It takes a lot of effort to start a company. Whether you are producing a product or providing a service, your reputation is critical to attracting new consumers and expanding the reach of your brand. It is for this reason that brand protection is essential. The ability to build a strong brand allows your consumers to identify your company’s name and use your products or services on your behalf.
Establishing a recognisable brand may help you establish your reputation and customer base in a brief period. Given its involvement in every part of your business, an effective brand might be one of your company’s most important assets—and it’s essential for you to protect it.
What You Should Do To Protect Your Brand
Trademark registration is the most effective method of protecting a company’s brand. Suppose you have developed a unique company name, a distinctive logo, or a snappy phrase that you are very proud of and do not want your rivals to use. In that case, you should consider registering your trademark with the relevant authorities. To differentiate oneself in the market, you need to register a trademark. Most importantly, it grants you the exclusive right to use the mark in connection with the products and services that are covered by the mark.
While there is some protection provided by the law of passing off and the Australian Consumer Law, a trademark becomes part of your company’s asset pool once it is registered. That has a significant impact on the worth of your company. The presence of a TM (pending trademark) or an R (registered trademark) sign next to a company’s name or trademark might serve as a deterrent to rivals in certain situations. The reason for this is that it may serve as a warning to them that ripping off your brand may have terrible ramifications. Furthermore, a trademark might be appealing to potential investors.
The Consequences of Failing to Undergo Brand Protection
If you do not put proper safeguards in place to preserve your brand, you run the danger of losing control of your precious asset. Failure to defend your brand may result in the following consequences:
- Competitors supplying defective goods or services in combination with your brand name may do significant harm to your business’s image.
- Consumers who would have otherwise gone to you will be lured by competitors who are taking advantage of your hard work by using your branding to entice your audience
- Having negative online reviews can be damaging, resulting in quick word-of-mouth dissemination.
Benefits of Having a Registered Trademark
In the case of trademark registration, you will have an enforceable right to prevent others from using the mark in connection with products or services that are similar to yours. It is known as trademark infringement whenever someone uses your registered trademark without your authorisation without your consent. In most circumstances, a cease and desist letter is sufficient to prevent the infringement from continuing. That, however, will be determined by your company’s branding plan. If this is unsuccessful, you may take legal action to enforce the trademark.
Consumer protection is sometimes more difficult and expensive to enforce than other types of protection. A registered trademark is an excellent strategy to keep future enforcement expenses to a bare minimum.
The greatest thing you can do to protect your brand is to consult with a trademark attorney about the possibility of registering a trademark. Consider how customers will most readily recognise your products and services in the marketplace. Alternatively, you may already be delivering your products and services to customers worldwide and have begun to establish a name for yourself in other markets. If you want to protect the value of your brand and its ability to grow, you may want to start thinking about registering your trademark in each nation where you have an interest.
At FraudWatch, we will make sure that your brand is protected at all times. We are a digital brand protection company that will ensure safety even outside of your perimeter online. Contact us today so we can discuss how we can keep your brand safe from any abuse.