How A Business-Owner Can Learn From Other Brands

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It would be a mistake to think you have to invent everything yourself as a business owner. After all, it’s unlikely you invented the internet, the concept of purchasing, the idea of customer warranties, the logistical network that you put in place, the social media platforms you promote with or the SEO techniques that improve your local relevance – but you use them all the same.

As such, there’s nothing unethical about being inspired by different businesses and what they have to offer you. A keen and excited chef, for instance, will make it a habit to eat at other restaurants on their days off, learning, looking for new ideas, exploring new cultures or enjoying their food experiences abroad. This way, they can bring back a little recipe they saw in another country and work on their own variant, or even consider using a similar supplier.

In this post, we’ll discuss some tired-and-tested methodologies for learning from other brands:

Ease & Convenience

The most successful companies have convenience down to a genuine science. Their websites and apps are intuitive, their processes are streamlined (hard-won after constant iteration) and they offer up helpful resources left and right so customers never get stuck or frustrated. Focus on the services you use – which are easiest? 

If you focus on what makes those premium user experiences and customer journeys so smooth, then you can look for areas to improve your own delivery. Maybe you’ll decide that yes, a subscription model actually works best for your type of business.

Customer Reward Schemes

Everybody loves feeling appreciated. It’s a tale as old as time. This is why loyalty programs and membership perks will likely never go out of style. You can take inspiration from how top brands incentivize and reward their biggest supporters and frequent buyers, because then they’re likely to come back to your brand, too. 

Maybe that could include a points-based reward system, exclusive discounts, or just premium member tiers and bonuses that unlock after a certain amount of purchases. You might even offer referrals that grant you free credit if they have someone sign up, which rewards them for telling their friends about what you have to offer. If someone is repeatedly shown that you appreciate them for their patronage, they’re liable to keep doing so.

Communicating Unique Selling Points

Not all brands reinvent the wheel, but most have something unique to offer. It’s interesting to see what elements of their product they highlight, and which they don’t draw as much attention to. You can view their marketing and see how they construct those narratives. 

For example, one company might offer a software solution that renews on a month by month basis, while others in the field use yearly contracts. How do they communicate this ease of use? It could give you examples of how to communicate your own options, and provide a more cutting marketing message that works. Maybe in your next restaurant commercial, you’ll showcase how you’ve been inspired by local produce while also using footage of the new point of sale system you’ve installed. It makes a difference.

With this advice, you’ll be certain to learn from other brands in the best possible sense.