What is a Product Launch Strategy?
A product launch strategy is a plan to introduce a new product to market. It is a series of actions and steps taken by different members of the team leading up to the product launch.
And what are smart Product Launch Patent Strategies? They are patent strategy plans for a product launch that consider the functionality, and visual features of the product, and also whether to patent before or after launch and the cost of patenting.
Let’s explore the components of a successful product launch strategy. To understand the importance of a Product Launch Strategy, consider these steps, characteristics, and components: (Side Note – This is different to our post on patents and product launch marketing plans.)
Steps in product launch strategy
How do you make sure your product is successful? The first step is to analyze the market. You should analyze your competition and understand what their customers need.
Then, make a list of your own key differentiators, and use them as the backbone of your product launch strategy. If your competitors’ products are similar to yours, it may be difficult to differentiate yourself. But by following these steps, you can ensure your product’s success and avoid common mistakes.
The next step in product launch is to conduct thorough market research. You need to know whether there is a demand for your product and at what price. You need to find out which demographics you’re targeting, as this will have an impact on your marketing strategy. It’s a mistake to launch your product without doing market research! If you market to the wrong audience, you’ll end up ruining your product launch.
A product launch strategy focuses on long-term growth. A product launch should stop being a short-term solution, and instead focus on building brand and user adoption. The five-part growth loop of TBH, the founder of Reforge, is a proven process for ensuring success. A successful product launch process validates assumptions and questions faster than an impromptu experiment. It also pays off in a higher retention curve.
A product launch strategy begins with deciding whether your potential customers want what you’re offering. To do this, you can analyze your business metrics. Understand where your customers are coming from, why they’re buying, and where they’re leaving. This data can help you determine the most successful marketing strategy for your product launch. The goal is to create awareness for your product, push it up a steep growth curve, and ultimately get more money.
Characteristics of product launch patent strategy
Effective product launches require close coordination between development and marketing. An effective launch requires a combination of innovative technologies and proven marketing techniques. The following are the characteristics of an effective product launch strategy. Let’s explore each one in turn.
Optimal pace: An optimal product launch allows firms to learn from previous launches and boost shareholder returns.
But how fast is optimal? Researchers have found that firms that launch their new products and services at the right pace can see an increase in the market value of up to 10%.
That’s a huge return on investment, especially when you consider the time it takes for competitors to catch up. However, there are some limitations. The research can’t prove how fast to launch a new product, but it can provide statistical evidence of how long to wait before launching a new one.
Research on the subject has been mainly focused on new high-tech products. However, network effects can arise in certain industries and disrupt the competitive landscape. Yet existing literature on the topic offers limited guidance for managers on how to successfully introduce new technologies and create network effects. To this end, a more systematic approach is needed to explore these effects. Ultimately, this will help managers formulate effective product launch strategies.
Product launch failures: Statistically significant associations between failed drug launches and the likelihood of success in the market. In addition, many drug launches fail due to an inadequate understanding of the market and customer needs. This is especially true for products that receive priority FDA review. Moreover, drugs that receive priority review by the FDA have a positive association with sales forecasts. However, there are several ways to make a successful product launch, regardless of industry.
Components of product launch patent strategy
A good product launch patent strategy begins with the establishment of your unique features. This is particularly important as 95 percent of new products fail to achieve a five percent success rate. The next step is to examine the patents and determine whether you have a patentable design. Focus on these marketable aspects and protect them as much as possible. The following are important components:
1. Patent game plan for product launch
It is difficult to decide whether to file a Patent Application before or after product launches. Although there are many benefits to patenting before public disclosure is possible, the main problem in this decision is often the high cost of patents. It can be risky to invest a lot in patenting a product before it has been proven commercially successful. The risks of not patenting your product until it is a success are even greater if there are many cheaper alternatives. Let’s look at how startups can strike a balance between patent protection that is essential and patent protection that is expensive.
2. Product launch functional features
Utility patents are necessary if the unique characteristics of your product are functional. The utility patent application process takes longer and is more complicated than the design application. You will need to consider whether utility patents are worth the time and money it takes to obtain them.
3. Product launch with only visual features
It is worth asking why your customers may buy your product if it is not complex. You should protect the appearance of your product’s ornamentation with a design trademark. You can choose to ignore utility patents and pursue design patents instead. However, you should be aware of the following limitations and distinctions:
- You may not be in a position to stop other companies from creating similar products with a different look but the same purpose.
- You may have to file multiple patent applications for different product designs.
- The cost to obtain a design patent is significantly less than that of a utility patent. It will generally be under $3,000 based upon our flat fees for a small-entity applicant with fewer than 500 employees (assuming there are no Office Action rejections).
