Patent search solution providers cannot underestimate the importance of first-mover advantage in our modern hyper-fast-paced commercial environment. Apart from improved brand recognition as an industry leader, being the first to deliver updated data to your customers is a crucial part of transitioning from a mere vendor to a trusted partner and source of information. On the flip side, taking too long to maintain pace with the needs of your market can lead to a game of catch-up with your competitors.
Here are some advantages of being quicker to market with innovation data:
Reduce risks for your customers—As a key information supplier, you know that being unaware of a competitor or a new player filing a patent in a technology field of interest can be detrimental to your customer’s future. For example, launching a product in a market without this knowledge can open a company up to cease and desist notices for patent infringement. This can have negative impacts on both the reputation and existence of the company. A database that ensures users never miss the latest patent filings will set your search solution apart as a prime source of time-critical information. This means increased trust in your solution and brand, better customer retention and overall improved revenue capability for your search solution.
Increased market recognition—With up-to-date patent data that includes PDF documents, data enrichments, image information, translations, etc., your solution will get more recognition in the market as a comprehensive patent search platform. In the marketplace of patent data search solution providers, being the fastest and most reliable can make your solution a favorite among patent information searchers.
Improve your patent search tool’s time-to-market with constant updates in a standardized data format
Delivering top quality search results takes more than developing an easy-to-use search interface and ensuring that you source the best data. Many other factors need to be in place to guarantee the top performance that users expect from a reliable search solution provider.
A universal standard for structuring data is one of the most critical aspects of ensuring a fast and seamless data integration process. We follow the structure set forth by the World Intellectual Property Office (WIPO), called the WIPO ST.36–based XML standard. Search solution providers can develop their solutions based on a global data standard. Apart from regular and constant updates to a database, here are some other technical features that are attributed to a high-quality data offering:
- Flexible data retrieval options to build search tools—An efficient patent data provider offers multiple data retrieval to allow search solution providers flexibility when building solutions. You need to find a data supplier able to deliver data through a bulk data feed that’s tailored to your needs or provide a search API that can be used to retrieve the data based on specific requests.
- Data ready to plug and play—As a search solution provider, your primary focus must be developing an intuitive search tool. By eliminating additional cleaning and curation, a competitive data supplier allows you to focus on the core competencies of your organization and avoid wasting resources.
- Faster data processing requests—Data retrieval requests are usually for thousands of lines of information and can involve long waiting times for the request to process. A powerful patent data API empowers you to retrieve relevant data quickly in the form of batches, including PDFs and images, etc., or via complex search queries.
Transitioning from a search solution provider to a trusted source
Earning the trust of your customers can be very difficult if the service you provide is unreliable. Ensuring your customers have access to regularly updated, standardized patent information can take you from being merely a cog in your customer’s workflow to a trusted partner they turn to for critical information. Not only does this increase customer retention, but it also means your search solution customers may even become advocates for your tool to their peers.
By sourcing patent data for your search solution from LexisNexis® IP DataDirect, you can deliver regularly updated, world-class quality data to your customers at pace. This means your clients don’t miss out on the latest developments in their fields, which translates to loyalty for your platform and in turn, more retention for your business.
Find out how to improve your search solution’s time-to-market with our curated data.
Download our data infographic to find out all you need to know about our turnkey data offering—IP DataDirect.
Infographic: Unlock the True Value of Patent Data
Learn about the flexibility, wide coverage and technical features offered by our patent Data as a Service, LexisNexis IP DataDirect, that can boost the performance of your IP departments, patent search solutions or data analytics team.