Coller IP was not affected in a negative way by the recession. Instead they found that tough times are a fertile time for innovation. “During the recession everyone was very innovative. We had a number of clients who had been made redundant and used their redundancy money to have a go at starting their own business, or inventing a product. So, in effect, innovation was stimulated by the recession.” says Jackie.
The Intangible Assets Of A Business
Coller IP has been able to carve a lucrative niche market, that does not conflict with other professional services firms such as accountants and lawyers. It is not purely a law firm but they do have patent and trademark attorneys.
Jackie remarks, “Even though you would think we would have competition from accountants and lawyers, we don’t. In fact, our services are often complementary. Very rarely there is an overlap. We often receive referrals from commercial lawyers”.
Professional service firms usually grow their client base through networking, word of mouth and referrals. Jackie does all that and has also embraced the social media phenomenon to spread the word and stimulate conversation around IP. They blog, Twitter, and have a presence on social and professional platforms such as Facebook and LinkedIn. They have been able to use them effectively to drive traffic back to their website.
“Innovation was stimulated by the recession.” Jackie
In the future, Coller IP could expand and grow into different divisions, each specialising in different areas of IP but Jackie feels this would derail the referral system they currently enjoy from law firms and accountants that see Coller IP as providing a full suite of niche IP services.
“At the moment, I think we have a one-stop shop and that works for us, but we will keep our eyes on developments,” says Jackie. “Also the further we spread ourselves the more we lose the human interaction with our clients, which is the exact thing that is giving us the quality of our business. We are very comfortable to develop by growing our existing services to meet market needs.”
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