A trademark is an important symbol for any business, enterprise, or company. It is the unique symbol or logo that defines and distinguishes their brand from the others present in the market and their competition as well. Not only the logo, but it can also be the name, a phrase, design, image, or a combination of all of these elements, which is basically known as “intellectual property” that helps identify with a particular brand. This is why it is so important to go for trademark registration to protect this property so that no other company or enterprise can copy it for their benefit, and have to face a strong and hefty lawsuit if they dare to do so.
How to Protect Intellectual Property through Trademark Registration?
In order to prevent any infringement of your trademark by other people, you should get your trademark registration done. This will give you the agency to exercise the trademark rights and also restrict anyone else from copying or using your trademarked property.
The legal process of Trademark Registration and trademark rights are protected under the Trademark Act of 1999. When you go through Trademark Registration, you actually get the ownership of the logo, etc., basically the intellectual property that you are trying to protect. A trademarked property does not come with a definite limited period. Although it expires after being registered for ten years, you can renew the trademark for ten years more. You can go through this process for an indefinite period, which means that as long as you keep renewing your trademark registration every couple of years, you can stay secure under its legal protection.
Why is Trademark Registration Important?
A trademark helps a business to distinguish their products or intellectual property from the other brands in the market, and also protects them from infringement by third parties or competitors.
- It is significant to promote recognition of your brand:
In today’s extremely competitive market, a differentiating element is very important for any brand to stand out. A company’s trademark is a necessity in this case because then it can trademark its unique logo or company name. This also helps the enterprise to legally secure its intellectual property so that its competitors may not dare to copy any of this.
- It is a Valuable Asset for the Enterprise
Many people are actually unaware of the fact that trademarks can be assets of great value. Trademarks are acknowledged as important assets when it comes to accounting or income tax purposes. With time and the eventual growth of a business, the value of the assets is also appreciated. If need be, the enterprise can also decide to rent out or sell off the trademarks to earn more income. In fact, there are several ways in which trademarks can be commercially utilized, like selling, franchising, or assigning out to another party.
- Provides Legal Protection when Venturing out into the Global Market
The primary importance of trademark registration is securing legal protection for your intellectual property. Getting a trademark registration gives the company the ownership of the particular intellectual property, which can actually turn out to be a valuable asset for them. While there are several businesses that choose to ignore getting a trademark registration, it can be a great risk. This is because as the business expands and if they want to venture into the global market, their intellectual property might be vulnerable and infringed by competitor brands. That’s why it is always advised to be on the safe side and obtain a trademark registration while giving enough time for the company to grow.
- Secures Better Value and Goodwill for the Business
When trademarks are registered for your products and property, it will be advantageous for your business value, growth, and net worth in the market. It greatly enhances and contributes to the growth of your business. Your trademark registration and ownership assure the quality, attract attention to the unique features of your products, and help customers and investors alike to notice the distinguishing factors in your brand. The unique identity of your brand and products also make it easier for customers to find you amidst the many products in the vast market. Such advantages definitely help to build and improve your company’s goodwill among clients and customers.
- Helps in Business Expansion
Trademarks immensely help in creating a bond between the customers and the products that a brand is creating. When these products are unique, efficient, and deliver what is promised, they can help build a base of loyal customers. With consistency and efficiency, this base can be expanded. When your products are trademarked, their unique quotient remains intact and your business revenues are also secure.
- Trademark Registration is Valid for an Indefinite span of time
Trademark registrations have a validity of 10 years, but they can always be renewed, and that too indefinitely. When an enterprise registers and gets the approval of a trademark, they have the ownership of the product or the property for eternity!
Apart from the uniqueness factor, one should ensure the ease of usage of the trademark, and also that the products are marketable and create brand recognition. The brand must also remember that the names of geographical areas, common words in trade, common names, and abbreviations cannot be registered for trademark. Although there is no compulsion for registering products and properties under trademark, it is more of a necessity. The security and protection that is provided by a trademark registration prove to be highly advantageous for businesses. From getting ownership of a product or the intellectual property for an indefinite amount of time to creating a connection and goodwill among clients and customers, gaining the support of investors, and is a huge help in expanding business and client base, a trademark registration will be very helpful for the brand. It will also remain a very valuable intangible asset that will bring economic benefits to you in the long run. Therefore, trademark registration is surely the way to go for every new business.