How Patents Become Selling Points
“Research indicates that about 70% to 80% of a company’s market capitalization comes in the form of intangible assets, which include intellectual assets such as patents, trademarks, copyrights, and other business knowledge and know-how. Patents are moving from a legal role to a strategic management one, and company leaders must be prepared.” —Forbes
Your patent is your property, an important asset to your company. Paraphrasing the USPTO’s definition, a patent is an intellectual property right granted by the federal government to an inventor to prohibit others from making or selling their invention for a limited time, in exchange for public disclosure of the invention. That being said, a patent offers your company much more than legal protection; it can also play an integral part in your marketing strategy.
The key here is the “public disclosure.” While some inventors might be reluctant to reveal their work, this exposure can in fact significantly benefit their bottom line.
Owning a patent can affect your company’s relationships with three main parties:
First and perhaps most importantly, a patent can have a huge impact on the way customers and potential customers perceive your business. Especially in the high tech space, the terms “patented” and “patent pending” carry a lot of weight with buyers. It means that you can offer them something that no one else can, which automatically adds value to your product or service. It also affords you greater credibility and establishes you as an innovator in your field. The high-tech landscape is constantly evolving, and who wouldn’t want to take advantage of the newest, most advanced technology available?
While a patent does give you the ability to pursue legal action against copycats, it also helps ensure that you’ll likely never have to. The mere potential for a lawsuit is enough to deter many companies from attempting to reproduce your work. No one wants to be involved in a lengthy, expensive legal battle, especially when it seems clear that they’d be on the losing side of it.
Congratulations! You’ve obtained a patent and secured your position as an industry leader. Now what? The reputation you’ve earned could lead to further innovation, opportunities to collaborate with others who have heard of and are interested in your work. You might also choose to license or sell your technology. The doors will be there, you just have to decide which ones to open.
How to Leverage a Patent in Marketing
The easiest and most common way to promote a patent is to simply mention it in:
- tradeshow signs
- marketing emails
- product pages and landing pages
- demo videos
- brochures, application notes, or any other technical documentation for the invention
Want to kick it up a notch? Write a whitepaper about how your patented technology helped solve a particular industry problem, or how it contributed to breakthrough research. A useful whitepaper will focus more on the problem and solution and less on your company and invention; nevertheless – or perhaps because of this – whitepapers are a great way to establish thought leadership and show what can really be achieved with your technology.
At Launch Solutions, we’re lucky enough to have engineers who can write on our team and help review patents or develop additional product launch content. We understand your customer and know that the right mix of IP and marketing can fuel your success. Contact us to discuss your needs in confidence