5 Intangible Assets That Your Business Can’t Live Without

PatentLaw

5 Intangible Assets That Your Business Can’t Live Without

Featured image via TraskBritt Patent Law

Every successful business has tangible assets and intangible assets that they need to keep control of. These assets are ultimately responsible for the overall business’ long-term success. Without any assets, you don’t have a business. Because intangible assets cannot be physically obtained, it is smart to pay attention to them a little bit more closely. So here are five intangible assets that your business needs to in order to experience long-term success.

Patents

Say you have a business that creates a very innovative product that is very valuable to the marketplace. You being the creator of this product, you do not want someone to steal your idea, make it their own and steal all of your market space. This is where patents come in. A patent is a contract or licence with the government that basically states that you have rights of a certain good for a specific amount of time. Patents are important because they protect ideas and products, but it’s easy to get it wrong if you’re not careful. Successfully patenting your invention(s) allows your business to thrive long-term.

Trademarks

Like patents, trademarks also fall under intellectual property that is protected. A trademark is basically a word, phrase, symbol, or design that is protected. For example, no business can have the name Coca-Cola or Nike. Those are trademarked brands. You can see that they are trademarked with the little “TM” in the upper right-hand side of the word or logo. In the end, trademarks are important because they keep your brand safe. They protect people from stealing your product names or your company name.

Copy

Now, let’s dive into your business’ website. According to one professional copywriter, while a professional-looking web site design is vital for success on the Internet, it’s only half of the equation. Good content is equally (if not more) important than a site’s appearance. So if you don’t write good copy and you do not know how to convert leads as they enter your website, your business is doomed. Your business always has to be growing and this is what well thought out, persuasive copy offers. It allows you to obtain leads and keep them as customers for a long time.

Email Lists

As leads come onto your website, it is your job to get their information and ultimately make them customers of your business. This is where email marketing is king. Once you know how to optimize your sales funnel and get people’s emails, your business is going to take off. You will be able to turn on paid advertising, collecting dozens of new leads every single day that will lead to dollar signs over the long term. Once you know how much a lead costs and how much that lead generates you over the long term, your business is unstoppable.

Brand

Your brand image is very important. It is important to put out quality content that represents your brand online. We have seen bad publicity completely kill brands and their revenue. This is why it is so important to care for your customer base online. In the long term, your customers have to resonate with your brand.

In many ways, a business is only as good as its website. Keep your business moving forward with a strategically crafted website from Pressed Solutions today!


You Might Also Enjoy: