7 Reasons why your startup should opt for Trademark ASAP
Many startups are eager to infuse their resources into capital distribution, efficiency, growth hacks, so on and so forth. For starters, online registration of a trademark should be the prime aim, as it provides numerous benefits for business in the long run. Online registration of a trademark in India is also simple.
To register a company in India becomes a tedious task as one has to go through all of the available options before choosing the right one. That is why it should also be crucial to invest some time in researching it. Compliance with the law is essential for the business, which many businesses do not make it their priority.
During this process, most businesses neglect the importance of intellectual property rights. It could be a game-changing factor for businesses if they can make the most out of it.
Now, IPR is made up of a huge umbrella of business rights, which contains trademark registration, patents, and copyrights. It can provide fruitful results to the startups by opting for brand registration via a trademark that can help your business increase benefits and provide safeguard to your IPR.
Trademark is one of the most sought-after businesses right for every SME looking for success and growth. It can also help onboarding investors, assisting your business with a new dimension to enhance valuation via IPR portfolio. The act of registering trade would surely go beyond marketing purposes.
#1. Ensure uniqueness
Your licensed trademark has to be sui generis, as it is not possible to re-utilize any same existing mark or similar mark as a trademark. If you catch someone using your brand, you are entitled to sue them and ask for damages. It is fundamental to get your trademark registration to exclude any possible misunderstanding amongst your consumers. This exclusivity of your company can create prestige in a market where people can identify your product and services through a trademark, which stays in their subconscious for a long-time.
#2. Help marketers to propel sales
As your business takes the flights, you want an edge over your competitors because the market will be full of new products and services every day, especially in the current era, where we have better internet connectivity worldwide and startups are becoming more connected in the world. That is why you require something that holds valuable market value, and that is where a registered trademark can help you.
This uses a common logo name to explain the company offers. It would help you in catching the attention of the people and works as a marketing promotion. For example, one can take McDonald’s ‘I’m lovin it’ tagline, which helps them connect with their consumers. Find a way from where you can use your trademark in making a better marketing campaign.
#3. Safeguarding trademark and benefitting from its usage
Legally safeguarding your trademark would give you much more than branding. Another option is to sell the brand name by trademark licensing, allowing other businesses to utilize your registered mark. Other than that, you can sue the companies that are using your registered trademark without your prior consent. With the exclusivity of your name, you can rely on huge profits for your business. Remember that it is not an end to the process to register a mark. You will need to have clear proof to suggest prior use, as prominent trademark cases teach us how it could make a huge distinction when it comes to head situation about trademark rights.
#4. Generate a company asset
When you are searching to make a place in the market, the trademark will help you make a brand value. As the brand value increases, so does the company’s credibility. Hence, it becomes the company’s asset with brand value. Here, you can monetize interest while ensuring a safeguard against the possible trademark contravention if your company is registered in the first place as a startup. Equally important is to make sure that your brand name is exclusive and check whether a preferred trademark is present.
#5. Making a brand identity
One thing by which you can help a company to establish a unique brand identity is to obtain a trademark. Hence, if you are applying for registration, remember that it will also create a market brand. This is the primary advantage of getting the registration done for startups. Customers would find it easy to recognize your products and services in the market with an increased brand reputation. Such arrangements work best, but it is constricted to the industry as Microsoft and Nike also want to associate themselves with IT and sports.
#6. Promulgating business expansion
You can use the ‘TM’ before your brand name because your trademark is not licensed, which means it is in the registration process and might soon get a grant. Once you obtain it, you can use the ® mark, which indicates your product’s registration. Your trademark will be free to use for others if you are licensing it, even when the registration is undergoing or pending. With online registration of trademark in India, your company will become more versatile, as you will be able to move from one industry to another while keeping a section of your logo. By doing this, your business expansion will be faster and more agile, with more people approaching you to grab your trademark, in return for payment. Additionally, if the company is sold, a trademark is meant to assure brand value.
#7. Globalizing your brand
If you want to make inroads of your business abroad, a trademark is compulsory. A good brand will face its highs and lows while entering the new market. Domestic traders should follow local trademark registration and then do the same in a market where they want to expand their business. One thing to remember here is, a first trademark registration must be done where your company’s registered office is located, and then you can go abroad and do the same (applying for registration). Once the national process is done, the company is registered under the Madrid protocol abroad.
Initially, getting a trademark for your startup is an opportunity that would help your business in getting success in the long run. While IPR will help you in providing assistant and system where needed. This should be the best way to utilize the trademark in explaining the ways to promote, sell, and market efficiently. By doing this brand would weigh more influence than you can ever imagine.