2020-12-22
Business owners may wish to consider investing in their company's image to supplement their operation's success. Offering quality goods and services is not always enough to gain a foothold in the marketplace; it may also be beneficial to build a trademark portfolio.
Consumers engage with trademarks every day, from the food they eat to the clothes they wear. These invisible connections between products and brands can represent a service provider's reputation and quality. This is why a business owner who is serious about building their business may wish to understand the value of having a trademark.
The Purpose of Having a Trademark
Trademarks function as brand identifiers. A registered trademark helps to protect a brand from infringement and can reinforce a consumer's opinion related to a service provider's quality of service. It can take shape in the form of a curated logo, a collection of words, a color palette, and more. The collection of these visual elements is often present in marketing materials, which boost your brand's visibility to your target market. Small business owners and large companies often complete research about consumer opinions when choosing which trademarks to maintaining or revise.
If you don't think a trademark is important for your business, here are three ways it can contribute to your brand's operations:
1) Conveys Your Brand's Message
The words, colors and images you use can all be used to evoke specific feelings or reactions from customers. They can even be used to appeal to specific demographics of customers.
A trademark allows you to communicate what your company stands for, from the emotional and intellectual attributes that your chosen set of branding components wants to deliver. From portraying a sense of professionalism through monochrome colors, to an expression of creativity with abstract visuals and bold palette choices, the choices are endless.
2) Makes Your Brand Stand Out Among Competitors
Many small businesses fail. While unique and well designed trademarks do not by themselves may a business successful, they can help your business stand out. This can result in an increased pool of customers who are drawn to the business by the trademarks. If you have a unique branding element, it's more likely that people will find your service different from others.
There is research to suggest that warm colors like red and yellow make people hungry. Think of the fast food restaurants in your area, what colors do they use? Knowing about this research, it would make sense to utilize these colors in association with food services. The challenge would be developing your branding to contain these color elements while introducing unique elements to stand out from competitors.
3) Increases Your Company's Value Through Reputation
Like real estate, trademarks can be sold, licensed, and used as assets. A business that continues to do well is likely to see the value of their trademarks appreciate in value. The goodwill associated with a trademark can be invaluable to a company. It tends to result in brand loyalty which can allow a company to make a mistake and still maintain their customer base. A business with well designed branding is generally worth more than an unknown. It is possible that a company can be sold if it is viewed as profitable enough.
Conclusion
There is often little value in having a quality product or service if no one can recognize that you are the one behind it. Aside from the danger of not maintaining a following, it can also put your hard work at risk of infringement by opportunists. This is why it can be beneficial to register your trademark with the assistance of Intellectual Property (IP) agents or lawyers who can assist with the trademark process.
Protecting your trademark can be beneficial if you are looking to grow your company. If you’re looking for an intellectual property agent or lawyer in Alberta for your business, we can help. Contact us today, and our team can provide you with assistance related to the protection of your brand.
