Even if you don’t realize it, everyone deals with trademarks on a daily basis. “Trademark” is another way of referring to brands.
Consumers’ purchasing decisions are influenced by trademarks and the reputation such brands represent. It is important for business people to have an understanding of why trademarks are important assets and help grow their business.
Here are the seven top reasons of why trademarks are important for business:
- Trademarks are an effective communication tool–
In a single brand or logo, trademarks can convey intellectual and emotional attributes and messages about you, your company, and your company’s reputation, products and services.
- Trademarks make it easy for customers to find you–
The marketplace is crowded and it’s hard to distinguish your business from your competitors. Trademarks/brands are an efficient commercial communication tool to capture customer attention and make your business, products and services stand out.
- Trademarks allow businesses to effectively utilize the Internet and social media–
Your brand is the first thing customers enter into a search engine or social media platform (Face book, Twitter, Pinterest) when looking for your products and services.
- Trademarks are a valuable asset–
Trademarks can appreciate in value over time. The more your business reputation grows the more valuable your brand will be.
- Trademarks can make hiring easier–
Brands can inspire positive feelings in people’s minds. As a result, employment opportunities are more attractive to candidates. Employee retention can be higher if employees have positive feelings for the brand and the products and services offered.
- Trademarks are a bargain to obtain–
The United States Patent and Trademark Office charges as little as $275 to obtain trademark registration, only a few hundred dollars after five years and another few hundred dollars every ten years.
- Trademarks never expire-
Your trademark will not expire as long as you are using it in United States commerce. Some of the most recognized brands in the United States today have been around for over a hundred years. Mercedes was first registered in 1900. Pepsi-Cola was registered in 1896.
The Trademark Process-
Trademarks can be registered at the state or federal level. State registrations are less expensive, but also offer less protection. Trademarks are often registered within one industry, but may be registered in more than one. Your best option depends on your geographic area of operation and scope of business. International protection is much more costly and difficult. It’s also extremely complicated and expensive to enforce.
If you file a trademark application with USPTO, it’ll ensure no other trademarks similar to yours currently exist. This process can take months. Do your homework, because if your mark closely resembles someone else’s, your application will be denied.