5 Things to Consider While Preparing a Trademark Strategy
In today’s advanced world, where most of the entrepreneurs have a common understanding that trademarks are vital for businesses, some often overlook the importance of putting a precise trademark strategy in place. Merely put, most of us know that a trademark can be a unique letter, word, sign, symbol, or combination of these things, which distinguish the products and services of a company from those of another. Besides, trademarks can acquire a remarkable amount of goodwill and reputation for the relevant product or service, and therefore, ultimately appear as valuable advertising and marketing tools. Indeed, incorporating this exclusive Intellectual Property (IP) into your brand development process can bestow you with significant business profits. Are you aware of this fact and seeking ways to formulate your trademark strategy? Here’re those!
Crucial Considerations to Formulate Fruitful Trademark Strategy
- Prioritize Your Trademarks
Nowadays, businesses employ trademarks for their products and services in different ways. For instance, some people prefer running their entire business under one brand name or logo, i.e., selling all their products under a single Registered Trademark. However, a few sell their products each under the unique product names or logos registered as trademarks and go for advertising campaigns featuring attractive slogans.
Undoubtedly, through getting tempted by the value that trademarks can add to your products or services, you might be seeking Trademark Protection in India or any other country for every slogan, word, and logo in your marketing portfolio. Nevertheless, obtaining and enforcing various trademarks can be expensive. As a result, it typically doesn’t make commercial sense for companies to go for trademark registration of every single entity in the vast suite of their business. Brands should always prioritize trademarks as per the value they provide, for example – from assets that provide all-inclusive value to those rest with low advantage. As business names and brand logos are more valuable than slogans used in advertising campaigns or product names, it would be in your best interest to get your assets secured under trademarks in the same order.
- Emphasize Your Future Business Goals
A trademark strategy must ensure that the relevant brand will develop and expand over time. Hence, when filing a Trademark Application in India and almost every nation, it is imperative to emphasize not just the products or services that you offer currently but also those you foresee proffering in the future. Whether you are planning to file your trademark application in India or any other country, be careful to list all the details regarding the products or services for which you desire to seek trademark protection. Remember that once you apply, you cannot amend your application. For instance, if you file a trademark application today for jewelry and then decide to develop a clothing line next year, it would not be possible to amend your application later to include clothing. It will be mandatory to apply once again to add clothing (additional goods) under your trademark protection.
- Identify Market
Trademark rights are territorial-bound. It means Trademark Registration in India may not grant you rights in the US or any other country. Therefore, to ensure comprehensive protection and unlimited benefits, you should look for trademark registration of your asset not only in the nation where you are currently offering them but also in those where you are planning to expand in the upcoming years. Else, your trademark will appear unavailable in several markets, forcing your firm to run under different brands, and thus, lose your valuable pre-existing reputation.
- Engage Yourself in Early Trademark Search
A trademark search should be conducted at the early stage and before making investments for launching and promoting new marks. It is because although the upfront expense of trademark search appears a bit high for companies with limited resources, it is quite inexpensive in comparison to the costs of rebranding products after they have been already launched or promoted and defending likely Trademark Infringement cases.
Assuredly, you can conduct the preliminary trademark search on your own, but such a simple search only captures trademarks identical to your trademark. This kind of search often fails to capture trademarks that though spell different yet sound similar, for example – Life and Lyfe. Therefore, it is always better to execute the search under the assistance of an experienced IP Attorney or trademark solicitor.
- Focus on Other Key Assets
Apart from trademark search, you should also focus on other corresponding key things like domain names, social media handles, etc. Securing these things will not just prevent issues due to potential infringers but also complement your brand reputation.
A thoughtful trademark strategy can prevent misuse of your business’ products and services by others and add value to your brand. By keeping the above-given considerations in mind while preparing a trademark strategy, you will be able to build powerful goodwill that aligns with your present and future business goals. For more visit: https://www.kashishipr.com/
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