#45 EUIPO SME scoreboard 2019 and how to use the data in client acquisition
European Union Intellectual Property Office has just released their SME scoreboard 2019. It provides great data for any IP firm or Law firm who wants to get better results in landing more business from small and medium-sized enterprises. When you understand the perspective of your potential clients and clients, you are better positioned in promoting your IP service. Here are some of my key findings that may be useful.
Online presence is more important than ever. And even so in the future. When asked about the sources for business development information, around 55 % of SMEs reported internet search as their primary source. Thus, when confronted with IP-related problems, every other SME goes to the internet first.
Therefore, having a solid presence in search engines through Google Ads and/or Search Engine Optimization is important. Furthermore, educating your potential audience with relevant and helpful content in the form of a blog or podcast is an effective way to build your brand.
The second finding is that overall, SMEs are not very familiar with the term “intellectual property rights”. For example, from non-IP owners 48% rated their familiarity with the term, “low”. In my previous blog post I emphasized the importance of translating intellectual property into business language. The data of the scoreboard supports the fact that making IP more understandable is a goal worth pursuing. Therefore, discard all jargon in your marketing and sales message, especially when you are targeting SMEs. If they cannot understand your offering, they are not going to buy from you.
The third and most important finding is the set of reasons why SMEs register contra do not register their IP rights. Why is this important? When you know why your prospects want or do not want IP protection, it is much easier to influence their decision-making because you know which type of objection you need to handle and prepare for.
The top three reasons for registering IP-rights among SMEs are copy prevention, legal certainty and elevated image and value. In other words, the most influential factor for securing IP rights is the fear that someone else takes undue advantage of the intellectual efforts of the SME.
The top three reasons for not registering IP-rights are lack of knowledge, wanting to keep the innovation open for everyone and innovative assets are not innovative enough.
Overall, the report is a great reminder that there is still a lot more to do in the education work of IP. I think that implementing educational resources to the marketing of your IP firm can be a great asset in bringing in new leads and building your brand.
The link to the whole document can be found here:
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