How to Monetize Your Trademarks?
No matter whether you have developed a fitness club, industry’s interesting technology, or a global agency, you as a businessman must protect every aspect of your Intellectual Property (IP). Undoubtedly, there are several ways in which you can do so, but the most vital one is registering your business’s or products’ actual name and the logo as trademarks.
Trademarks can refer to any number of things, including words, logos, phrases, or slogans that help consumers make a clear distinction amid different companies with related products or services in the market. With this ability to provide a unique identity, a trademark cannot just safeguard the business name and logo from theft and piracy but also benefit the related company with remarkable goodwill and brand reputation.
Hence, when launching your business, it is vital to trademark the name and logo to ensure protection against issues like losses due to Trademark Infringement or confusion that makes consumers buy from your competitors rather than you.
Besides providing the opportunity to preserve your hard work from getting misused by others, Trademark Registration can aid you to make money. A few famous trademarks worth billions. For instance, Google’s trademark values around $44.3 billion, Microsoft’s weighs in at $42.8 billion, and Walmart’s comes in at $36.2 billion.
As billion-dollar values don’t befall overnight, it will be in your best interest to start building an IP portfolio now so that you can upsurge the monetary value of your business by capitalizing on your trademarks.
Steps You Should Take to Ensure Your Trademark has Value
Before filing Application for Trademark Registration in India or any country you want, ensure that the slogan, name, or logo is memorable and distinctive. Besides, it should be your creation, i.e., not copied from anywhere, and must not be confused with any other company or brand.
Almost all successful brands use marks made up of words and images that not just portray their business but also describe their products and services in new and unusual manners.
Focus on Slogan
A remarkable way to enhance your trademark portfolio and make more value is to have an amazingly marketable slogan based on the current trend and industry. Consider the case of boxing ring announcer Michael Buffer, who has made not less than $400 million with his trademarked phrase ‘Let’s Get Ready to Rumble.’ This appears as a great example when it comes to monetizing a trademark.
Make it Legal
To enjoy the comprehensive benefits, you need to complete the Trademark Registration Process of your mark successfully. In this process, you, first of all, should apply for it with the associated department, like the trademark registry in India and United States Patent and Trademark Office (USPTO) in the United States.
Once the relevant department or Office finds that the Trademark Application has met all the filing requirements, it’d assign a serial number to the application and then send the same to an examining attorney. If the attorney decides that there are problems in allowing the registration of your mark, he/she will issue a notice, which explains their arguments against registering your trademark and outlines the changes needed in the application. You, as an applicant, should respond to the notice as soon as possible.
As the complete Trademark Registration Process in India or any nation seems time-taking and tricky, working with an experienced Trademark Attorney can be the best for you. Being skilled and aware of legal rights, matters, etc., he/she can help you in streamlining the process, along with overcoming the challenges that may prevent successful application or registration of your mark.
- Analyze Your Options
Once the creative name, slogan, or logo with which you came up is registered, you are ready to monetize your trademark. Here’re some options you should analyze:
- License Your Trademark: Trademark Licensing is a fairly common practice to capitalize on any registered mark. Licensing your trademark to another company or person means that you are allowing the same to use it for particular products and services in exchange for the expected fees. Think of celebrities or sports teams who allow others to use their names, images, etc., on things like beauty products, soft drinks, restaurants, and more.
- Co-branding with Another Company: It allows both parties to take advantage of each other’s goodwill and brand reputation. It is a good way to attract more consumers and enhance your sales. Apple and Nike working together on goods for athletes, Bonne Belle and Dr. Pepper collaborating on a flavored lip gloss, are the two well-known examples of this type of joint venture.
- Making Money through the Securitization of Your Trademark: It is the concept that enables the companies to use the value of their trademarks to generate financing.
Monetizing your trademarks can bestow you with substantial new revenue streams. However, to grab the full advantage of the opportunity, you should not miss out on any single way to secure your valuable assets under the robust shield of Trademark Protection.
An experienced Intellectual Property Law Firm is one of the best sources to get any kind of help you need in this area. It can help you in successful registration as well as licensing of your trademark. For more visit: https://www.kashishipr.com/
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