4. Product functionality or its appearance?
A product’s core protected features should drive an effective IP strategy. If your main feature is its appearance, design patents are the best option. Utility patents are best if you care more about the functionality of your product than how it looks. Sometimes, it might make sense to file both design and utility patent applications.
5. Patent before or after product launch
It is always best to file patent applications prior to launch if you have the budget. The patent race is won by those who are the first to file with USPTO. A provisional patent request can be filed if a non-provisional utility application is too expensive for your startup. This will allow you to purchase a year of patent-pending status. You shouldn’t rely on provisional as they can be deficient in details.
This is especially true if you are writing provisional applications.
Additionally, you must first file a foreign patent application if you want to be eligible for public disclosures. You can, for example, start by filing a US patent application before you launch your product. Once you have obtained a US patent filing deadline (priority number), it is important to file any international applications or an International PCT application within one calendar year. Your foreign applications will be dated back to your US priority date, and thus predate any public disclosures that you made after the US filing.
6. Flat rate patent applications are worth considering
Cost is an important component hence you might consider working with an IP company that charges flat rates for non-provisional utility patent applications if you’re leaning towards the utility patent route but are worried about high costs.
A fixed-fee patent application will allow you to budget and determine if a non-provisional is possible in an earlier stage of your startup.
The need for product launch patent strategy
Product launch requires years of planning and a large budget. In this process, intellectual property protection is crucial because launching a new product affects all intellectual property rights. A good strategy includes timely filing of a patent application, considering potential on-sale and public disclosure bars. Companies should also consider infringement and litigation issues before launching a new product.
What is a patent?
Patents are issued by the government to protect the invention. It gives the inventor the exclusive right to develop, utilize and market the idea. Society gains when new technology is introduced to the market. These benefits could be realized directly as people are able to achieve previously impossible feats or via the economic opportunities that innovation offers (business growth, employment).
Many pharmaceutical companies and researchers at universities seek protection from patents in their research and development. Patents can be granted to the physical or abstract nature of a product or process, or a method or material composition that is new to the area. Patent protection is granted to any invention that is valuable, novel, and not previously known to others in the same area.
Patents give inventors a chance to be recognized for commercially viable inventions. They provide motivation for inventors to invent. Small-scale businesses and inventors can rest sure that they will earn a good return on their investment in the field of technology development. They can earn a living from their work.
Businesses that have the capacity to:
Businesses that have the capacity to:
- Protect your innovative products and services.
- Enhance the value, popularity, and appeal of your product’s market
- Differentiate your business and products from others;
- Access business and technical expertise and data;
Be careful not to accidentally use third-party content or you risk losing important information as well as creative outputs and other outputs.
Patents effectively transform the inventor’s knowledge into a commercially tradeable asset that opens up new possibilities for job creation and business expansion by licensing or joint ventures.
Investors who are involved in the commercialization and development of technology will appreciate small-scale businesses that have patent protection appealing.
Patenting can generate new ideas and new inventions. This information can promote innovation and may qualify to be protected by patents.
Patents are a way to prevent untrustworthy third parties from profiting from the invention’s efforts.
Patent-protected technology revenue that is commercially profitable could be used to fund technological research and development (R&D), which will improve the chances for better technology in the future.
Intellectual property ownership can be used to convince investors and lenders that there are real chances to commercialize your product. Sometimes, one powerful patent could lead to multiple financing opportunities. You can use patents and other IP assets as collateral or security for financing. Investors may also look at your patent assets to boost their valuation of your company. Forbes and other publications have reported that every patent could add between $500,000 and a million dollars to a company valuation.
A solid business plan that is well-designed is crucial for new businesses. It should be founded on IP and show the way your product or service is distinct. In addition, investors will be impressed if you demonstrate that your IP rights are secured or are on the verge of becoming secure and that they support your business strategy.
It is crucial to protect an invention before applying for patent protection. Making an invention public prior to its filing often destroys its novelty and renders it patent-infringing. Therefore, pre-filing disclosures (e.g. for test-marketing investors, test-marketing, or any other business partners) should only be made after signing a confidentiality agreement.
There are a variety of patents and knowing these is vital to safeguard your invention. Patents for utility cover methods and inventions made by machines. Design patents cover ornamental designs. Patents for utility are the best option to protect the proprietor from copycats and other competitors. They are typically issued to improve or modify existing inventions. Patents issued under utility can be used to enhance or alter existing inventions. For example, a process patent will cover acts or methods of performing a specific act, whereas a chemical composition will include an assortment of ingredients.
