Smash and grab
I hope that you are managing well enough with the heat.
This week I want to talk to you about something we're seeing quite a bit more of these days...
These are disputes that emerge as a result of online selling, and in particular, how quick an infringing entity can appear in the online space.
Great opportunity (and risk)
We're all very aware of the potential that the internet offers entrepreneurs.
Simply put, it has never been easier for a business to establish itself and put its products out there in front of an audience.
Of particular note, have been social media sites which have integrated selling platforms.
Whether it's Facebook, Instagram, TikTok or a number of others.
These social networks have leveraged data too, helping businesses quickly target and reach their ideal customers, with a whole genre of businesses finding themselves becoming overnight successes.
This also has propelled a host of new marketing paradigms, with influencer marketing being a particularly important method to get people to buy.
All this without needing to engage with traditional channels and often without even owning premises or even directly holding inventory!
A brave new world, indeed.
But as we know, the other side of this abundant opportunity is elevated risk.
We've seen firsthand a number of scare stories that dull that feel-good feeling people associate with online selling.
In reality, for those who are naive to the realities, it can be quite the minefield!
Navigating the minefield
So what does the other side of the coin look like?
We have seen clients who have developed products over years suddenly find themselves leap-frogged on social media by knock-off versions that have hijacked their brand.
The big problem with this is that companies who are well versed in social selling can quickly take a knock-off from 0-100 in the blink of an eye.
This leaves the genuine article on the back foot as they experience significant damage to their reputation and bottom line!
If you don't have the key brand elements and distinct qualities of the product in question protected, this can often lead to a damage limitation exercise.
Again, my catchphrase rings true here more than anywhere else - an ounce of prevention is worth a pound of cure.
Things move fast online and especially so in the social selling space.
(Another thing we see are spoofed domains and dummy sites that divert trade - though hard to spot this can take a bit more time to gain traction...)
You can avoid all of these issues in the first place by following two key steps.
- protect what's important before problems arise - trust me you'll thank me later
- maintain vigilance in key marketplaces where you might be at risk of a fast-moving copycat
Get in touch!
Stay cool and take care.