Trademarks or brands are always influencing consumer purchasing decisions. So, why are they so important? It's critical that owners, investors and employees all have a good understanding of why a trademark is so important.
Here are the top reasons why trademarks are so important for your business.
A trademark will be conveying intellectual and emotional attributes to the consumer. They will be messages about you, the company, reputation and your products and services.
A trademark that communicates is not restricted to words or set of words, and often, a design will convey more. The McDonald’s golden arches or big M is recognised in any language or any country around the globe.
Catch the customers eye
Trademarks/brands or logos make it easy for consumers to see and distinguish your business from others. Whether this is in a crowded shopping centre or scrolling through the internet, an influential trademark will stand out.
When a customer views your trademark, they know what and who they are dealing with. Most importantly, they know the reputation of your business and will stop looking for alternatives. A trademarked logo or phrase can go along way in assisting you, especially when driving the consumer purchasing decision.
The Internet and social media
What do people do when they want to buy something? They search the internet. Even with small purchases, people will do a little research because it's so simple. Having your trademark there will translate to more sales.
Trademarks are a valuable asset
Sometimes a trademark can be seen as an investment. Trademarks can appreciate in value over time. The more your business and brand reputation grows, the more valuable the trademark will become.
Trademarks provide more than that of your core business. A trademark can lead the way for expansion, or aid you significantly when it comes time to sell or be acquired by another business.
Always consider trademarks as an asset, similar to real estate. They can be bought, sold or even used as a security interest to secure a loan for your business.
Trademarks can make hiring easier
Brands and trademarks often inspire good feelings in people’s minds. A strong brand often attracts better candidates for employment opportunities. Furthermore, retention of employees will be much higher if there are positive connotations towards to company.
Trademarks are cheap
Trademarks will vary in price but are often around $300 to register. Then you pay a few hundred dollars in fees after five years, then more after ten years. With LegalVision, you can get a free consultation from their team of trademark specialists.
The small cost of obtaining a trademark is worth it. Saving a few hundred dollars here and there could hurt your business in the long run.
A trademark is also a form of protection. It will protect your business against competition. Imitation brands or unauthorised parties who use your trademark without permission are in a legally weak position. They can damage your brand, it’s reputation and your business. However, with the trademark, you can stop this from occurring relatively quickly.
The more you differentiate your brand from others within your industry, the easier it will be to protect. Taking the time to choose a name and logo that stand out is recommended.
Remember, as your product becomes more successful, a trademark will start to develop an intrinsic value. Another business or potential investors will assess whether appropriate measures have been taken in regards to legal trademark protection. Not having the appropriate protection could harm your business.
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