Counterfeiting and IP theft continue to be a big problem for brands globally and is an issue that often is not given the attention it needs in a business. Working in the brand protection industry and with our finger on the pulse on the world of fake goods, SnapDragon know just how stressful and challenging it can be to keep on top of this ever-growing problem.
There can be a misconception that only luxury goods are counterfeited; however, no product or brand is immune from being targeted by copycats. Everything from pharmaceuticals, cleaning products and alcohol to cosmetics and pet goods are counterfeited, making it very hard for consumers to spot the real product from the fakes. According to Statista, as of 2020 annual sales losses for cosmetics and personal care products was 4.7 billion euros, indicating the huge scale of the problem.
What is Brand Protection and why is it important?
Brand Protection is the process of guarding your Intellectual Property (IP) from exploitation. This can cover everything from counterfeit products and copyright piracy to someone copying your patent or using your Trademark on marketplaces, social media or fake websites.
For creators and inventors who have created a product and put in hard work and investment, seeing a product copied is distressing. By protecting your brand online and removing infringing listings, you do not just remove them from sale but can help stop the supply chain at the source of the problem. Acting early can prevent small issues becoming bigger and more damaging in the future.
The cost of fake goods to your business:
- They are unsafe and can kill – from dangerous toys to harmful ingredients or untested products, the potential dangers of fakes cannot be overstated.
- They hit you financially. Wholesale fakes can cost thousands or even millions in lost revenue, as sales are stolen from your business. Unfortunately, a counterfeit item is competition to your brand- whether a customer buys it unknowingly or not.
- They harm your brand’s reputation. A customer annoyed by receiving a fake may not get a refund and will have distrust in the whole process.
- They create customer confusion. Unknowingly buying a fake and experiencing poor quality inevitably causes a loss of confidence. This may force consumers to shop elsewhere in the future.
- They take up valuable time, money, and resources to combat.
What can I do to protect my brand and IP?
- Make online brand protection a priority. Implementing a strategy for brand protection is crucial for any brand owner. It is never too late to protect your brand from counterfeits – safeguard your revenue and reputation.
- Register your trademark. This should be done in as many territories as possible. The online application fee to register a trademark is £170 with the IPO, a small price to pay for peace of mind.
- Monitor the marketplace regularly. By keeping an eye on online shopping platforms, you can check for infringements of your brand’s intellectual property. Ecommerce, social media, websites, and domains all have their own systems in place for reporting an IP infringement should you discover an issue.
Monitoring and detection are key and can be difficult to manage as a busy brand owner, but this is where SnapDragon can help. There are many companies offering Brand Protection services in the UK, however, we believe our team are without doubt the friendliest out there. We work with clients from a huge range of industries and across the globe to monitor domains, social media and marketplaces and will defend your brand relentlessly. See for yourself what our clients have said about our work, it speaks volumes.
To get in touch or request a demo click here.