How long does a patent last? Utility patents last 20 years from the initial filing date, but their expirations may be extended because of patent office delays for instance.
Are you thinking of patenting your idea? Since patents are only granted to applicants who are first to file, you need to make your application quickly. Contact an attorney for patents at PatentPC to file your invention now!
Patent searches are a must when you’re drafting the patent application. This will enable you to discover other concepts and provide insights into their potential. This can help you limit the extent of your idea. Furthermore, you’ll discover the latest technological advancements in your field of invention. This will help you to comprehend the scope of your invention and prepare you for filing your patent application.
How to Search for Patents
A patent search is an initial step to getting your patent. You can do a google patent search or do a USPTO search. After the patent application has been submitted, the product that is covered by the application can be referred to as patent-pending and you will be able to locate the patent application online on the public pair. Once the patent office has approved your application, you will be able to conduct a patent number look to locate the issued patent. Your product now has the potential to be patentable. You can also use the USPTO search engine. A patent lawyer or patent attorney can assist you with the procedure. In the US Patents are granted by the US trademark and patent office or the United States patent and trademark office, which also reviews trademark applications.
Are you interested in finding other similar patents? Here are the steps:
1. Create a list of terms that describe your invention based upon the purpose, composition, and application.
Start by writing down a concise detailed description of your idea. Avoid using generic terms like “device”, “process” or “system”. Look for synonyms for the terms you picked initially. Then, note significant technical terms, as well as keywords.
Use the questions below to help you determine keywords or concepts.
- What’s the goal of the invention? Is it a utilitarian device or an ornamental design?
- The invention is a method to create something or perform a function? Are you referring to a product?
- What is the composition of the invention? What is the physical structure of the invention?
- What’s the point of the invention
- What are the terms in the technical field and the keywords that define the nature of an invention? A technical dictionary will help you identify the correct words.
2. Utilize these terms to locate pertinent Cooperative Patent Classifications for your invention at the Classification Text Search Tool. To determine the best classification for your invention, scan the resulting classification’s class Schemes (class schedules). Consider substituting the words you use to describe your invention if you do not get any results from your Classification Text Search with synonyms like the ones you used in step 1.
3. Examine 3. Go over the CPC Classification Definition to verify the validity of the CPC classification that you have found. The hyperlink to the CPC classification definition will be given when the classification you have selected contains a blue box with “D” on the left. CPC classification definitions can help you determine the applicable classification’s scope, so you can select the most appropriate. They may also provide some search tips or other recommendations that could be helpful for further research.
4. Find patent documents that have the CPC classification from the Patents Full-Text and Image Database. You can search and find the most relevant patent publications by looking first at abstracts and drawings representative of.
5. Utilize this list of most relevant patent publications to look at each in detail to find similarities to your invention. Pay close attention to the claims and specifications. You may find additional patents by referring to the patent examiner as well as the applicant.
6. It is possible to find published patent applications that match the CPC classification you picked in Step 3. It is also possible to use the same strategy of searching you used in step 4 to limit your search results to only the most relevant patent applications by looking over the abstracts and representative drawings for each page. The next step is to review every patent application that has been published with care with particular attention paid to the claims and other drawings.
7. Find other US patent publications using keywords searching in the PatFT and AppFT databases, classification searching of non-U.S. patents per below, and searching non-patent patent disclosures in the literature of inventions using web search engines. Here are a few examples:
- Add keywords to your search. Keyword searches may turn up documents that are not well-categorized or have missed classifications during Step 2. For example, US patent examiners often supplement their classification searches with keyword searches. Think about the use of technical engineering terminology rather than everyday words.
- Search for foreign patents using the CPC classification. Then, re-run the search using international patent office search engines such as Espacenet, the European Patent Office’s worldwide patent publication database of over 130 million patent publications. Other national databases include:
- European Patent Office (EPO) provides esp@cenet to access a network of Europe’s patent databases with access to machine translation of European patents.
- Japan Patent Office (JPO) – with access to machine translations of Japanese patents.
- World Intellectual Property Organization (WIPO) offers PATENTSCOPE with a full-text search of published international patent applications and machine translations for some documents, as well as a list of international patent databases.
- State Intellectual Property Office (SIPO) with a machine translation of Chinese patents.
- Search non-patent literature. Inventions can be made public in many non-patent publications. It is recommended that you search journals, books, websites, technical catalogs, conference proceedings, and other print and electronic publications.
To review your search, you can hire a registered patent attorney to assist. A preliminary search will help one better prepare to talk about their invention and other related inventions with a professional patent attorney. In addition, the attorney will not spend too much time or money on patenting basics.