In turbulent times, rely on your in-house IP team to manage your trademark portfolio.
Geopolitical turmoil and related economic distress continue to dominate in early 2023. With inflation and interest rates remaining high, the outlook remains too uncertain.
In order to help internal intellectual property professionals deal with this problem, Rachel Tan, Global Head of Rouse Global Trademark Practice, and Lisa Yong, partner, extracted and summarized three key principles that intellectual property professionals should abide by .
1. Make decisions based on data
Data is what fuels us, they won’t copy or replace us. When there’s a recession, that’s exactly what you need to go to business decision makers and show them conclusions based on immutable data.
Most experienced corporate trademark consultants understand that every region is different and there is no one-size-fits-all approach. In times of recession, it is especially important to be guided by appropriate metrics and forecasts that take these differences into account. Review regional data to see trends and adjust your actions accordingly.
2. Revisiting strategy in complex jurisdictions
Recently, after submitting a large number of trademark applications, some domestic and foreign brand owners have received a notice of examination opinion issued by the government, inquiring about their intention to use the applied trademark. Because of this, Rouse has been analyzing the root causes and explaining to stakeholders why evidence of use is now more required when filing a trademark application.
The geopolitical changes currently underway add to the complexity of managing trademarks across territories. Home markets expand in different ways, and trademark strategies need to change accordingly.
Senior leaders should be aware of local complexities and make sure to liaise with those who have first-hand IP law knowledge and experience. Where such expertise cannot be obtained internally, steps should be taken to ensure that appropriate external partners can provide it.
3. Do more with less
A recent report on the illicit trade in turbulent times highlighted that high inflation and rising costs of living can lead some consumers to choose fakes over genuine ones [1] . Therefore, brand protection and enforcement teams may expect more filings with trademark portfolios covering more jurisdictions to combat counterfeiting or knock-offs.
In recessionary times, IP teams often rely on technology and outsourcing to do more with less. Software vendors and procurement vendors may offer solutions that may seem effective, but they cannot by themselves address the complexities of a solid trademark management strategy. Problems can often only be solved by combining an adaptable approach with custom solutions for complex markets.
Companies often focus on cutting budgets based purely on the type of event. It may be helpful to understand how market developments fit into your overall brand equity strategy. This enables you to make informed decisions to prioritize spending on core trademarks and protect your intellectual property assets in the future. Creating more value with fewer resources is the real challenge.
[1] https://impact.economist.com/projects/deliver-change/wp-content/uploads/2023/02/Illicit-trade-in-a-time-of-uncertainty-report.pdf