Trademark registration: what is its importance?
A trademark is a type of intellectual property that consists of a recognizable sign, design, or expression that distinguishes one source’s products or services from those of others. Services are usually referred to as service marks or known as Brand Name. The owner of a trademark can be an individual, a business organization, or any legal entity. A trademark can be found on a package, a label, a voucher, the product itself, or on company property. To put it another way, trademarks serve to identify a specific entity as the source of goods or services.
A good trademark should be easy to say and remember while maintaining its uniqueness and distinctive character. A consumer’s decision to purchase goods or hire services is heavily influenced by the Brand Value and reputation a Brand Name possesses. It is a valuable intellectual asset for a company because it discourages competitors from using similar names or logos. Furthermore, our Legalraasta team assists with trademark registration and allows your customers to associate visual cues with your products, fostering brand loyalty.
What is Importance of Trademark registration?
If you want your company, brand, product, or service to stand out from the crowd, you must register your trademark. Registering your trademark ensures that no one impersonates your product or service in the market, removing the need to rebrand. Additionally, registering a trademark in India is essential if you want to protect your intellectual property and secure your rights. Every aspiring entrepreneur should be aware of the numerous advantages that come with trademark registration. So Legalraasta is here to assist you in registering your trademark and avoiding the need to rebrand.
How important is trademark registration?
- Exclusive Rights: The owner has the exclusive right to use the same for all products that fall under the class(es) applied. Furthermore, the owner has sole ownership of the Trademark and can prevent others from using the Trademark in the same class in which it is registered. It grants the right to sue the unauthorized user of the registered trademark. In other words, the proprietor owns the trademark and can prohibit others from using it in the class(es) in which it is registered. It also gives the owner the right to sue for any unauthorized infringement.
- Global Trademark Registration: If you want to expand outside of India or simply register a trademark in another country, don’t be concerned; a trademark that has already been registered in India can serve as a solid foundation for gaining international recognition. Because of all the goodwill accumulated, a trademark that has already been registered in India can be used as the basis for registration in another country. In other words, a trademark registered in India, combined with established goodwill in the country, can provide a solid foundation.
- Performs as a shield: It is critical for every entrepreneur to ensure that his or her brand is protected from competition. If the trademark that the individual has been working to develop already has a registered trademark by someone else, the individual not only loses business and goodwill in the market, but also loses the right to prohibit others from using the same trademark. As a result, shielding the trademark will protect the business, which will help the individual by preventing others from using a similar trademark.
- Asset Creation: The registration of a trademark creates an intangible asset, namely Intellectual Property, in a company’s balance sheet, which provides all of the benefits associated with such assets. A registered trademark is a created right that, like any other tangible asset, can be sold, assigned, franchised, or commercially contracted, transferred or purchased, or even used as collateral to obtain a loan. A registered trademark is a valuable asset that directly generates goodwill for a business, brand, or company. We are all aware that the value and reputation of a trademark heavily influences a consumer’s willingness to purchase a product or service. If that isn’t enough of a reason to get your brand identity trademarked right away, Legalraasta is here to guide.
- Builds Trust and Loyalty or Goodwill: The importance of trademark registration represents the reputation and excellence of a product or service. Registering a trademark increases customer confidence and recognition in the market. The established quality of your product and services is known to everyone through the trademark, which builds trust and goodwill among customers in the market. It aids in the creation of loyal customers who always choose the same brand and long-term clients who will consistently choose your trademarked brand over others.
- Product differentiation: It makes it easier for customers to find your products and distinguishes them from existing and anticipated competitors, and it serves as an effective commercial tool. The logo can communicate your company’s or any organization’s vision, quality, or distinguishing feature. It distinguishes your product or service from competitors while also acting as an effective promotional tool. Furthermore, your trademark or logo represents your organization’s vision, quality, and uniqueness.
- Recognition to the quality of a product: Customers associate the quality of a product with the brand name, and an image is formed in the market about the quality of a specific brand, which aids in attracting new customers because they can differentiate the quality of a product by the logo or brand name. Trademark registration provides tangible proof of the value and worth of your product or service. Customers associate the quality of a service or product with the trademark. To attract customers and stand out, obtain an exclusive trademark registration for the brand and, as a result, build its prestige over it.
- Attract Human Resources: As a magnate, young minds aspire to work for big brands. It promotes the organization’s positive image, and thus candidates are easily drawn to them. Furthermore, young minds prefer to work for large corporations because they offer better benefits and pay stability. Trademark registration projects a positive image of a company. Furthermore, this reduces the cost of recruitment and other related activities.
- Low-Cost Protection for 10 Years: Online trademark registration is done at a very low cost and assists your company in creating a unique image. It is simple and inexpensive to keep. After registering the trademark, you only have to pay the maintenance and renewal fees, which are due after 10 years. Similarly, when you register a trademark, all you have to do is pay the protection fee and the renewal fee, which is due after 10 years.
- Infringement Protection: No competitor or other person may use the wordmark or logo registered by you under trademark. If someone uses a trademark without the owner’s permission or in a misleading manner, the owner can seek legal recourse under the Act to prevent the individual from using the trademark without permission. Your trademarked logo may not be used by anyone else, including competitors.
- Use of R symbol: When a trademark is registered, you have the legal right to use the R symbol on your logo to indicate that it is a registered trademark and that no one else may use a similar trademark. If another person uses your trademark without your permission, you can sue in court for such blatant infringement of your exclusive usage rights. It is devoid of all types of usages and rights. If someone else uses your trademark, you can sue them if the trademark is registered.
We demonstrated in the preceding article that the importance of trademark registration in India far outweighs the costs of registration. Although the value of a trademark cannot be determined completely, the increase in turnover caused by trademark registration is sufficient. As a result, we recommend that you register your brand’s identity today before a competitor does. So, contact the Legalraasta team to secure your brand recognition.