A trademark is a type of intellectual property that consists of a recognizable sign, design, or expression that distinguishes one source’s products or services from those of others. Services are usually referred to as service marks or known as Brand names. The owner of a trademark can be an individual, a business organization, or any legal entity.
It is vital that a business register its Trade Mark. Have a look at the below reasons to have an understanding of the importance of registering your trade mark today.
1. Create an Asset for Your Business
Trademark registration provides you with an exclusive right to use the unique mark for your business activity. Globally, business valuations have evolved to be beyond physical assets possessed by companies. The golden arc of the Mcdonald’s or bitten apple logo of Apple Inc. shows the power of branding and recognition.
2. Performs as a shield:
It is critical for every entrepreneur to ensure that his or her brand is protected from competition. If the trademark that the individual has been working to develop already has a registered trademark by someone else, the individual not only loses business and goodwill in the market but also loses the right to prohibit others from using the same trademark. As a result, shielding the trademark will protect the business, which will help the individual by preventing others from using a similar trademark.
3. Builds Trust and Loyalty:
Trademarks represent the reputation and excellence of a good or service. Register trademark develops confidence and recognition among customers in the market. Moreover, it aids in the development of loyal and long-term clientele who will consistently pick your trademarked brand over others.
4. Attract Human Resources:
As a magnate, young minds aspire to work for big brands. It promotes the organization’s positive image, and thus candidates are easily drawn to them. Furthermore, young minds prefer to work for large corporations because they offer better benefits and pay stability.
5. Never Let Your Customers Be Confused, Build a Unique Identity
It takes hard work to build a brand. So many businesses end up spending a significant amount in marketing and outreach – just to popularize their brand name. Trademark gives you a proprietary right to use the mark registered under the class.