Questions to Answer
If you could, would you like to predict the future? Yes?! Okay, let’s take this question a step further. Imagine you are at a C-level executive in your company. There are numerous companies working in your domain that are constantly competing to get ahead of you. (Anxious? Well!) So, here, what if you could look into a crystal ball and get answers to questions like:
- What improved product is my direct competitor working on to bring in the market?
- Which new technology are my competitors integrating into their processes? And how are they benefitting from it?
- Have any of my competitors solved a radical problem in my domain?
So, I believe: if you could, you surely would want to look into the future and get answers to these questions. Right?!
How?
IP Analytics can help you through. By analyzing the intellectual property of a company, we can read between the lines — and identify the plans of a company that it must not be pronounced in the market but is definitely taking strong steps toward.
Now, suppose that this new plan revolves around a new kind of product. Thus, here, we can not only predict what the product is, but we can also predict what geographies the company is focusing on the most to launch the product.
In another scenario, this new plan could be the same product with some enhanced features. This could also be about the version of a product that you provide in the market; only that your competitor has come up with an enhanced feature or solved a radical problem.
IP Analytics can help you get to the nitty-gritty of such products that are still in the pipeline of your competitor.
What will you gain?
Through the exercise of analyzing IP for identifying such products and features, you would:
- Get to know the way how the players in your domain are shaping their products.
- Be able to analyze the direction in which your competitors are moving and that which you should follow to keep up with the pace.
- Get to know the ways in which you can enhance your product line utilizing the recent features being developed.
What will you lose?
In case you do NOT analyze your competitor’s anticipated products
- You might risk the market that you hold. When your competitor releases a better product than yours, the customers would naturally want to buy that enhanced product. Therefore, if you do not take the necessary steps, you might risk losing a share of the market that you hold.
- On similar lines, you risk bringing out insignificant products in the market. It is a possibility that you constantly keep on working out a feature of the product that might not be as effective as your competitor’s current research. Therefore, you might invest hugely in some product that might not create much of an impact in the market against your competitor’s product. Now, that looks like a lose-lose for you — in that your investment turned out to be for no profit.
- Your competitor might profit from a new cost-cutting feature/process that they add to their system and thus gain revenue. If you do not know about that new feature or process, you might be at a loss and be left behind in the race.
Example
The patent US20180036278A1 provides a way to isolate and purify CBD such that its purity is greater than 99%. This is done by means of centrifugal partition chromatography and by utilizing cyclohexane/heptane/octane as a solvent.
Now, if your company makes CBD-based products, then per this information pointer, a competitor of yours has come up with a process to make 99% pure CBD. So, knowing this information can guide you in the following ways:
- You might want to focus on improving the purity of your product and research about it in-house.
- If you already utilize the process of centrifugal partition chromatography for some purpose in your factories, you can modify it in a manner to increase the purity of your product.
- You might want to partner with the company utilizing this solution if this problem has been huge for you.
Conclusion
IP Analytics, hence, can help in saving the day by revealing many hidden strategies of your competitors which might risk your business. By providing answers to many questions related to new product features, IP Analytics assists you in finding solutions to the already existing problems in your domain.
