“A TRADEMARK may be any word, name, slogan, symbol, device, package design or combination of these that serves to identify and distinguish your product from others in the marketplace.” Also, the following may be registered trademarks: sounds, colors, smells or even holograms. If someone else attempts to distribute products using something “confusingly similar” to your trademark, you have the legal right to protect your brand. However, there are also major advantages to registering your brand. Below are the Top 3 reasons everyone should protect their brand.
Trademarks Increase Your Revenue.
Trademarks make it easy for your customers to find you. The easier it is for your customers to find you, the more likely they are to buy your product. Not to mention, the purchasing decisions of consumers are constantly influenced by trademarks. For example, you know when you see the APPLE™ logo etched into a phone or tablet, that you are getting a quality piece of equipment. Or, how about when you have to choose between the BOUNTY™ paper towels or the other stuff? Which way will you go? Your purchasing decision will be influenced by the reputation of those brand. Similarly, with your brand, your customers’ decision to come back again and again will be influenced by the reputation for quality products associated with your trademark.
The marketplace has always been crowded, however, it is even more so now after the rise of the internet. It can be a challenge to distinguish your business from your competitors. Your trademarks/logos will help to capture your ideal customer’s attention and make your business, products and services stand out among the rest.
Customers viewing a trademark immediately know who they are dealing with, the reputation of your business and are less likely to look for alternatives. Your brand is your single biggest asset in in driving a customer’s purchase decision and increasing your sales; So, why not protect it?
Trademarks Are A Valuable Asset.
As I stated above, your trademark is your single biggest asset in the marketplace. Trademarks can appreciate in value over time. The more your business reputation grows, the more valuable your brand will be. In addition, customers tend to remain loyal to their favorite brands, increasing the value of the company.
A registered trademark can become a valuable and transferable asset, which your business could use to negotiate better business deals and provide more financial security. For example, in recent years Toys ‘R’ Us™ filed for bankruptcy and it was determined that its most valuable asset was its brand identity consisting of the logo, the jingle and Geoffrey the Giraffe. “Brand specialists said they could not put an estimated value on the name, but it will be among the most valuable ever to become available through a bankruptcy liquidation.” (“Toys ‘R’ Us stores may be closing, but name will live on” 2018 Reuters.)
Additionally, protecting your trademark early on can make it easier to expand your business lines. Think of company like Amazon™ that went from selling e-readers as its only product to selling essentially every product imaginable. Protecting their brand early on made the transition seamless and profitable.
Finally, a well protected and strong brand is much more likely to thrive, even when the economy begins to decline, while weaker brands may find it harder to stay in business. For example, even during the most recent recession the world continued to purchase the IPhone™: A protected and strong brand.
Trademarks Provide Protection On The Internet And Social Media.
Your logo or brand identity is the first thing customers see when they search the internet or their preferred social media platform (Facebook, Instagram, Twitter) when looking for your products and services. Brand recognition can result in higher traffic to your website and social media platforms. In turn, higher traffic on a website or social media platform translates into higher rankings, bringing even more traffic, more customers and more brand recognition.
However, the Internet also has the potential for widespread unauthorized use of your brand. Because the internet does not prohibit individuals and businesses from a screen grab, screen shot or a saved image, an unprotected brand and logo will be vulnerable to abuse and misuse.
A registered trademark is relatively inexpensive investment in your business to provide strong protection when reaching a greater audience through your website or social media platforms.
The cost of registering a trademark far outweighs the risks:
- Damaging the reputation
- Destroying the brand
- Another company registering a similar trademark.
Waiting to register your trademark may be a disservice to your brand and bank account. Oftentimes, people decide to register their trademark after someone else in the marketplace has started misusing it. However, that may be too late. Register your trademark before another company or person registers it, damages the reputation or destroys the brand. .
If you have any questions about how the team at The Duncan Law Firm LLC can assist you with protecting your brand, schedule a 15-minute exploratory call here.
