Popularly known word “Brand Name” is referred as “Trademark” in legal terms. A Trademark means any symbol, word, name, device, numerals or combination of both, which can be represented graphically can be registered as trademark. A trademark is unique symbol which distinguishes your goods or services from others. The trademark which is registered for services are known as the service marks.
A Good Trademark shall be easy to speak and remember, despite of it should not lose its uniqueness and distinctive character. Decision of a consumer approaching for purchasing any goods or hiring services are highly influenced by the Brand Value and reputation a Brand Name holds.
Any entrepreneur should be aware of what benefits, Trademark Registration offers. Here are Top 10 benefits explained in this blog:
Advantages of Trademark Registration:
The owner of Registered Trademark enjoys exclusive right over the trademark. The owner can use the same for all the products falling under the class(es) applied. Further, the owner can enjoy the sole ownership of the Trademark and can stop other from the unauthorised use of the Trademark under the same class where it is registered. It gives the right to sue the unauthorized user of the Trademark Registered.
Builds trust and Goodwill:
The established quality of your product and services are known by everyone through the trademark and which establishes trust and goodwill among the customers in market. It helps in creating permanent customers who are loyal and always opt for the same brand.
It makes easy for customers to find your products. It makes your product and identity of products different from that of the existing and foreseen competitors and acts as efficient commercial tool. The logo can communicate your vision, quality or unique characteristic of your company and any organisation.
Recognition to product’s Quality:
It gives recognition to the quality of the product. Customers attach the product’s quality with the brand name and this image is created in the market about the quality of a particular brand which helps in attracting new customers as they can differentiate the quality of a product by the logo/brand name.
Creation of Asset:
Registration of Trademark creates an intangible asset i.e. Intellectual Property for an organisation. Registered trademark is a right created which can be sold, assigned, franchised or commercially contracted. Also, the Trademark is an intangible asset which gives the advantage to the organisation.
Use of ® symbol:
Once the trademark is registered you can use the ® symbol on your logo stating that it is a registered trademark and no one can use the same trademark. It is exclusive of all types of usages as well as rights. If someone else use the trademark then you can also sue the party if the trademark is registered.
Protection against infringement:
No competitor or other person can use the wordmark or logo registered by you under trademark. However, if in any case one uses it without the approval of the owner of trademark or make any deceptive use of same, the owner can get the legal protection under the Act and stop the person doing so.
Protection for 10 Years at low cost:
Online Trademark registration is done on a very low maintainability cost. Once you register the trademark you have to just pay the maintenance cost and renewal cost which is after 10 years of registering the trademark. It is cost efficient and helps your company create an unique image.
Global Trademark Registration:
If one wants to register the trademark in countries other than India, the trademark registered in India can be used as basis of registration there. For any person willing to expand outside India, the trademark registered in India can provide a good base along with the Established Goodwill in the Country.
Attract Human Resources:
Young minds aspire to join big Brands as it acts as a magnate. It inspires the positive image of the organisation and thus candidates are attracted towards them easily. This reduces the cost towards hiring and related activities.