Reduce Complexity and Save on Costs in your Patent and Trademark Process
In a recent collaborative webinar, effective cost management in patent and trademark processes was discussed by representatives of Questel and Brandstock.
Elena Galletti, Vice President of Marketing for Brandstock, presented an overview of how a business can reduce the complexity of trademark management. Throughout the webinar, Elena provides tips and guidance to consider for IP management planning.
First, Elena discusses data verification in the due diligence phase, which helps to capture potential issues in an IP portfolio. This contributes to the development of a mid-term plan, which assesses whether a trademark should be renewed and aligns IP coverage with the business strategy. This would be followed by an agent benchmarking process to compare data for costs and coverage. Agent benchmarking compares market averages, the lowest and highest fees, and the fees negotiated by Brandstock. Finally, the business can review whether it needs to insource or outsource some or all of their IP service requirements.
Brian Rees, Cost Management Director for Questel, presented cost management advice for businesses with patents. This focused on addressing budget challenges and potential solutions. In order to streamline costs, Brian provides advice on compliance monitoring through invoice assessments, fee schedules using a patented AI system, and the benefits of periodic reports submitted by Questel.
As part of the initial compliance monitoring process, Questel would audit and analyze invoices to identify areas of potential cost savings. Then, they would advise the client on opportunities to save on costs and implement fee schedules. Part of the IP management services provided includes following up with agents to ensure that they are complying with the agreed fee schedules. This process helps Questel clients save up to 30% on costs based on industry averages.