Picture this: a world where fake products flood the market, costing legitimate businesses millions and undermining consumer trust.
This alarming reality is what we're facing today. “The Crime of 21st Century”.
Counterfeiting and intellectual property piracy are spreading like wildfire, affecting almost every industry sector and country. This isn't just about lost sales – it's about the dangerous impact on consumer health and safety.
The International Chamber of Commerce estimates that fake products make up 5 to 7 per cent of international trade, amounting to around $650 billion per year.
But it's not just about money.
The World Health Organization once estimated that fake prescription medicines could account for a jaw-dropping $70 billion to $100 billion annually. These fakes aren't just harmless replicas – they can contain harmful components, incorrect doses or no active ingredients. The result? Patients could be unknowingly endangering their lives with counterfeit drugs.
What can your brand do to safeguard themselves and their customers?
Think about it. Your brand is more than just a logo or a catchy slogan. The reputation you've built, the trust you've earned from your customers and your unique personality sets you apart in the market. In a world filled with competition and copycats, it's essential to have a solid strategy to shield your brand from potential threats.
ESTABLISHING A CULTURE OF PROTECTION
Brand protection isn't a one-person job. You cannot delegate to the legal team and forget about it. It's a mindset that needs to permeate every corner of your organization. From the CEO to the intern, everyone should be on board, understanding the significance of protecting the brand's integrity.
So how do you set up an organization-wide culture that's vigilant against counterfeiting? Let's break it down:
1. Commitment at the management level.
First up, it's crucial for senior management, including your CEO or president, to publicly address the company's commitment to fighting counterfeiting. This commitment trickles down, signalling to employees that tackling counterfeits is a priority. This isn't just about business – it's about ensuring consumer safety, preserving brand equity and ultimately, the company's bottom line.
2. Cross-functional Governance.
Create a cross-functional team responsible for governing policies, practices and strategies related to brand protection. This team, including legal, quality, compliance and security experts, can offer diverse insights and guidance on countering counterfeit trade. They ensure that the company speaks with a consistent voice to external partners and the public.
3. Seek expertise.
Brand protection is a unique field that needs dedicated expertise. Establish a brand protection group with a mission to assess risks, develop countermeasures and protect the company from counterfeit versions of its products. These experts collaborate closely with different departments, including supply chain and law, to ensure a well-rounded approach.
4. Innovate the best practices.
Successful organizations view counterfeits not as obstacles, but as opportunities to learn and improve. Whenever a counterfeit incident occurs, it's a chance to analyse the causes and identify ways to prevent future breaches. These best practices are like a constantly evolving playbook that every department can follow.
5. Measure your threat.
And finally, remember the old saying: "You achieve what you measure." Remember, what gets measured gets managed. Track counterfeit incidents and estimate their financial impact – it's like assembling evidence for the ultimate showdown. It's a way to create a business case for your brand protection efforts. Over time, you'll gather insights from this data that can help you refine your strategies even further.
6. Solutions that suit you!
Don't settle for a one-size-fits-all solution. Choose an anti-counterfeit strategy tailored to your brand's unique needs. Several of the solutions available are not flexible enough to cater to every brand's needs. Having a solution that is deep-rooted in technology can be an answer to that. Like, at Acviss, we have been able to safeguard brands across industries despite their size and nature because of the cutting-edge technology we employ, such as Artificial Intelligence, Machine Learning and Blockchain. This allows us to modify the solutions that best suit your business and get 100% of it.
Defining the Culture!
Building and maintaining a brand image is no small feat. Employing anti-counterfeit solutions requires a united front – a robust brand protection culture. As brand protection managers, you're the frontline defenders of consumer trust, revenue integrity, and safety. Your role is pivotal in maintaining consumer trust, revenue integrity and ultimately, safeguarding lives. So, let's join hands in this battle and create a future where counterfeiting is just a chapter in history.
If you desire to be the brand that wants to make the change, never forget to get in touch with us, because we are here to create a world that is safe for brands to grow. Acviss has protected over two billion products across the globe and we assure you that your brand is a priority for us.