While a healthy amount of confusion prevails amongst the general public, related to the terms that surround the idea of the term ‘Intellect Property rights’, not many people know how businesses use IP as a tool — or incorporate it with their marketing strategies — to leverage available opportunities and keep hold of their share of the market. Let’s take this example to give a vivid idea of the aforementioned — Xerox’s patents in its early stages made sure no other organization produces similar copiers and maintained the company’s monopoly in the market.
IP is a robust asset that provides a company with a great advantage in the market. While a competitor can create a similar product in the market, you had a patent of a technology or any innovation in the similar market bolsters your product or service with an unparalleled advantage. Companies buttress their marketing campaigns with the incorporation of IPs to create a unique image and innovative image of their brand in the market. For example, a lot of companies display their patent numbers in their advertisements to make their customers know how their product comes out as a game changer and has what others(competitors) in the market are bereft of? Not to mention, organizations create separate documents or pages on their websites too to give users the validation of their product having the actual state-of-the-art thing in it.
IPs could even work indirectly for the marketing of a company’s product. Infringement of intellectual property right gives the company an opportunity to create a strong PR presence by using the organization that is guilty of the offense — as it spreads the word about company’s uniqueness in the market.
In a nutshell, marketing strategies and IPs are more closely related than people think they are and a good adherence between the two could do wonders for a company.