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1. How can Brand Protection Strategies help brands in terms of creating a differentiated brand identity?
The counterfeit/ infringement market is now the 10th largest economy in the world. Almost every physical branded product now has fakes and knockoffs, irrespective of geography, category or price point.
As a result, customers have become apprehensive of buying branded products for fear of being deceived. And yet, Brand Protection programs across organisations struggle to get management attention, budgets and manpower.
In this environment, a Brand has a unique opportunity to lead from the front. An active brand protection program with an integrated approach helps the Brand differentiate itself against competitors. The Brand will be positioned as going the extra mile to protect its customers. It will also ensure that the Brand itself is protected against immediate revenue loss and long term erosion of its equity, as customers are prevented from having an unpleasant product experience.
It is critical that Brand Protection strategies have an integrated approach. Many a Brand make the mistake of believing that a single initiative could be the silver bullet that eliminates all threats.
Some rely on deploying an anti-counterfeiting technology on their products and leaving it there, whilst forgetting that their value chain has to be educated and persuaded to verify products. Others believe that acting promptly on counterfeit incidents reported via customer complaints is enough to take care of the issue, not realizing that such complaints are too few to address all the counterfeit instances in the market.
What is needed is an integrated approach that focuses on enabling and persuading the value chain to verify genuine products, generate infringement leads at scale to identify infringement supply points and take enforcement action to take them down.
It becomes common knowledge in the market very quickly as to which Brands have a counterfeit problem and they suffer for it in lost revenue and reputation. A comprehensive brand protection strategy can directly change that perception by reducing the brand’s infringement instances and reclaiming their revenue and reputation.......
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