Are you curious to know how IP (Intellectual Property) firms should market their legal services to close leads and get potential clients? Marketing strategies are common for any kind of business to promote its service and get better clients. We have witnessed various popular and accessible marketing strategies used by different businesses today.
But when it comes to legal law firms, are the same strategies helpful in closing leads and gaining potential customers? Or do you need to focus on more than just the basic marketing strategies about IP firms marketing and growth? For a more precise idea, let’s go ahead and explore a few lead closing strategies you can consider as a part of an IP firm and its better growth!
What Helps IP Firms Grow:
While there are numerous ways a business can grow and achieve more and bigger clients, IP firms may work and grow differently. Besides, what the chaotic years the world has been facing due to the pandemic, seeking law-related help has become an even bigger question for potential customers: whether to go for it or not? At a time like this, technological analysis and help is the ideal way for IP firms to make their way for attracting and closing future leads. Some effective methods that can be considered for this include:
· Comparative Technological Metrics:
With technology playing a massive role in making our lives easier today, it’s become necessary for smooth business operation. Therefore, comparing the IP firm’s success rate to averages at the USPTO can be a huge eye-opener and strategy planner for these firms.
The ideal way is to use a specific technology grouping at the USPTO and competing firms to compare better how well your firm is performing with legal solutions. In this way, you use technology to track your progress and portray it among the public for choosing you without hesitation.
· Firm ROI:
Other than grabbing the attention of the new clients and closing leads by promoting your success rate, strengthening your relationship with the current clients is also essential. Here again, usage of technology and prosecution data for quantifying the firm ROI is highly helpful. With this strategy, you reveal the exact dollar value of your work to your leads and help them trust you in maintaining the existing relationship.
Not just that, but the same strategy can also help new IP firms and businesses to persuade new clients by calculating similar numbers. So you secure your present customers and close new leads using your firm’s ROI. Some effective ways that can help you to highlight firm ROI include:
· Using the average office actions to reveal the prosecution savings.
· Showing the leads how the allowance rate can help increase the portfolio value.
Once you use these basic tech-focused strategies to reveal your position among the other IP firms, you can easily gain the trust of present and future leads. Moreover, these strategies also help you stay intact with your firm’s and teams performance overall. So go ahead and practically use these strategies to help your IP firm grow more efficiently. You can also contact us, we can help you!
Violation of intellectual property rights is called "infringement" concerning patents, copyright, and trademarks. On the other hand, "misappropriation" is more related to trade secrets and ideas. While intellectual property infringement and misappropriation are serious matters, it is not always easy to identify whether or not the crime has actually taken place. So today, we’re going to break down everything about these two domains of the IP industry.
Intellectual property (IP) infringement refers to any violation or breach of protected intellectual property rights. For example, your IP rights may have been infringed if your work that is protected by IP laws is copied or otherwise used or exploited without your permission.
IP infringement can range from piracy (unauthorized use), copy, reproduction, or distribution of materials protected by IP rights to counterfeiting, which is the practice of replicating genuine goods with the intent to mislead the recipient.
Types of IP Infringement
As we know, there are several types of intellectual property rights, such as copyrights, patents, trademarks, industrial designs, and trade secrets. Therefore, an intellectual property infringement may, for instance, be one of the following:
● Copyright infringement
● Patent infringement
● Trademark infringement
● Design infringement
How to identify IP Infringement?
Determining if the IP rights of your client have been infringed upon is sometimes as easy as conducting a basic search via the internet. The reason is, Copyright, trademark, and patent information are all a matter of public record, meaning you can search for various types of intellectual property using the appropriate databases. In addition, these databases are often available online, making the search easier.
However, It is important to understand that a search for IP infringement may not always provide accurate results because the person who infringed upon your work has the property listed under different words that do not match your search. In this case, you have to do an advanced search.
● You can perform a direct patent search for inventions or published applications. Start your search with the United States Patent and Trademark Office (USPTO). You can also find databases available on the USPTO website.
● Patent and trademark resource centres are available in libraries across the country and can provide reliable answers. Besides, you may be able to reveal infringement from journal articles and other sources of authoritative literature related to your client's industry.
● Lastly, you can perform a patent search on Google using the inventor’s name, keywords, or other search criteria.
If you’re managing IP for some big fish, then it is also a good idea to consistently monitor competitors of your client to see if they are infringing on their IP rights. It is fairly common for competitors to try to keep up with the competition by offering goods that are very similar to others in the industry. While this does not always constitute an infringement, it can sometimes mean that your IP rights have been violated. You can catch any infringement activities early on by monitoring competition before the issue becomes bigger and more costly to handle.
