A business has a product or service as an asset if it’s something that’s difficult to compete with or replicate.
A gift can be an offering of money or assets made by one person to another in which nothing of comparable value is given, or expected to be given, in return. Some gifts are tax free but others could incur payment of taxes.
Product for Prospects (P4P)
These are generally perceived to be of high value for the recipient, as well as being a relatively low cost exercise for the business that’s offering it. They are normally given in order to acquire contact details so that a sales conversation can begin.
A company should have a core product in order to build its revenue base and, all being well, remain profitable. The assets could be tangible or otherwise.
Products for Clients (P4C)
Clients often require a service or product to work well in order to solve their problem(s). It should be reliable, efficient and convenient as much as possible. If it’s unique, so much the better for the company concerned.
A business will have market assets if it’s able to either sell products, ideas or information quickly and, ideally, at a lower price than its competitors.
There are two types of position; short and long, and they are driven by market trends. Whether they are profitable or not depends on market fluctuation.
There are a multitude of channels that can be used as a marketing asset, depending on the core elements of a business. These can be anything from website content, direct emails, company brochures and presentations. This is far from an extensive list, but it’s important for companies to tap into whatever resource they have in this regard, and maximise it.
The manipulation and understanding of data in the modern era can have a huge bearing on how successful a business can become. Revenue can now be generated off the back of a database or set of files, if the information can be transferred into something usable.
If your brand is an asset, it is normally because it has become a trusted source for the type of business certain clients like to work with.
A company philosophy can be broadly explained as being the informal, unwritten standards and guidelines by which all who are employed by a business are expected to work to.
A company will be identified often by that for which they are known. For example, there may be a product that is specific to the business and is instantly recognisable. This may also have an impact of image of the business and how it is perceived.
If a company uses an ambassador, it is usually for the purpose of promoting the business in a positive manner. They may be a former client, an associate of a senior member of staff, or someone employed specifically to paint the company in a good light.
Arguably, one of the biggest assets for a company are its employees. Those who work at the coal face day in and day out. If a business is full of workers who remain happy in their work, then it’s doing something right. That ‘feel good factor’ will permeate the grapevine and positive word will quickly spread.
There are multiple types of Intellectual Property, with the most well-known being trademarks, copyrights and patents. IP assets cannot be seen or touched, and as such, valuing them can be difficult. Protecting IP can stop others from replicating or using it.
The value of content as an IP asset will derive from the owner’s right to use it exclusively.
Simply put, IP methodology should be a plan that remains consistent with the goals of a business, with the value being defined in context of those goals.
If a business doesn’t register its IP, there’s a small chance that they can take action if it’s used elsewhere without permission, though that would require an expensive piece of law to be invoked with no guarantee of success.