WHY TRADEMARK REGISTRATION IS IMPORTANT
6 REASONS WHY TRADEMARK REGISTRATION IS IMPORTANT TO BUSINESSES AND START-UPS
The first thing that a customer learns about a business is the name and the logo. A striking logo and a catchy name can create a lasting image in the minds of consumers. A trademark can be any word, phrase, symbol, logo, design, or a combination of these things that identifies your goods or services. It’s how consumers recognize you in the marketplace and distinguish you from your competitors.
Here are six reasons why you should get a trademark registration today.
1. Trademarks create brand recognition
The market is crowded with enterprises offering similar goods and services and it's hard to distinguish your business from your competitors. Trademarks/brands are an efficient commercial communication tool to capture customer attention, make your business, products and services stand out, and thrive on all social media platforms.
2. Trademarks contribute to the growth of the business
Once the brand/trademark is established in the market already, the process of expansion becomes a whole lot easier and the value you earn because of it leads to praiseworthy achievements. Trademarks also allow for easy expansion into other markets and from one industry to another, therefore they are significantly beneficial when a business wants to diversify its products or services.
3. Trademarks are a valuable asset
As the business grows and gains reputation/goodwill, the trademark increases in value as well. Trademarks provide value beyond your primary business, and they are considered to be a property asset, that can be bought, sold, licensed or used as a security when getting a business loan.
4. Trademarks are an everlasting asset.
Trademarks, unlike other intellectual property rights, can live forever if they are used and renewed properly. For trademarks to remain enforceable, they must be continuously used in commerce and occasionally renewed on time.
5. Registration of trademarks avoids legal issues and can prevent substantial financial waste.
By registering a trademark, a business/start-up would protect itself from another company using their name/logo, as well as from imitation of its products or services. Registration also protects your right to sue another company that uses your trademark and passing off as your business.
Similarly, by not registering a trademark leaves your business exposed to lawsuits from companies who did register a trademark under the same/very similar name, sign, slogan, or design. Such companies will claim damages and require the business/start-up to alter its business name/logo and consequently to change its website, social media, business cards and marketing campaigns, resulting in the change of the brand identity and the loss of goodwill.
In this respect, before using a certain logo or before filing for your trademark a legal counsel should search the relevant database to make sure your new brand is available and doesn't infringe on anyone's prior rights. If the legal counsel finds something similar, they may suggest small changes, such as font or colour.
6. Trademarks can make hiring and collaborations easier.
Trademark registration means serious business. A well-known trademark/brand offers credibility and can inspire positive feelings in people's minds. As a result, employment opportunities are more appealing to candidates. This leads to an increase in human resources, which is the most important resource of a business. The same applies to attracting collaborations and therefore it generally enhances profit generation for the business.
Having in mind the above, registering a trademark should be a top priority when a start-up is being established. It will protect a business from the beginning, allowing its success in the long run.
When customers see a trademark, they know immediately who they are dealing with and are less likely to look for other options. Your brand could be the key factor in driving a customer's purchase decision.
It is important to understand that the more you differentiate your brand from others in your industry, the easier it will be to protect it, therefore you should choose a name and a logo that distinctly identify your business and will protect it from competitors.
16 July 2023, Cyprus
The information provided in this article is for general informational purposes only and should not be used as professional or formal legal advice.
If you are interested in the registration of a Cyprus, European Union or international trademark please contact us.back
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