2017-07-23
Your brand name is a crucial business asset that can signify your reputation and make you stand out in the market. While for some companies like Apple their products and services point directly to the brand name, for others it may not be the case. If your brand name is one of your important assets that act as a key identifier and holds goodwill, then it is time to safeguard it. To avoid competition and damage to goodwill, you must trademark your brand name. While the procedure may seem daunting, it does pay off in great ways. Here are some reasons why you should trademark your brand name.
It Offers a Competitive Advantage
If one leaves an important intellectual property like trademark unregistered, it can be used by any third party to profit from it. As a result, you lose the exclusivity in the market. Now, no business would want the competition to snatch away its gains. When you get a trademark registration for your brand name you get exclusive renewable rights of 15 years across Canada. This way you prevent anyone from functioning with or registering a same or similarly confusing name. It adds to the value of your brand name and helps you keep competition at bay.
Provides Protection across the Nation
A registered trademark in Canada provides protection nationwide. As long as you use the trademark in connection with the goods and services associated with it, your trademark stays protected all across Canada. On the contrary, protection of an unregistered trademark is limited to geographical areas where it is used and popular. But with registration, this is no issue. It is better to register and reap the benefits rather than maintain an unregistered trademark and suffer the repercussions if someone else registers it.
Gives you the Ability to Take Legal Action
Since trademark registrations are prima facie evidence of exclusive ownership, anyone who tries to use or register the same or similar brand name can be dragged to court for infringement. Compared to an unregistered trademark, a registered trademark has several enforcement options. Whether the third party has used it in association with a similar set of goods or services or the action of infringement is likely to depreciate your goodwill, you can initiate action based on several causes. Contrary to this, an unregistered trademark has the single law tort of passing off. Plus, one needs to have a strong defense in such cases since the legal judgments cannot be predicted. But, with registration, you get an upper hand in infringement cases.
While these were some benefits of trademark registration, there are several others like profiting through licensing, getting a domain registration, and more. Since you have invested time, money, and effort in building your brand, it only makes sense to trademark your brand name and safeguard it.
