Since you’ve started your company maybe the thought that you deal with trademarks on a daily basis hasn’t crossed your mind. Trademark is just another way of referring to brands.
Customers decide to purchase a product by being influenced by trademarks and the reputation of the brands. That is why business people must have a solid understanding of why trademarks prove to be extremely important assets that will help them grow their businesses.
1. First and foremost, trademarks are considered an efficient communication tool. In the case of a single brand or a logo, trademarks are able to convey both intellectual and emotional attributes. Moreover, this allows you to send out a message that will enhance the reputation of your company and that of your products and services.
Trademarks do not necessarily need to be words, they can be designed that can easily be recognised regardless of the language. Take McDonalds for example: whether you’re native tongue is Chinese, English, Arabic, French, Russian or even Swahili, you will definitely think of McDonalds when you encounter their trademark. Trademarks carry a lot of power given the fact that they are globally recognized by almost every person on the planet.
2. By having a trademark, customers will be more likely to find you. In today’s business environment the market is pretty crowded. That makes it more difficult for you to stand out from the crowd and always be one step ahead of your competition. By having a trademark you should be able to gain the attention of customers and also develop your business, services and product even more.
When a customer sees a trademark they immediately connect it to the business. Moreover, they will know exactly with whom they are dealing with, the reputation of the company and also be less likely to search for alternatives. In my opinion, the brand can be considered the critical factor that drives the purchase decision of customers.
3. Trademarks facilitate businesses to effectively make use of social media and the Internet altogether. The tendency among customers is to Google your brand or the social media platform you are using when they are searching for your services and products. A higher traffic on your website or on social media platforms translates into a higher ranking, more traffic and customers and more visibility than your competitors.
4. Always consider trademarks to be one valuable asset. It comes as no surprised that trademarks gain notoriety and add more value with the passing of time. The growth in reputation of your business is commensurate with the growth value of your brand.
Moreover, trademarks can actually offer more value beyond the core of your business. They can lead to expansion, thus joining another industry, just look at how much Google is branching out and you’ll understand what I’m trying to convey.
One could be tempted to compare trademarks to a real estate property. Trademarks can be considered property assets that can be sold, bought or even licensed to help you grow your business.
5. Trademarks facilitate the hiring process. Brands tend to create positive feelings in the minds of customers. One advantage is that you will be able to hire job candidates more easier. Moreover, employee retentions is higher if those people have a positive vibe about your company, products and services.
6. The price of a trademark is insignificant. You can get a trademark registration from the United States Patent and Trademark Office for only $275, a few hundred dollars after five years and a few hundred dollars every ten years.
7. The good thing about trademarks is that they never expire as long as you are utilizing it in United States commerce. The most recognized brands in the U.S. today have been around for a hundred years or so. For example, Mercedes was registered in 1900, while Pepsi-Cola in 1896.
Before actually spending a ton of money, you should assess whether the brand is suitable for your company. Get a clearance search to ensure that the new brand is available. In this way you’ll keep those pesky infringement lawsuits just waiting to happen.
Do your research when it comes to a brand before actually adopting it. Don’t do it and you’ll end up with a denial of registration from the USPTO, or even worse, even a cease and desist letter from a colleague brand owner. Yes, you will have to spend some time and money to find out if a brand is available, but it will be worth it because you’ll avoid high costs that could come from a dispute or a litigation.
Last but not least, you should know by now that the more your brand is different from others in your field, the easier you are able to protect it. The remaining things to do is to get a name and a logo that will allow your customers to identify your business and also protect it from competitors.