Looking to introduce a new product to the consumer market, but are you worried about your competition stealing your idea and profiting off it?
In today’s super-competitive consumer market, it’s not uncommon for businesses to steal ideas and profit from them. A good example is the numerous knockoff Gucci or Louis Vuitton bags or clothes currently on the market. Someone stole the brand’s ideas and is making money from them.
So, what can you do? You can protect your intellectual property with a consumer products patent. It is legal protection granted to a new product or process meant for the consumer market. This way, you prevent others from making, using, selling, or importing the patented invention for a specified period.
Even so, not all consumer products can get patent protection. So, here’s a closer look at when a consumer products patent is necessary:
1. When Your Product Brings Uniqueness and Innovation
Is your product or process original? Is it a brand-new invention to the world?
If yes, consider protecting your idea. Patents are typically granted for non-obvious inventions that have not been disclosed or used publicly before filing the patent application.
2. When You Need a Competitive Advantage
Getting a patent for your consumer product can definitely get you a competitive advantage in the market. This is because it bars your competition from directly copying your product or process.
This translates to exclusivity, and consequently, you can enjoy a larger market share, more profits, and greater brand recognition. That said, avoid a patent if your consumer product does not have a considerable advantage over existing ones.
3. When You Feel Your Product Can Capture a Significant Part of the Market
Securing a patent is an excellent move if you hold a strong belief that your product or process captures a large portion of the market or brings in considerable revenue. This way, you can protect your research, development, and marketing investments.
4. When the Benefits of a Patent Outweigh Everything Else
Now, acquiring a patent is a demanding process. Besides taking up a considerable amount of time, it sometimes requires finances, effort, and legal assistance. For this reason, you want to weigh what you are putting in against the benefits of a patent to determine which side the scale tilts to. If the projected return on investment justifies the expenses, pursuing a patent may be worthwhile.
5. When Your Product Is the Core of Your Long-Term Business Strategy
Because patents safeguard a product for a limited amount of time, usually 20 years, you want to gauge if your product will be the driving force of your business over that time. If yes, it makes sense to secure a patent as it will ensure that your competition does not undermine your operations over that period.
Protect Your Product by Securing a Consumer Products Patent with a Reliable Attorney
Nothing is more painful than seeing your competition undermine you in the consumer market by copying and profiting from your product. That’s why patenting your product might actually be a great idea. So, talk to a patent attorney to walk you through the patent application process.
