Intellectual property or IP refers to any work, idea, invention, or creation of the human intellect, to which one can claim rights, and for which one can apply for copyright, patent, or trademark rights and protection. Though intangible, IPs today are considered significant assets in most businesses as these can guarantee greater success and generate a higher revenue than any other tangible asset can. If you wish to protect your company’s intellectual properties such as your works, ideas, inventions, and other creations, do consider applying for either copyright, patent, or trademark registration in the Philippines.
As businesses continue to grow and develop, so does intellectual property rights and its association and application to different business processes, marketing included. With that, below is a list of potential applications of IP rights in the marketing industry:
Intellectual Property for Marketing in SMEs
For most businesses, particularly small and medium-sized enterprises (SMEs), marketing products and services is one of the biggest challenges. Having a clear marketing strategy should allow you to establish a linkage between your products and services (and your SME) as the primary producer of such goods and services. Through this, you are enabling your customers to distinguish you from the rest of competition and all other companies in the same industry.
Intellectual property, when used properly, can be an effective tool in promoting and marketing your business. Aside from that, it can also help you create a unique image or branding for your business, setting you apart from all other companies in the market.
Intellectual Property Rights and Marketing
A wide range of intellectual property rights can significantly contribute to your business’ marketing strategy in many different ways, and here are a few:
Trade and Service Marks
Today, branding is everything. With that, well-crafted and well-thought-of trademarks, brands, or logos are crucial in pursuing success for your SME in the industry. As mentioned, this allows customers to distinguish your company’s products and services from those of your competitors. Besides that, you are also allowing your customers to associate your products and services with desirable and unique qualities, making you stand out.
On top of all that, this can also be an excellent opportunity to venture out into a new market. In the event that you notice another party or company utilizing your trade and service marks as if it was their own, and they make money out of it, you can file for a lawsuit and hire a competent lawyer to help you out with your case. Once you prove the court that you’re the rightful owner of the said IP, then you may claim respective compensation from the opposing party.
Nowadays, companies are starting to become more globally competent more than ever, and, in turn, a single, visually pleasing or attractive design might just win the hearts of possible clients. Through these creative designs, models, and inventions, you can reach out to a diverse group of people or prospects and improve your competitive edge in such a highly competitive market.
This type of intellectual property refers to goods or products inherent or exclusive in a specific place or geographic location. Labeling your products as those imported or exported exclusively in particular parts of the world can help differentiate your business from the rest of those in the marketplace. However, it’s crucial to note that your products must obtain the expected quality and standards of goods produced in a specific region to ensure constant customer satisfaction and encourage or accelerate repeat customer statistics.
These are only some of the many other things you can apply IP rights to when it comes to promoting and marketing your business, its products, and services. However, you wouldn’t want to cause any trouble in the future. To avoid that, it’s best if your business adopts preventive legal strategies and other rights and protection over your intellectual properties to ensure soundness in the implementation of such marketing strategies in the long run.