A trademark is also called a brand or brand name. It can be any name, slogan, word, symbol, or device that differentiates a product or company from others on the market – a trademark can serve as a business’s identity.
However, a trademark is different from a trade name. A trade name is generally the name that you’ve used to make your company recognizable. It provides no legal protection or limitless rights for the utilization of that name.
On the other hand, a patent is an exclusive right provided for an invention, which is a process or product that’s new or useful. The difference between a trademark and a patent is that a patent hinders others from creating and selling a particular product, while a trademark offers exclusive rights to particular words, images, and phrases used to specify a certain product or service.
Keep in mind that it’s crucial to register your trade protection immediately with your local trademark regulator or with the help of some filing service providers online like Trademark Engine. Most business owners begin the filing process even before officially launching the company. This goes to show that trademarks play a vital role in businesses.
Discussed below are some of the reasons why trademarks are very important for entrepreneurs like you that run a company in a highly competitive market. Read on to learn more.
1. Trademarks Assist In Building Your Brand’s Reputation
A trademark lets your business’s clients easily determine and identify your brand in a jam-packed marketplace.
Take note of the trademark of a well-known fast food chain’s golden arches logo. Easily recognizable at a distance, you can quickly associate it with a generous serving of delicious French fries and cheeseburgers – enticing you to grab a quick bite at that very moment.
As such, you can see that identifiable trademarks assist in building a brand reputation. A productive trademark can affect the purchasing decisions of buyers and suggest to one’s mind positive and potent messages about your brand.
Take advantage of filing an exclusive trademark for your business soon in order for you to steadily build a solid and strong brand reputation amongst your target audience.
2. They Can Become Your Financial Asset
Just as your property, vehicle, and equipment can become your financial asset, your trademark can be considered a strong financial asset as well. If your business is profitable, your brand will improve as time goes by. And if your brand has a better reputation, it can get a higher valuation too.
There are many benefits to owning a reputable trademarked brand. First, you can choose to branch out into other product offerings, and your brand will immediately be recognized as the reputed source of these products. Second, if you ever opt to sell your business, your trademark will add to the costs of the acquisition. Moreover, a valuable brand can also be licensed and sold for more sources of money.
3. They Are A Good Tool For Effective Communication
One of the benefits of a trademark is that it can provide intellectual and emotional features and messages concerning you, your business, and your firm’s reputation, services, and goods.
Your trademark doesn’t have to become a word. It can also be a design that others can identify, regardless of the dialect spoken or geographic location.
Suppose you’re able to create an excellent and memorable trademark. In that case, regardless if it’s a design or slogan, there’s a chance for you to be acknowledged worldwide and beat the restrictions of geography, along with language and cultural differences.
4. They Make It Less Hard For Your Patrons To Find You
The current marketplace is extremely jam-packed and everybody’s trying their best to grab a piece of their share – that’s the harsh reality of doing business today. Competing enterprises resort to multiple tactics just to cater to ever-so-changing client expectations and grab their short attention.
Hence, as a business owner, it’s your primary responsibility to make your branding much easier to find for better opportunities. This can be done by filing an exclusive trademark. Easily recognizable and one-of-a-kind trademarks allow businesses to stand out above the rest of the crowd and effectively grab the masses’ attention, along with reaching consumers despite the different ads they’re exposed to.
5. They Use Helps With Your Current Marketing Efforts
Your marketing efforts can become more effective if you’ve made your brand reputable and identifiable by trademarking it.
For one, you’ll have individuals searching online to specifically find your brand. Second, as your business will have incorporated recognizability and trustworthiness when the audience notices your brand, they’ll recognize your business and can better know the context of your marketing content.
You may have challenges becoming more known at first. Yet once you get better at it, consumers will be more likely receptive to your marketing campaigns.
6. Trademarks Offer You Exclusive Rights
If your brand is trademarked, no one can exploit your name, products, or services by copying them. Unless your business has been registered at the federal level and legally protected, a competing company might potentially claim yours for their usage.
Skipping on doing the registration can be extremely detrimental. Why? First, if you own a business, you can potentially have your supposed trademark protection violated by a different business organization. You have no power to argue your position that the mark is for your enterprise’s exclusive use only, as your trademark isn’t registered in the first place.
In addition, it’s likely that the trademark you have may already exist. The mark you developed and think is distinct may already be registered or under a pending registration by another business. As such, you could unintentionally plagiarize their trademark without knowing it.
To avoid encountering the scenarios mentioned, it’s highly recommended that you trademark your business right away.
A trademark is equal to a business’s identity, and it has many benefits – check them out above. As a rule of thumb for every entrepreneur out there, including yourself, it’s ideal to have your company’s unique name, slogan, word, symbol, or device offering trademarked at your local trademark registration office.
The trademark registration process can be pretty straightforward, but if you need help with the application, you can reach out to professional trademark filing service providers that come equipped with years of experience in the trademark business.