copy of a product, but enhance the original in a way that will make it even more attractive to potential customers.
The key to being a successful copycat product manager is learning to keep your eyes open. Where the next product that can be improved will be found is always a mystery. To win the race and deliver a successful product, you don’t have to be first, you just have to be the best.
