Every national and international brand is a part of the fight against counterfeit products. Fake products threaten to diminish the exclusivity of brands and damage their reputation. Counterfeiting has a host of negative repercussions that makes the consumers and brands suffer major setbacks.
According to a debut report from the Authentication Solution Providers’ Association (ASPA), counterfeit incidents in India rose by 24 percent in 2019 compared to 2018.
Taking cognizance of the present scenario, it has become more important than ever to develop a brand protection strategy against counterfeits. Here, we will talk about the strategies brands can use to protect their market position from counterfeit products. These strategies have been classified into traditional and modern ones to make brands efficient in dealing with the issue.
Let’s get started!
Identification of counterfeit network
Brands can’t be successful in tackling the counterfeit problem if they don’t focus on identifying the entire network of counterfeiters. An appropriate brand protection strategy needs to be formulated to strengthen the anti-counterfeiting program. Looking at the bigger picture rather than just chasing individual counterfeiters will help brands control the effects of fake products.
A brand owner cannot consider himself to be fully vigilant if he isn’t spreading awareness on counterfeit products across the organization. It is your team that holds huge potential to spot and report counterfeit products. You don’t need to completely rely on the fraud and legal department of your organization. Surprisingly, the solution lies within your reach and you can utilize your wisdom by making your team proactive.
Formulate a strong monitoring and enforcement strategy
Identification must be followed by enforcement. Before counterfeit goods bring a crippling effect for the brands, it is imperative for brands to have an apt strategy in place.
A case reported that a group of luxury brands that included Gucci and Yves Saint Laurent sued online shopping giant Alibaba Group Holding Ltd. for violating trademark and racketeering laws alleging they intentionally made it possible for counterfeiters to sell their products at international level.
Smart identification and action by brands can save them from losing their consumers and reputation.
Digital anti-counterfeiting program
The world belongs to smart people. With modernization, brands have begun to adopt digital solutions to combat counterfeiting. In addition to not-so-modern things that you can do to protect your brand from the presence of counterfeit goods, it is always wise to adopt modern solutions.
A technology like QR code can be the ultimate solution to prove the authenticity of your brand to the consumers. GenuineMark by Genefied is one of the smartest modern solutions for protecting brands against the threat of counterfeit products. This solution has come out to be the best brand protection strategy and is user-friendly as it allows the users to scan the QR code through the normal scanner of their smartphones. Making this a part of the strategy for protecting your brand against fake goods will never fail your efforts.
Advancement in technology and liberalization of the Indian economy have made conditions ideal for people to misuse the established brand values. The mushrooming growth of counterfeit products is deceiving the consumers into thinking they are purchasing legitimate products. Consequently, brands are losing loyal consumers and are witnessing a dip in revenue.
Team Genefied is all ready to serve your brand with its solutions and safeguard your brand’s value. Let’s get together in this! Contact us to know more!