Buying your competitors' products is a great way to know how you stack up against them, but earlier methods are available for competitor analysis.
Because patents need to be filed before the company publicly discloses and are often filed years before a product release, monitoring competitors' patent publications is a low-cost way to know where they are investing in research and development. These publications can also provide insight into a company's plans for foreign expansion. For example, if a company files for patent protection in Europe and China, but not Canada or Mexico, it's likely the company doesn't see North America outside of the U.S. as a major source of revenue growth in the next 5-10 years.
We can also identify partnerships that competitors have engaged in by analyzing patent filings. This most often includes identifying research institutes such as universities with which a competitor has partnered. The source of funding is often included in the patent filing as well so we are able to tell if the competitor is using government grants to fund its research and development with minimal cost.
Another important indicator is trademark monitoring. Unlike patents, which take 18 months in most cases to publish, trademark filings are available almost immediately in most situations. Our clients often find it valuable to know in advance what goods and services their competitors plan to offer under a brand name, especially given the low costs of monitoring for trademark filings.
In conclusion, staying ahead in today's competitive business landscape requires a multifaceted approach to competitor analysis. While purchasing your competitors' products can offer valuable insights, it's important to proactively monitor other business indicators, such as intellectual property filings. Monitoring patent publications can unveil not only where your competitors are focusing research and development efforts but also shed light on their international expansion plans. Furthermore, trademark monitoring can provide valuable insights into your competitors' upcoming offerings. Contact me if you would like to discuss how these monitoring options can help your business.
