This article is written by team LegalWiz.
Trademarks are known as “Brand Name” more than its legal term. Any symbol, word, name, device, numerals or combination of both, which can be represented graphically can be registered as trademark under Indian Trademarks act, 1999. Registration under trademark grants you right to use the unique symbol which helps to distinguish the products in form of goods or services from others including the competitors. However, the Brand Name, which is registered with respect to services is known as the service marks.
A brand Name is that influences the decision making power of the consumers approaching the organisation with the reputation it holds. An ideal Trademark, through which an organisation will be known, can be the word or phrase that is easy to speak and remember. Regardless of the said character, it should not lose its uniqueness and distinctive character. The uniqueness shall be confirmed by the organisation in manner that it does not conflict with other registered trademarks or well-known brands. Apart from brand name registration, a logo can also be applied with the same application.
An entrepreneur or owner of business cautious to build a reputed brand in the industry should be aware of what are the benefits that a Registered Trademark can offer to your business to take a wise decision of making an application. Here are Top 10 benefits a Registered Trademark offers to your business!
Benefits offered by Trademark Registration:
A creator of the brand would wish to enjoy the exclusive right over it disallowing usage by third parties without his consent. A registered trademark fulfils your wish by offering the ownership of registered brand name and logo for all the products falling under the class(es) applied. Further, the owner can enjoy the sole title of the Trademark and can stop other from the unauthorised use of the Trademark under the same class where it is registered. It gives the right to sue the unauthorised user of the Trademark Registered. However, the rights are granted after issuance of registered certificate only under the class applied. The rights cannot be claimed for activities not covered by the applied class.
Creation of Goodwill and Trust
The established quality of your product and services are known by everyone through the trademark which establishes trust and goodwill among the customers in market. As the brand name is legally registered it creates a positive image among consumers which helps in creating permanent customers who are loyal and always opt for the same brand.
Set your products apart
It makes easy for customers to find your products using ® mark beside the brand name or logo. Trademark makes your product and identity of products distinct from that of the existing and foreseen competitors acting as efficient commercial tool to market the product. The logo will communicate your vision, quality or unique characteristic to the third parties, needless to say working as self-marketing tool.
Recognition of product’s Quality
A registered brand name or company logo gives recognition to the quality of the product. Customers attach the product’s quality with the brand name and this image is created in the market about the quality of a particular brand which helps in attracting new customers as they can differentiate the quality of a product by the logo/brand name.
Creation of Asset:
Registration of Trademark creates an intangible asset i.e. Intellectual Property for an organisation. Registered trademark is a right created which can be sold, assigned, franchised or commercially contracted. Also, the Trademark is an intangible asset which gives the advantage to the organisation. This intangible asset will form part of the financial statements of the owner and thus while transfer of business the value of goodwill can be encashed by the owners.
Use of ® symbol with brand name
Once the trademark is registered you can use the ® symbol along with your brand name or logo intimating that it is a registered trademark and no one can use the same trademark. It is exclusive of all types of usages as well as rights. Thus it is direct intimation to third parties regarding ownership of trademark. If someone else use the trademark then you can also sue the party if the trademark is registered.
Protection against infringement
Finding possibilities of unauthorised usage of your organisational reputation? A registered Trademark will ensure no competitor or other person can use the wordmark or logo registered by you under trademark. However, if in any case one uses it without the approval of the owner of trademark or make any deceptive use of same, the owner can get the legal protection under the Act and stop the person doing so.
Protection for 10 Years at negligible cost
Trademark registration is done on a very low maintainability cost. Once you register the trademark you have to just pay the maintenance cost and renewal cost which is after 10 years of registering the trademark. It is cost efficient and helps your organisation to create a unique image with legal protection of 10 long years at nominal cost.
Global Trademark Registration
If one wants to register the trademark in countries other than India, the trademark registered in India can be used as basis of international registration. For any person willing to expand outside India, trademark registered in India can provide a good base along with the established Goodwill in other Country. The application for registration in other company is required to be made within prescribed time of application in India.
Attract Human Resources:
Young minds aspire to join big Brands as it acts as a magnet. It inspires the positive image of the organisation and thus candidates are attracted towards them easily. This reduces the cost towards hiring and related activities.
The benefits of the trademark registration are more than what it costs to be registered. Its value may not be calculated in monetary terms in short term but the market presence offered by registered trademark plays a huge role for the business growth. So, make an application for Trademark Registration on earliest before someone else registers it. Get hassle-free services from Team LegalWiz.in with assistance of experts. You can reach the team at 89806 85509 or [email protected]