Why Trademarks Are So Valuable For Your Company
You might be surprised to know that you interact with trademarks every single day. That billboard outside your window? It probably has a trademark on it. Your car has a logo on it, and every commercial you see has one. Trademarks are just a more formal way of talking about brands.
The fact is that when consumers make purchasing choices, they do so largely because of the trademark to which products and services are attached. Trademarks for your brand are valuable assets that you can use to grow and communicate with consumers. Here are some of the top reasons why trademarks are so valuable for your company.
Trademarks Help Your Customers Find You
No matter what industry you operate in, it’s probably a crowded market. You need to do everything you can to stand out in a crowd. Trademarks help customers identify who you are and what your brand is about. They can quickly and easily recognize your logo, name, or even tagline to easily make a purchasing decision. It also leaves no room for confusion. Some businesses have websites with no easily identifiable unique features other than the business name. It can lead to customers being unsure if they are visiting a legitimate business or one pretending to be something they are not.
They Should Epitomize Your Brand
Trademarks are a powerful way for you to communicate what your brand stands for and how you operate your business. Certain designs, colors, and wording will convey a connection to your personality and the image you want to present of your brand. Take the Nike swoosh logo. It brings to mind speed and power, which are both attributes that Nike wants to be associated with. Your trademarks can do the same and make you recognizable and unique.
A Trademarks Is A Financial Asset
Your trademark can be a financial asset, just like your property, equipment, and vehicles can be. If your business is successful, your brand will appreciate over time. The better your reputation is, the higher that valuation will be. There are several benefits to having a valuable trademarked brand. For one, if you decide to branch out into other products, they will be quickly identified as coming from a reputable brand. If you ever want to sell your business, your trademark will add value to the acquisition. On top of that, a reputable brand can also be licensed and sold for more streams of income. That’s why there is a trademark opposition process. Two companies cannot have the same or similar trademarks, because it will lead to confusion for the consumer and issues with licensing and selling brands.
They Are Inexpensive
Considering that they can end up being very valuable, trademarks are also very inexpensive to obtain. They cost $275 to apply and go through the process. When it’s all said and done, the eventual possible return on that $275 is limitless. You will have to pay renewal fees after the first five years, and then every ten years beyond that, but the value return is still enormous.
The other great thing is that unless you want them to, trademarks do not expire. There are trademarks in the United States that are well over 100 years old. Once you have registered yours, you will own them unless you sell them or decide to discontinue them.
It Can Be Easier To Find Talent
It almost goes without saying that if you have a respected brand, consumers will be more likely to buy your products and services. However, it’s also true that job-seekers will want to work for you, too. That gives you a great advantage on hiring. It can be hard to find good talent these days, but if you are known for producing quality products, your job postings will get more engagement than your competition’s will.
Makes Your Marketing Go Farther
If you have built up your brand to be reputable and recognizable, your marketing becomes much easier. For one, you will have people on the web searching specifically for your brand. You also have an advantage when it comes to marketing, because you have built-in recognizability and trustworthiness. When people see your brand, they know who you are, and they can better recognize the context in which your marketing content is being produced. You may have difficulty getting your name out there at first, but once it is better known, consumers will be more likely to notice it and recognize it. If you have your brand trademarked, then nobody else can take advantage and exploit your name in the same way.
As you can see, a trademark is more than just the name of your business or your logo. It is a valuable asset that you need to make your business as profitable and successful as possible.