To many people, intellectual property is an obscure concept which can only be best understood and applied by people who are properly trained. You might be asking yourself how patents are of any essence to small businesses or any other type of a business. Other than setting you apart from the competition, there are many other benefits of creating a business around intellectual property.
Why Is Intellectual Property Relevant?
Along with human inventiveness and creativity, intellectual property is present everywhere, and in fact is embodied in the US Constitution. Almost every service or product that you come across in the market today is as a result of a long chain of small or big innovations. These innovations come with regards to new ideas for solving a problem in the marketplace, changes in designs, or basic improvements on products, sometimes products we use on a daily basis. The role of a patent is to make sure that the different idea implementations are protected, whether by utility patent, design patent, plant patent or what are commonly referred to as industrial design rights.
What Role Does Intellectual Property Play In Product/Service Marketing?
Marketing is necessary for purposes of establishing a link between services or products. Ideally, customers ought to be able to distinguish between your company products or services and your competitors’ quickly and at a glance. Intellectual property comes into play by creating an image for your company or business formation in the minds of the customers and positions your products and services in the market. Trademarks, service marks, copyrights, and patents, combined with marketing tools are vital for:
- Differentiating products and services and making them easy to recognize
- Promoting your services and products thus creating a loyal clientele
- Diversifying your marketing strategy to get through to various target groups
- Marketing your products in foreign countries
In a nutshell, there are myriad reasons why intellectual property is vital in the world of business today. Patents, for example, are the underpinnings of your company and, along with your trademarks, logos and product look and feel, they ideally allow your customers to distinguish your services and products from your competitors’, giving your business the leeway to effectively market its goods and services. Therefore, your intellectual property serves as your guarantee of consistent quality. If customers are pleased with the quality of your products and services, they will continue buying based on the quality expectations that they have.