Attracting new and retaining existing business clients…whose existence, profitability, sustainability, and competitiveness is increasingly ‘intangible asset intensive and dependent’, represents a distinctively lucrative position professional (business) services and/or intellectual property law firms should recognize, secure operational familiarity, and integrate as (service) offerings immediately!
Indeed, professional services firms are obliged, now, more than ever, to recognize and incorporate
this irreversible and globally universal economic trend-fact…which is, 80+% of most company’s value, sources of revenue, and ‘building blocks’ for competitiveness, growth, profitability, and sustainability lie in – evolve directly from intangible (non-physical) assets and not tangible (physical) assets!
Paths professional service firms can take to profitably and competitively exploit this economic fact through client specialized and client specific services and offerings, e.g., they include…seeking – acquiring sufficient (operational) familiarity with intangible assets to identify, unravel, assess, distinguish, monitor, exploit, and safeguard-mitigate risk to client’s key (most relevant) intellectual, structural, and relationship capital by articulating how, when, and where, i.e., types of actions – transactions which intangible asset services are prudent, relevant, and will elevate probability of achieving the desired outcomes.
1. demonstrating how to assess asset value and competitiveness, i.e., fragility, stability, defensibility, and sustainability, ala monetize client’s intangible assets.
2.demonstrating how intangible asset services can be delivered to produce profitable, competitive, and sustainable outcomes that will exceed client’s expectations
3.marketing that operational clarity (of company’s intangible assets) for application to an array of client engagements which are increasingly intangible asset intensive dependent!
Intellectual property law firms particularly, are positioned and knowledgeable to deliver intangible asset services, and, doing so. will.
1.contribute to revealing – unmasking client’s intangible assets that underlie – contribute to the development of intellectual properties.
2.elevate firm’s attractivity and competitiveness among horizontal and discriminating clients.
3.create new-additional opportunities to generate sustainable firm value and revenue.
Respectfully, KPSTRAT recognizes larger percentages of the professional – legal services sector is competitive and, variously predatorial…but also, embedded with – governed by various conventions which collectively influence how, when, and where services can be structured, offered, and executed to/for clients. Respectfully, these conventions – past practices seldom, if ever, include today’s intangible asset intensity and dependency, which now are operational – transactional routines.
This should influence progressive professional service (law) firms to…self-assume the obligation to seek – acquire operational level familiarity with the intangible asset side of client’s businesses, sufficient to provide relevant services to pave the way for accepting firms to achieve lucrative and competitive market exclusivity and dominance.
Initial marketing steps for service providers to achieve coveted market exclusivity and dominance…not surprisingly, is to bring awareness and clarity to..
1.entrepreneurs, venture capitalists, research-based (university) start-ups, and maturing companies about the intangible assets they produce, acquire, and possess.
2.more fully recognize how intangible assets represent the overwhelmingly dominant economic – competitive advantage drivers to business success.
3.prompt business clients to re-examine the relevance of conventional models related to strategic planning and intellectual property development by turning to the lucrative exploitation of intangible assets, which, of course are essential components to all intellectual property.
I am not suggesting there is anything inherently remiss…in conventional strategic business planning, especially when applied as a descriptive – projective roadmap for what boards and management teams want their business to (a.) eventually look like, and (b.) how to get there.
However, KPSTRAT recognizes, from its client experiences-engagements in the intangible asset arena…that numerous companies, for various reasons, remain inclined to view their business plans and mission statements in the contexts of a ‘constitution’, i.e.,
• a malleable ‘living’ document which can evolve – be amended to accommodate-reflect changes in global business transaction – operational environments which most seek to engage, risks that materialize, the nuances of global – legacy free players, or
• a static (non-malleable, variously permanent) document which they are obliged to interpret primarily on-the-basis of its ’original intent’ irrespective of business operational change.
Of course, the former, in my judgment, presents far more opportunities for current and prospective business clients to be introduced to the intangible asset side of their business…which puts an onus on professional service firms to recognize how, when, where, and why…
• client’s intangible assets can simultaneously be nuanced, dynamic, and fluctuate with respect to (asset) value, revenue generation capability, competitiveness, and risk.
• strategic (IP) planning, can, and probably should be adventurous and variously challenge existing convention.
• there is legitimacy to guiding clients to assess (vulnerability, probability, criticality) of risks materializing to adversely effect intangibles (competitiveness, value, etc.).
• most all (business) transactions that clients will engage – undertake, their intangible assets will inevitably be in play!
Professional service firms do have options…of being competitive leaders, late adopters, or followers insofar as addressing the intangible asset sides of clients businesses. However, in-light-of the globally universal economic fact referenced above, overlooking or dismissing intangible asset intensity and dependency is an error!
Devoting (allocating) practice area attention and resources to clients’ intangibles…will reap lucrative – competitive advantages by conveying this service provider’s services reflect current and horizonal client needs by, among other things…
• demonstrating how – when – where intangibles routinely play contributory roles in intellectual property development, transaction outcome values, revenues generated, competitive position, and sustainability.
• bringing clarity to the necessity for tactical and strategic stewardship, oversight, management, and assessment of the relevant and contributory intangibles.
Unfortunately, the economic fact that 80+% of most company’s value…sources of revenue, and ‘building blocks’ for competitiveness, growth, profitability, and sustainability lie in – evolve directly from intangible assets…
• has yet to become so self-intuitive to professional service firms and client company management teams, c-suites, and boards, that they instinctively recognize the necessity for, i.e., how, when, and the circumstances which it is necessary to identify, develop, safeguard, and exploit their intangibles.
= opportunities, opportunity, and opportunity!
Many professional service and IP law firms already possess various levels of experience with intangible assets…which makes it all-the-more legitimate and relevant to include, as a lucrative and competitive advantage components to existing practice area expertise, intangible asset services specific to – for clients.
The benefits of adding intangible asset dimensions-perspectives to client service offerings…
- provides clients with the necessary processes – mindfulness to recognize the relevance of intangibles to their business.
- will aid clients to recognize the various ways their company, through its intangible assets and IP, can… elevate its value, create additional-new sources of revenue, and sustain competitive advantages achieved relative to effective processes to develop, utilize, exploit and manage those assets profitability within the market space which they compete.
- demonstrates professional service firms’ competency to defend intangible asset intensive – dependent (client) companies in the intricacies of intangible asset risks, disputes, and challenges.
Ultimately, an IP law firms’ ability to attract and secure new…and retain existing clients, particularly among increasingly frugal, discriminating, and cautious prospective buyers of external business services, can rapidly emerge from operational clarity that articulates viable strategies to achieve greater value, create new sources of revenue, and enhance competitive position, presented in readily actionable contexts that exceed each client’s expectations!
Michael D. Moberly May 2, 2018 St. Louis firstname.lastname@example.org ‘The Intangible Asset Blog’ (http://kpstrat.com/blog) where attention span and action really matter!