7 Tips to prevent losses to counterfeit
As a Brand Owner (big or small), we want to expand our market share by going overseas especially to a growing economy. In countries like Vietnam, we have seen local distributors expecting the Brand Owner to provide support to prevent counterfeiting of the products that they would be distributing.
Below are some of the problems faced by Brand Owners due to fakes:
It is frustrating to see successful brands succumbed revenue/jobs losses due to knock-off when they venture overseas. It is even more painful to see fake products causing harm to people. Catching the counterfeiters are like fighting in guerrilla warfare, often hard to track or pin-point the offenders. Counterfeiting would only get worse with E-commerce.
Many companies still believe that protecting their brand and product primarily way is only through trademark/copyright registration. The approach is useful but reactive and not optimize. Brand owners normally can take action only if there is a violation. Moreover, higher cost would be incurred to enforce such rights. Eg. Conduct raids, Litigation. Hence, brand owners tend to perceive Brand/IP protection as a non-tangible solution and a business cost with low ROI (practicality) for them.
Alternatively, companies can choose to be proactive. With the rise of smart phone, brand authentication, marketing campaign, consumer engagement, supply chain and product trend analysis can be interweaved. It becomes a more practical and appealing approach for companies.
Beside the common IP/Trademark registration, with technology below are some tips that companies can do:
With the use of physical authentication + digital verification such as encrypted Augmented Reality (AR) codes, QR codes, NFC/RFID and Blockchain Technology, Brand owners can create great opportunities to position themselves today. It only depends on how creative we want to be.
There are many solutions in the market. All companies need to do is to take a step forward and ask ourselves if we want to take things for granted when venturing overseas. Perhaps how we want to see an application as a cost or revenue generation does make a difference in our business.
Brand is one of the biggest asset that any company can have. Often being penny-wise, resulted in us making greater losses that sometime would take a long time to recover.
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