Why Bother About Trade Marks?
Have you seen good trademarks which create an impact and distinguish their goods and services from others? Think, Apple, Coca-Cola and Nike among many others which are powerful trade marks.
They give their products a sense of identity and a brand which immediately sets them apart from the others.
So what is a trade mark and why should your business have one?
A trade mark is a sign used to distinguish a particular trader’s goods or services from those of other traders. Marketing experts are quick to point out that the type of trade mark you choose is vital to the success of your business venture.
A trade mark is used for commercial purposes. It builds a reputation and goodwill. As it is used to market the products, its value will increase and appreciate over time.
A good brand yields power. A good brand brings in the sales and has price premiums attached.
What Makes A Trade Mark?
1) Logos
2) Words
3) Signatures
4) Letters & numeral combinations
Other type of Trade Marks include:
1) Types of packaging
2) Shapes of products
3) Scents
4) Colours
5) Sounds
A good trade mark attracts good sales and price premiums and because of that, some traders may use similar or identical trade marks as those used by their competitors in an effort to rake in the sales.
You could take legal action to stop them from passing off your trade mark as their own but this is lengthy and requires evidence on your part to prove the use of the said trade mark.
The best way is to get a trade mark registration. Once the trade mark is registered, it prevents other traders from using an identical or similar trade mark for the goods or services under which the trade mark was registered. In short the brand you took so long to build is protected.
If your trade mark has been infringed, the legal action you take would not require you to prove that you have established goodwill and a reputation using the trade mark. Nor do you have to prove that your customers have been misled or confused by the deceptively similar mark.
A trade mark is a valuable asset to a business. As there is no limit to the length of time a trade mark can be renewed, it will continue to grow in value as the business develops.
Sue John,
Editor, mySMBcommunity.com