Why and when you need trademarks? 10 Tips
A trademark can be any slogan, word, logo, image, or other combination that aids in connecting offerings with their producer. It may take any shape provided that it is distinctive. The consumer base should see the trademark as an identifier of the source of the product or service. It is vital to research and ensure that no other entity uses it. Having professionals do it would be prudent since the process is involving, and using a firm like Panda Patent would prove beneficial. These ten tips can help in knowing why and when you require a trademark.
- Trademarks are a useful communication tool
They aid in conveying emotional and intellectual features in addition to messages about the brand, its reputation, and its offerings. It need not be a word. Designs can also be used irrespective of alphabet or language used. For instance, the swoosh design adopted by Nike is known worldwide regardless of the consumers’ native language.
- Trademarks ease the customers’ work of finding the brand
The marketplace is usually crowded thus making it challenging for the consumer base to differentiate one business from its competitors. Hence, having a trademark is an excellent tool for capturing the attention of customers and making the company and its offerings stand out.
When they see your trademark, they will immediately recognize who they are dealing with and the brand’s reputation. In this way, there is a less likelihood of them pursuing alternatives. The trademark is critical in influencing the buying decision.
- Trademarks are a valuable asset
Over time, trademarks can experience an amplification in value. The more your reputation grows, the more the brand’s value increases. These marks of trade create value that supersedes the core business. They can facilitate the expansion from one industry to another. It can also set you up for the acquisition of your venture by a larger entity. Hence, they are a property asset that you can sell, license, or utilize as a security interest to acquire a loan.
- Trademarks ease the human resources function
Brands are known to encourage positive feelings in the minds of the public. This inspiration is the same for potential workers. Therefore, when your firm has employment opportunities, it will be easy to attract the best talent that is available. The retention of workers also tends to be higher when the personnel has positive feelings about your brand.
- Trademarks are essential in evading unwelcome change
When your firm uses a registered trademark, it means that no other entity is using it. Not having your name or any other mark of trade registered could result in your business having to change it later on, which will be difficult.
- Considering the efforts used in enhancing your brand’s reputation, it will prove challenging to rebuild a renamed one.
- A change of identity could also lead to the loss of a significant consumer base since some of them may be unaware of the change and switch to alternatives thinking that you went out of business.
- Another business could hurt you if they were to know that your trademark was unregistered. It could register the trademark thus preventing you from operating or growing under the current identity that you have worked hard to build.
- Trademarks assist in avoiding some expenses
You may discover that another entity has registered the mark you have been using. Some costs would have to be experienced. You will have to redo your advertising, signs, stationery, business cards, and design of products. Also, if you had already registered the domain name, another one would have to be sought.
- Trademarks help to avoid compensating other entities
If you are found to be using a trademark that is already registered by another entity, you could be taken to court. A judge may find that you guilty of infringing on another person’s mark of trade. He or she could also order you to relinquish any profits made under the use of the mark. Additionally, you could be asked to pay other damages.
- Trademarks are important for protection
It is crucial to ensure that your brand has adequate protection against competitors. Parties that have no prior authorization to utilize your trademark can be detrimental. They can damage your business and reputation since they are likely to avail offerings that are of low quality. However, they are in a legally weak position since they can be prohibited from imitating your trademark.
- Trademarks are essential when expanding
It is also vital to register your trademark in areas you intend to do business. You could be denied the right to grow outside an area if you are only allowed to operate within a specific area.
- Trademarks have no expiration date
Your mark of trade will be valid as long as you protect it and maintain your registration with the relevant authorities. Hence, you can use it indefinitely.
In summary, the ten tips are helpful in understanding the importance of a trademark, and why and when you should get it for your business.