Some companies excel at securing, protecting and leveraging intellectual property (IP). Many do not, or at least, they leave money on the table. Which one are you?
Let’s start by defining what intellectual property assets are. Perhaps the highest value IP asset is a patent that protects an invention, whether that is a product, a process, a design, or a breakthrough formulation. Other IP assets include copyrights, trademarks, and trade secrets.
Patents bring great value because they prevent others from making, using, selling, or claiming your invention or innovation that you worked so hard to create and commercialize. Of note, patents are issued by the US Patent Office and do not provide worldwide rights, so foreign competitors may not observe them. Patents can be a great source of competitive advantage, and they help you accelerate sales, which contributes to the recovery of your R&D investment.
Copyrights are most often used with works of art, such as books, movies, drama productions or songs. As a result, they tend to be an issue for the largest brands, who aggressively pursue copyrights and any infringements.
Trademarks are vital, as they cover both brand and company names as well as logo designs. These marks become recognizable to consumers because they are closely tied to your product or service. Think of examples like Apple or Starbucks, or the Nike swoosh. All instantly trigger the brand promise and distinguish that brand from all others.
Trade secrets are formulations, processes, methods, programs or techniques that are uniquely yours. And if you ever get into buying or selling a business, trade secrets are a major contributor to the company valuation. Customer lists or algorithms are additional examples. They are not known to competitors and contribute to competitive advantage.
Once you have done the hard work to secure IP, it is vital to take full advantage of them in your marketing and selling efforts. You have the patent or trademark, and your competitors don’t. And most consumers tend to prefer brands that have the “special sauce” that others wish they had.
Implications
First, work closely with your legal team to register your IP to provide competitive insulation. Second, be vigilant for any signs that others may be trying to emulate or denigrate your IP rights. Sometimes a “shot over the bow” can be enough to dissuade any further acts. Litigation can be costly and a distraction. Our advice is to take the high road by encouraging competitors to cease and desist, thereby avoiding the time and expense of going to court.
Third, and most importantly, leverage your IP in the market, in your messaging, in your marketing claims, on your packaging, and in your promotional efforts. The more consistently you link those marks and patents, the more power you bring to your brand. Perhaps even get some consumer feedback on the most persuasive way to talk about your patents, inventions or innovations. It can be a risk to get too technical. And it is a big win to connect your innovation to your brand’s DNA. Think of Intel with their patented Pentium chip and the Intel Inside campaign and logo as an example of doing it well.
At Damen Jackson, we have the benefit of 25 years of working with almost 800 clients to help your brand thrive by making the most of innovation and new sources of competitive advantage. We can be your partner who helps you crystallize your story in ways that are credible, convincing and compelling.
Our fresh eyes are there to supplement and augment the experience of your leadership team, while multiplying the odds of improving profitable revenue growth.
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