trademark concept

Why Your Business Really Needs a Trademark

You might not realize it, but everyone sees trademarks every single day. For every product or service, people use has a distinct trademark, from their mobile phones to their internet service provider. Trademarks are used by businesses to identify themselves in the market, whether through a logo or brand name. A jingle or packaging could also be used as a trademark. Aside from being vital to business-to-customer relationships, they’re likewise crucial to business-to-business or B2B relationships. It’s important then for businesses to understand how beneficial trademarks could be in helping their business grow. To help you, here’s an overview of what trademarks are:

Trademarks are Assets

keyboard with trademark signMuch like your equipment and inventory, trademarks are tangible business assets because it could be assigned a real monetary value. This could increase as your business grows, says one of the many firms offering legal services in Townsville. For instance, let’s say that you decide to sell your business, your trademark would play a significant role in your business’ purchase price. In addition, since your trademarks real assets, you could consider licencing them for a fee to other businesses. For example, if your business is a popular coffee shop, you could give a licence to another business owner to operate a coffee shop using your trademarks in exchange for an annual fee.

Trademarks are Efficient Communication Tools

Trademarks effectively convey information regarding your business reputation in your specific industry, how you do business, and the quality of the products and services you offer. They enable your business to distinguish itself among the many other businesses that offer similar things that you provide to customers. Believe or not, consumers usually make purchasing decisions between two similar businesses according to what their trademarks convey. A trademark doesn’t even have to be a specific word as designs could be easily recognised regardless of the alphabet or language. Take Apple and Mickey Mouse, for instance. Their logos, the apple with a bite and the unique M respectively, is recognised worldwide, regardless of a consumer’s native language.

Trademarks Could Make Hiring and Retaining Employees Much Easier

Your trademark could play a huge role in influencing a prospective candidate to accept the job you’re offering or apply for a job in your company. They could inspire the right feelings and emotional connection in consumers’ minds, which in turn could result in making employment opportunities more appealing to potential candidates. In addition, they could also help with employee retention, provided that your employees have good feelings for your businesses and what you offer.

Put simply, having easily distinguishable and well-known trademarks could offer your business various benefits. Consumers face many different trademarks every single day so having a trademark would help your business distinguish itself in an otherwise overcrowded market and help build brand recognition and reputation. Just remember to do your due diligence prior to investing your resources in launching your brand. This would help you determine if your trademark is available and avoid hefty costs associated with potential litigation or disputes later on.

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