Intellectual property and marketing aren’t obvious bedfellows. I’m willing to bet, very few marketeers look at patents and trademarks as part of their business strategy—but maybe they should. What if you could get the scoop on your competitors and their next product release before their own marketing teams?
Below are four game-changing reasons you should be interested in intellectual property as a marketing professional.
Unlock hidden levels
Intellectual property data is rich and can uncover many trends within the industry you‘re operating. Using IP data, especially when focusing on patent applications, could uncover new and emerging markets—and identify competitors that might be trying to enter your niche.
Anticipate your opposition’s next move
Due to the public nature of patents, it’s possible to anticipate what your competition is planning. Key trends worth watching include new technology filings and patent abandonments—insights into what is, or isn’t, around the corner. A great example: Apple filled for multiple “wearable” patents in 2013 in preparation for the iWatch release in 2015.
Shorten the odds
Patents can uncover technology lifecycles. As a marketeer this can help assess the risks and opportunities within different markets. If tech adoption is increasing, it might be the right time to capitalise on your product offering. Conversely, if the market is declining, perhaps it’s time to focus your marketing budget elsewhere.
Have the winning strategy
Using IP data to monitor trends, track your competitors and identify possible risks and opportunities doesn’t have to be complex. And it can enhance and compliment an effective marketing strategy. Be better informed on the bets you’ll be making when entering new market segments and know how to shape your offering in the market.