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
1.
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.
2.
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.
3.
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.
4.
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.
5.
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.
Final Thoughts
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.
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