Building a business from the ground floor requires determination and motivation beyond anyone’s expectations. The entrepreneur has to make every single decision surrounding their business, especially the company’s brand.
However, a brand is incredibly vulnerable without the right tools. Business owners may need a combination of tools, or trademarks, to establish their company’s brand. But how do trademarks protect a brand?
Trademarks communicate a brand’s message
Trademarks are useful tools about the source of their goods. Typically, businesses trademark their name, logos and slogans to protect their brand’s image from other competitors or companies.
For example, Google trademark its name, and then, they worked on the online search engine for years before success. Now, “googling” is synonymous with searching for a topic online. If they did not trademark the name, the company would have no control how their name would be used – or what it would convey to the public.
Trademarks create brand loyalty for customers
As stated, customers rely on trademarks to quickly identify where they receive their goods. Customers also look to logos or names to determine a product’s quality.
For example, a customer may receive two pairs of identical black sweatpants. The first pair has a Nike symbol while the second pair has the Adidas logo. The logo is the only difference, but the customer has two entirely different reactions.
It’s critical to establish trademarks early and protect your brand’s image to build loyalty with your audience. The more brand loyalty you can especially, the more your company will flourish.
Trademarks add value to businesses
Trademarks do not expire like other forms of intellectual property. Instead, they appreciate as your business grows in value. It rewards business owners who work on building their reputation and creating a brand for their company.
If your business becomes a corporation, a trademark offers opportunities to expand into new industries and increase your value. It’s a business principle that the Walt Disney Company continues to implement in their strategies. They use trademarks in merchandise, film, theme parks and licensing deals to make more money off a single trademark, or multiple in the case of the Walt Disney Company.
Ultimately, it’s up to the business owner to decide if receiving a trademark is the correct decision for their company, but brands may be the most significant asset a company has against its competitors.