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.
Trademark
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
Get
Creative
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.
1.
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.
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