Intellectual Property as a Market Analysis Tool
Intellectual property and all information about it can play a major role in marketing. It can contribute to all traditional aspects of a marketing strategy such as; market analysis, targeting, market positioning, segmentation etc.
In this article, we will explore the different ways through which intellectual property can facilitate and support a successful marketing analysis strategy.
- Deterring Competitors
To begin with, most marketers assume that the environment for their work and effort is a preexisting environment run by laws and regulations that can’t be changed. However, all actors in any field can get creative and innovate new technologies, strategies, and obtain intellectual property rights for their new unique work. These intellectual property rights can be used to deter competitors from entering that market.
This is all to say that intellectual property can help in creating a new environment that’s beneficial to any given company. This possibility that comes from intellectual property is highly relevant and therefore it should be considered in market analysis.
- Patent Mapping
There are many tools to perform market analysis but SWOT always remains a go-to method. Intellectual property and its different forms and assets are used in SWOT analyses. For example, patent information is legally accessible to the public after a certain number of months from its application. It can include corporate details such as R&D and business strategies which is not what almost all companies would want.
Many governmental patent information databases are provided all around the world but there are also commercial ones. The patent information found on these databases is mostly processed through what’s called a “Patent Map” that gives the data a visual display.
These Patent Maps show the areas and fields of high and low patent activity and organize them by themes. “Mountain peaks” on a patent map represents a field where there is a concentration of patents.
In this context, patent maps are very useful for marketers especially in the technological field; it enables them to explore their client’s marketing possibilities, strengths and weaknesses, and position in their respective market.
Today’s knowledge-based economy makes companies and marketers eager to protect and safeguard their breakthroughs and investments; both physical and intellectual. The business ideas and concepts that are protected are a way to protect one’s market from the competition and intellectual property breaches.
In the next article, we will explore how marketers can ensure intellectual property compliance in shaping their strategies and promoting the physical and intellectual properties of their clients.