Keeping Ahead Of Your Competitors

The 3 step solution for success

Many business owners and managers encounter marketing and strategy phrases such as “Keep ahead of your competitors”.  These phrases are often followed with useful, yet vague explanations of concepts to apply to a business strategy.

“Play to your strengths”, “Innovate” and “Think outside the box” are all concepts we understand in theory. But, how do we convert these business concepts into business assets?  More importantly, how do we protect those assets?

This article covers the 3 essential steps for leveraging your business assets in order to keep ahead of your competitors.

Step 2: Own And Control Your IP Assets

After the different forms of intellectual property have been identified, the next step is to formalise and maximise the value of your IP assets.  This includes creating an inhouse register of the intellectual property and obtaining registrations where available for the intellectual property. 

The level of protection can be extended to overseas countries and regions should the market of the business extend to those areas.  That is, many of the brands and logos can be registered as a trade mark to provide protection against unauthorised use in selected overseas countries.  Similarly, your products and services can be the subject matter of internationally registered designs and patents.

With the registered intellectual property and the identification of other forms of intellectual property, you can use your intellectual property to make your own market niche and develop a reputation as being the sole provider of those products and services. 

Your business can also negotiate agreements and licenses with other businesses using your intellectual property as the basis of these agreements and licenses.  Licensing of your IP develops a passive income for your business.  Identifying and registering your intellectual property also increases in value of your business.  Your IP portfolio will be one of the first points of interest for investors, as they know that without protection your business, products and services are exposed.

Step 3: Maintain Control Of Consumer Demand

The environment of the business is everchanging with the ebb and flow of consumer demand, technology development and business practices.  

It is important for your business to maintain vigilance over your innovations and the consumer demand for your products and services.  As a business owner you must take steps to make yourself aware of:

• Technological changes that affect your products and services;
• Consumer feedback over problems or improvements associated with your products and services; and
• Changes in and around your industry that require review of your products and services.

The review of your products and services should occur on a regular basis. This information leads to the development of improved versions of your products and services.  These improved products and services can subsequently be the subject of further intellectual property protection including registration of patents, trade marks and designs.  In this way your business will keep ahead of your competition. 

Protecting your improved product and service and then marketing it to the consumer, helps keep the product and service as the consumer preference and your business as the market leader.