Looking to get ahead? Trying to strategize your next organizational steps for 2021? Have a great idea but have no clue if it exists or what the market currently looks like in that sector? There is an easy way to answer these questions: patent research! It is a simple way to figure out who is innovating, expanding, and researching. A Patent Forecast® or Patent Matrix® analysis of large patent applications and documents creates concise and comprehensive reports and Patent Radian® helps you shed light on this information. All of these tools can help your organization learn insights that are useful for Product Roadmap creation, learning about market trends, competitive analysis, and company strategic planning. 

Product Roadmap/Market Trends 

Many product teams might think they know what consumers and the market is hungry for, but sometimes they miss the mark. When deciding what features to put in an MVP or next version release, it’s important to take into account what others in the sector are (or aren’t!) doing R&D on, or already have in the market. Patent data and analysis show the areas that are saturated (in our Patent Radian view, you can see where there are more Patent Points, indicating high saturation) or places where Patent points are sparse there is White Space, which could be ripe for taking by storm. Starting with patent data tools will help product teams efficiently and effectively make decisions and plans. 

Example of 2020 Saturation:

Competitive Analysis 

There is a reason that gaining insights on the competition – whether that is in sports, military, or your personal nemesis – has always been a tactic to get ahead. But instead of doing covert spy missions, it’s easier to use patent data to show you what others in an industry are doing. Patent data is public knowledge if you know what and where to look for it then use it to your company’s advantage.

Patent data provides the following pieces of information for your organization to leverage: 

  • • Description of innovation or product
  • • List of claims regarding the scope of the patent protection 
  • • List of updates to any existing products previously patented 

This information is gold to any company. It shows you the cards your competitors are holding, allowing you to better position your company. Intel allows you to highlight your differentiators, make changes to your business model, or craft new marketing campaigns as an answer to your competition. 

Company Strategic Planning 

Planning the future of your company should not be like playing a game of darts while blindfolded. It takes time, research, strategy, and at times pivoting even once you have begun going down one road. Knowing what the best next steps are as an organization needs to be based on market data, trends, and availability of company resources (both organizationally and financially). 

There are decisions to be made: 

  • • New Product – do we build or acquire? 
  • • Market saturation – do we sell now? 
  • • Is it time for our IPO?
  • • R&D – who else is doing already doing this? Do we spend our budget on this? 
  • • White Space – is there an untapped market/innovation we are perfect for? 
  • • Expansion of product/company? 

Using our patent data tools give you the edge you are looking for, and clear view of how to sail into your company’s future. 

Want to learn more about how Magic Number’s Patent Forecast can provide these insights for your industry? Check out our full list of Patent Forecasts across industries here: https://patentforecast.magicnumberip.com/sectors  Don’t see what you need? Contact us to discuss the creation of a custom forecast! Remember – knowledge is power, use it to your advantage.