Why should you obtain trademark registration?
Before understanding the importance of trademark registration let us take a brief look at the meaning of trademark. Trademark is any name, symbol, expression or design that can be used to distinguish the goods and services of one person from another.
It helps the owner to provide unique identification to his products and services to make them stand out of the crowd. It is well-established fact that years of sweat and hard work is required to build a successful brand name. However, once you are successful in imprinting your brand on the mind of people at large you can reap its benefits for a lifetime.
Some of the examples of well-known trademarks in India include Coca-Cola, Apple, Gucci,and Suzuki etc. One such name that requires no introduction is the Bitto Tikki Wala. Everything for BTW owner has changed from the tiny stall to multiple giant food corners but one thing that has remained same is their trademark “THE Bitto Tikki Wala”. People have been associating this brand name since years.
Apart from just creating brand name trademark registration provide several other benefits also. Let us take a look at these benefits in the section below-
Exclusive Rights- With Trademark registration comes the exclusive usage and distribution rights over the trademark. This enables the owner to enjoy the sole ownership rights over the trademark in the classes it is registered and stop others from its unauthorized usage. Moreover, the owner can sue the unauthorized use of the registered trademark.
Attracting Customers - People recognize the quality of the product offered through the brand name under which it is sold. Trademark establishes the trust and goodwill among the customers. Due to this only the name of the brand is enough to attract and maintain the loyal customers.
Provides distinct identity to the product- Once a ®markis attached to your brand name or logo people start to recognize it. Very often trademark is used as a self-marketing tool to distinguish the products from the existing or foreseen competition. Just like the other marketing tools a registered trademark also assists the business units in communicating their unique characteristics and quality to the customers.
Formation of Intangible assets
A well-known registered trademark acts as the intellectual property for the organization. Just like every other asset a registered trademark can be sold, assigned, franchised or commercially contracted. Moreover, it will be accounted for in the financial statements of the company and can be encashed by the owners.
Protection against exploitation
In this era of competition, there are always bright chances of infringement of the trademark by the competitors or any other third person. By obtaining the trademark registration the owner is empowered to stop any person from using his mark or logo. However, still in the case, any person uses it without the owner authorization and with the motive of deceiving the people the owner can apply for getting the legal protection under the act.
A trademark once registered stays with you for the period of 10 years and after that, you can seek its renewal for another 10 years. Thus, just by obtaining trademark registration and getting its renewal you and your generations to come can reap its benefits.
Magnetize good human resource
Young and experienced talent is attracted towards big brand names only. A brand name associated with the company assist it in creating a positive image in the minds of candidates. Thus the cost involved in recruitment and hiring reduces drastically.
To conclude we can just say that the benefits of trademark registration are endless. In short term, you may not realize it but when it comes to long-term growth of the business trademark registration benefits cannot be ignored.