A trademark is a sign that one can use to distinguish their business’ goods or services from those of other traders. Trademark includes any word, name, symbol, device, or any combination, used or intended to be used to identify and distinguish the goods/services of one seller or provider from those of others, and to indicate the source of the goods/services.
Why is it important to register your trademark and its benefits?
Trademarks are used in order to separate the products/services of one business from the competitors. It gives a unique identity to the owner of the registered trademark and in this competitive commercial world, the importance of having a unique identity for the target customers cannot be overstated.
Few of the benefits of registering a trademark are:
- Exclusivity: A registered trademark is protected by trademark laws and can be exclusively used by a business. Other businesses are legally prohibited from copying a registered trademark. Registered owner can also capitalize on the registered trademark by licensing it to third parties or selling it for a value.
- Market Value: If a business has a registered trademark, then the owner may benefit from its increasing market value.
- Tax Benefits: A registered trademark owner may receive tax rebates from the Government due to having a registered trademark.
- Advertising: A trademark may even communicate a message to the viewers through a design, word or logo.
- Burden of Proof: Even though an unregistered trademark enjoys certain protection, the burden of proof is higher when somebody is copying it.
- Use of Symbol: Once the mark is registered, you can use the symbol ® which symbolizes that the mark is registered with the authorities and added to the prestige of the company.
By association with a successful product or service, or by persistent advertising or even the vagaries of fashion, a mark may be built into an asset of prime value to a business, few of the example which stresses on the value of a trademark are – Apple ( trademark value $29.5 billion)* , Microsoft (trademark value $42.8 billion)*, Google (trademark value $44.3 billion)*.Therefore, it is a prudent step for all businesses, irrespective of the size of operation, to have a registered trademark.
If your business is looking to get a trademark, call IMC Group today.
*Source – Forbes