The Benefits of Owning a Trademark: What Is a Trademark?
A trademark can be any symbol, word, phrase, design, or combination of these, that can be represented graphically. A good trademark is easy to pronounce and remember. At the same time, it is also unique and has a distinctive character. A distinctive trademark helps customers distinguish your products or services from your competitors. It is an important intellectual asset for a business, as it deters competitors from using similar names or logos. Additionally, trademark registration also helps customers associate visual cues with your products, thereby nurturing brand loyalty.
Protecting a business name or logo is important for all growing businesses, including start-ups. The owner of a registered trademark will have an exclusive right to use their trademark in the class of products or services that they have chosen. In addition, the owner will have the tools necessary to prevent competitors from infringing on their trademark and profiting from their hard-earned reputation.
Benefits of Trademark Registration
Every entrepreneur must be aware of the advantages that trademark registration provides. Here are the top advantages of a trademark:
The Benefits of Owning a Trademark: Exclusive Rights
The registered trademark owner has sole ownership of the trademark. The owner can use the same for all products that come under the applied class(es). Furthermore, the owner has sole ownership of the trademark and can prevent anyone from using it without permission in the same class in which it is registered. It grants the right to sue anyone who uses the trademark registered without permission.’
The Benefits of Owning a Trademark: Builds Trust and Goodwill
The trademark makes the proven quality of your goods and services known to everyone, establishing trust and goodwill among customers in the market. It helps in the development of long-term customers who are loyal and always choose the same brand.
It differentiates your product by making it simple for people to locate it. It differentiates your goods and their identity from that of current and anticipated competitors and serves as an effective promotional tool. Your company’s or any organization’s logo can communicate your vision, quality, or unique attribute.
Product Quality is Recognised
It recognises the product’s quality. Customers associate the product’s quality with the brand name, and this picture of a certain brand’s quality is formed in the market, which helps in attracting new customers because they can identify the quality of a product based on the logo/brand name.
Creation of Asset
Registration of a trademark establishes an intangible asset for an organization, namely intellectual property. A trademark registration creates a legal right that can be sold, assigned, franchised, or commercially contracted. Furthermore, the trademark is an intangible asset that benefits the company.
Use of the ® Symbol on Your Logo
Once your trademark is registered, you can use the ® symbol on your logo to indicate that it is a registered trademark and that no one else can use it. It is devoid of any and all forms of uses and rights. If the trademark is registered and someone else uses it, you can sue the other party.
No competitor or third party is allowed to use the trademark wordmark or logo that you have registered. However, if someone uses it without the owner’s permission or in a misleading manner, the owner can seek legal protection under the Act and prevent the person from doing so.
Protection for 10 Years at a Low Cost
Trademark registration is done online for a very low cost of maintenance. Once you’ve registered your trademark, all you have to do now is pay the maintenance and renewal fees, which are due after 10 years. It is cost-effective and aids in the creation of a distinctive image for your firm.
Global Trademark Registration
If one wishes to register a trademark in a country other than India, the trademark that has been registered in India can be utilized as the basis for registration in that country. Any company looking to develop outside of India can benefit from a trademark registration in India, as well as the country’s established goodwill.
Attract Human Resources
As a magnate, young minds aspire to work for huge brands. It promotes the organization’s positive image, making candidates more easily drawn to them. As a result, the cost of hiring and related activities is reduced.