In today’s modern world, consumers are inundated and continuously exposed to trademarks in everyday life. Consider the terms Band-aid, Jacuzzi, Super-glue, Pampers, and Chapstick, to name but a few; consumers subconsciously regard these trademarks as the actual products rather than as their respective brands. So, how do you trademark a name, and what are the benefits of trademark?
Here are 7 reasons why trademarks are important for business:
1. They Create Brand Recognition
Trademarking grants startups security of their brand. By trademarking a company name, one makes its services and products distinctive in terms of their competitors, becoming their intellectual property. In doing so, it prevents rivals from copying or stealing their brand.
2. It’s an Incentive for Employees to Join
It’s important for startups to preserve a positive reputation when they have a trademark. If a business maintains good repute, people are inclined to work with and for them. This applies even more so when an expansion is concerned. As a startup, more employees are a must if a company intends to grow. This brings about the need for a budget, making the trademark a crucial asset when being granted a business loan
3. It Averts Legal Issues in the Future
Not registering a trademark leaves a business open to lawsuits from companies who did register one under the same name, sign, slogan, or design. If that does occur, a business will be forced to deal with altering all it came up with, such as the campaign, website material, and to a large extent, their brand identity. By registering a trademark, a startup would protect itself from another company using their name as well as from imitation of its products or services.
4. A Trademark is for Life
A trademark is permanent, with a need only for periodic renewal. Consider the aforementioned behemoth companies of Pampers and Jacuzzi; they have been power-houses in their respective domains for decades and will continue to thrive for decades to come. This brings about the importance of conducting thorough trademark research to ensure the governing body doesn’t deny a startup’s application.
Therefore, it is wise to use the services of a renowned Intellectual Property service provider with a good reputation.
5. It is A Company’s Greatest Asset
It can act as a catalyst for increasing value as a startup business matures, more so, if the startup continues to expand. Thus, it is important to use a trademark for marketing strategies to aid the enhancement of brand recognition and to draw in more consumers.
Once a startup has attained positive repute for its product or service, consumers will associate its trademark with how the business is running. Trademarks are significantly beneficial when a business wants to:
- Diversify its products or services,
- Branch into franchising through licensing, and
- Attain more value by putting itself up for sale.
6. It Tells People That You Mean Business
It’s no secret that trademarks lend credence to a business’s name; take Disney, for example. Could you imagine Disney didn’t trademark their name or brand? Think of the legal carnage that would ensue; people would be fighting tooth and nail to be able to profit from the empire of success that surrounds their trademarked brand.
Moreover, if a business has a trademark attached to its brand, it informs the world and competitors alike that they have faith in the success of their business and that they have something worth stealing. Indeed, that sounds morbid, but it’s the truth.
Would you protect something that isn’t worth it? Going the extra mile by registering a trademark for your business shines a different light on you in the eyes of your target consumers.
7. It Gives a Sense of Autonomy
It’s no secret that the market is hugely saturated into a plethora of different niches, widely ranging in size and function. It’s a pretty brutal scene. Being even the littlest fish in the tiniest pond as a startup is super tough. In this respect, a trademark can act as a crutch; after a startup establishes itself, it’d want to maintain good standing.
Trademarking a brand allows for a newly budding firm to cushion the blows from the market by wearing a protective blanket; it both directly and indirectly informs others that the brains steering the business, mean business.
How RSA Consultants can help?
We are team of experienced Chartered Accountants, Company Secretaries and Business consultants and having rich experience of intellectual Property Rights and understands the needs of such organization. We will fill out the application and submit it on your behalf with the Controller General of Patents Design and Trademark and will give you absolute clarity on the process to set realistic expectations. You may explore more at https://www.itatorders.in/products/trademark-registration