How to handle IP Infringement?
If you discover that intellectual property has been used without permission, it is important to act fast to cease the activity as soon as possible. Even if your client does not want to sue the person, you must send a basic request to the infringer to stop using your work. For example, you can write and send out a cease-and-desist letter to the person or business. When creating this document, be sure to include detailed information about the work being infringed upon and the type of infringement (copyright, patent, etc.).
When sending out a cease-and-desist letter to the offender, be sure to state what action you would like the person to take. For example, you may want the person to stop using your trademark or remove the infringed upon material from their website.
Also, include a time limit to respond to your request. Let the offender know that if they do not respond appropriately by the given timeline, you will take further action. This may include taking legal action to stop the activity.
In the simplest words, Misappropriation is generally the taking or using of something belonging to someone else. It can include trade secrets, ideas, or names and likenesses.
When it comes to Misappropriation of trade secrets, it is a form of unfair competition. Companies often attempt to lawfully discover another's trade secrets through reverse engineering or employee poaching. Companies can also engage in unlawful means of discovering another's trade secrets, including hacking into sensitive computer systems or violating non-disclosure agreements.
How to handle Misappropriation?
In case of misappropriation, handling the situation can be very complex because the burden of proof in an actual misappropriation case is on the shoulders of the trade secret owner who is claiming that trade secrets have been misappropriated.
This burden of proof requires the trade secret owner to demonstrate that they were in possession of knowledge or information that was not generally known and was valuable precisely because it was not generally known and that the knowledge or information was subject to efforts that were reasonable under the circumstances to maintain its secrecy.
Depending on the facts and circumstances of a given case, together with the nature of the intellectual property to be protected, proving the elements necessary to make out a trade secret case can be a challenging undertaking. Therefore, the best way to establish a foundation for the successful prosecution of trade secret misappropriation is to follow closely the provisions of a written trade secret protection plan and take measures to ensure the security of the information in the first place.
According to Transparency Market Research's (TMR) latest research report on the global intellectual property services market for the historical period 2018 - 2019 and the forecast period 2020 - 2030, increased use of outsourced services to preserve intellectual property (IP) owners' rights and privileges are likely to enhance the global intellectual property services market over the forecast period.
The global intellectual services industry was valued at over US$2.1 billion in revenue in 2019 and is expected to increase at a compound annual growth rate of 12% from 2020 to 2030. By the end of the projection period, the market is estimated to have surpassed the value of US$ 5.8 billion.
Source: Transparency Market Research
Factors that are likely to influence the growth of the global intellectual services market are:
increasing application or registration of patents;
increasing illegal and unauthorized sales of tangible and intangible assets, which has spurred an adoption of intellectual property services, to be protected by regulations and laws from unauthorized use of their rights;
the launch of international brands and their content releases;
the increased reliance on artificial intelligence in the digital health sector and the need to protect data, to empower AI in medical applications;
the presence of key market players in North America and Asia Pacific;
technological advancements in North America;
growth of customer spending in outsourced IP services in North America;
significant rise in commercial investment in intellectual property services in Europe;
a rising number of intellectual property service providers in countries, such as France, the U.K. and Germany; and
an increasing adoption of intellectual property services among IT & telecom and manufacturing businesses in Asia Pacific.
According to TMR's report, the key players in the global intellectual property services market include Acumun Group, Baker McKenzie, CPA Global Ltd., Dennemeyer Group, ipMetrix Consulting Group, LexisNexis, Linklaters, McDermott Will & Emery LLP Inc., PatSnap Pte. Ltd., Synoptic Intellectual Patents (P) Limited, and Wynne-Jones IP Ltd. In addition, the report evaluates the financials, key product offerings, recent developments, and strategies of these key players.
There have been significant partnerships and key development by these key players in recent times. These include a partnership between Baker McKenzie LLP and SparkBeyond Ltd., to assist SparkBeyond Ltd to reimagine legal client services in the future. In addition, CPA Global Ltd. partnered with Brügmann Software GmbH to provide smart data integration solutions across the IP management system. Anaqua, Inc. has also partnered with Clarivate PLC to expand its business operations in Europe with advanced IP solutions and services.
There is no doubt that the potential future development of the global intellectual property services market will be on an upward trajectory. This is why our service offerings at Lead IP is structured to assist you to generate more leads, find service providers in other jurisdictions to improve your company's IP process, and reach your target audience faster through efficient partnership.