Ever admired a competitor’s strategy and thought, ‘We should do that too’?
Turns out, that might be a mistake. I recently listened to an episode of Lenny’s Podcast featuring Elena Verna, a growth expert with experience at Dropbox, Miro, and Amplitude. She knows her stuff when it comes to scaling businesses, especially in B2B and product-led growth. If you haven’t checked out her newsletter, Elena’s Growth Scoop, it’s full of sharp insights.
Don’t Copy Your Competitors
One big takeaway from the podcast was this: “Don’t Copy Your Competitors.”
Copying might seem like a smart shortcut. If it works for them, why not for you? But Elena broke down why this often backfires. She and Lenny shared examples of people looking at onboarding flows or website features and thinking, ‘That’s genius.’ only to learn the creators hated those features or knew they weren’t working. Just because something looks good doesn’t mean it delivers results.
Lessons From My Own Experience
This really hit me. Early on, I believed analyzing competitors was the key to staying ahead. But through testing, I learned the hard way: what works for others often fails without the right context. Sometimes, copying is a fast track to bad decisions.
At Lendio, we tested new features constantly. More often than not, we found the older version wasn’t as good as the updated one. But then we’d see competitors roll out something eerily similar to our outdated version. It was clear they hadn’t looked deeper.
Why Copying Fails
Survivorship bias: You’re seeing their highlights, not their flops.
Lack of context: You don’t know their goals, audience, or constraints.
Misalignment: Their strategy might not fit your situation.
Lost innovation: Copying keeps you reacting instead of leading.
A Better Way to Approach It
Instead of copying, take inspiration. Or, as the saying goes, steal like an artist. Look at what others are doing, but tweak it to fit your needs and test it thoroughly. Test everything before committing.
One more thing I loved from Elena: if you’re curious about something, ask! Most people love talking about their work, and if they’re not competitors, they’re often happy to share. These conversations can be way more valuable than guessing or copying.
Key Takeaways
Don’t copy blindly. What works for others might not work for you.
Always test ideas. Validate them for your audience and goals.
Talk to people. Ask questions and learn from their experiences.
Copying isn’t just risky; it’s also a missed opportunity to create something unique. What’s a time you’ve seen copying fail—or succeed?