The Advantages of Trademarks: Why They Are Important for Your Business?
In the modern competitive market, it is essential to establish a unique identity for your business. One of the most effective ways to do this is by obtaining a trademark. Trademarks protect your brand and add value and respectability to your business. By giving practical examples and case studies, this blog will delve into several advantages of trademarks.
What does a Trademark mean?
A trademark is any distinctive sign, symbol or logo that differentiates products from their sources in trade mark law systems around the world. These may be logos, company names, slogans or even sounds. They play an essential part in brand identification and consumer’s confidence.
Advantages of Trademarks
Brand Protection: Trademarks give legal security against unauthorized use of your brand features which enables other entities not to copy or imitate it thus maintaining the uniqueness of your business.
Example: Nike has trademarked its “Swoosh” logo making it impossible for other businesses to adopt a similar design thereby shielding its brand identity.
Consumer Recognition and Trustworthiness: Strong trademarks help consumers identify with and trust your goods and services. This recognition can foster customer loyalty leading to repeat sales.
Asset Value: Trademarks, over time, can become valuable assets that may appreciate in value. This means that they are marketable and can be traded or used as some kind of security to your business.
Case Study: Coca-Cola’s trademark is currently valued at over $80 billion. Such a high valuation is attributed to a strong portfolio of trademarks owned by the brand itself.
Market Advantage: A distinctive trademark could potentially set you apart from the competition. It acts as a unique identifier for your services and goods and this makes it easier for you to capture new markets as well as retain existing ones.
Example: The presence of Starbucks’ green mermaid logo distinguishes it from other coffee companies, thus ensuring its monopoly on premium coffee products.
Legal Recourse: Having a trademark gives one legal basis to sue counterfeiters and infringers, hence safeguarding the firm against potential losses in revenue or dents in its reputation.
Case Study: In 2016 Adidas won a case against another company which sold shoes containing two parallel stripes arguing that it had infringed on their three-stripe trademark. By winning this lawsuit Adidas could still maintain the integrity of its brand.
Global Reach: Trademarks could be registered internationally, giving worldwide cover and acknowledgment. This is especially significant for firms that anticipate expanding into new markets.
Mcdonald’s’ golden arches serve as an example since it is trademarked everywhere to preserve the brand identity in various countries.
How to Secure a Trademark: Conduct a Trademark Search: Make sure your intended mark isn’t already in use before you apply.
File an Application: File an elaborate application with the appropriate trademark office, providing all necessary information and documents required.
Monitor and Enforce: Monitor the market regularly for any infringements that may occur therein and take legal actions accordingly in order to enforce your rights.
Conclusion
A trademark is more than just a symbol or name; it is a strong tool that protects and augments your brand. By getting a trademark you can protect your business, gain customers’ confidence and have an upper hand over competitors. If you are thinking of registering your mark, then now is the right time to act and secure the future of your brand.
For expert assistance in trademark registration & protection, please contact us immediately. Our experts will help you through complex issues of this area towards successful brand building.
