Everyone often interacts with trademarks, whether they are conscious of them or not. The term “trademark” is equally applicable to brands.
Consumers’ purchasing decisions are influenced by a company’s reputation and trademarks. Businesses need to understand why trademarks are significant assets that contribute to organizational growth. Below are the most important reasons why trademarks are vital to your business.
Trademarks are an effective communication tool
Trademarks can express intellectual and emotional qualities and messages about you, your business, and the reputation, goods, and services offered by it in a single brand or logo.
Your trademark does not always need to be a word. Designs can be identified regardless of language or alphabet. The Nike “Swoosh” emblem is identifiable worldwide, regardless of a person’s native language: Swahili, Chinese, Spanish, Russian, Arabic, or English.
Trademarks facilitate customer identification
It is difficult to distinguish your organization from the competition because the market is saturated. Trademarks and brands are powerful commercial communication tools that may attract customers and differentiate your company’s services from those of competitors.
Customers who view a trademark are more likely to continue doing business with you and your organization since they are aware of your identity and reputation. Your brand may have a significant effect on a customer’s decision to make a purchase.
Trademarks and effective internet usage
Customers check up on your brand first when searching for your goods and services online or on social media sites like Facebook, Twitter, and Pinterest.
A website or social media platform with more traffic will rank higher, which will result in more visitors, clients, and brand recognition.
Trademarks are a valuable asset
Over time, a trademark’s value may increase. As the reputation of your firm grows, so will the value of your brand.
Trademarks have worth outside of your primary business. Trademarks can pave the way for growth across industries, from personal care to apparel or eyewear, for example. If you want it, your trademark could result in a bigger company buying your company.
Similar to real estate, trademarks are a type of property asset that can be bought, sold, licensed (like renting or leasing), or used as a security interest to obtain financing for business expansion.
Trademarks can make hiring easier
People’s thinking can be positively influenced by brands. Jobs are therefore more alluring to applicants as a result. If employees are satisfied with the company’s image and the goods and services it provides, employee retention may be higher.
Trademarks are a bargain to obtain
For as little as $275, the United States Patent and Trademark Office will register your trademark. Thereafter, the fee only increases by a few hundred dollars every five years and ten years.
Trademarks never expire
As long as you continue to use your trademark in US commerce, it will remain valid. Several of the most recognizable brands in the United States now date back more than a century. In 1900, Mercedes was first recorded. In 1896, Pepsi-Cola was first registered.
Brands are indispensable assets. Before investing a significant amount of time and money in the creation of a new brand, it is prudent to conduct extensive research. Ensure that the brand enhances your business. To guarantee that your new brand is legal and does not infringe on the rights of others, conduct a clearance check.
Failure to do due diligence before using a brand can result in a USPTO denial of registration or, worse yet, a cease-and-desist letter from another brand owner. It will be easier to avoid the extremely high costs of a disagreement or litigation if the time and money are invested upfront to assess whether a brand is available.
Remember that defending your brand will be easier the more distinct it is from competitors in your industry. Choose a name and logo for your firm that will identify it unmistakably and shield it from competitors.