Trademarks are your brand identifiers. Trademarks are how your consumers identify and distinguish your products, service, and values from the competition. Registering your trademarks with the USPTO provides significant protection and value to your small business.
Registering your marks with the USPTO gives the small business exclusive rights over its brand identifiers. This means that no other business will be able to use same or similar marks on its products without your permission. If another business is using your registered mark without your permission, then registration gives you grounds to sue for damages and grounds to seek a court order preventing the continued use of the registered mark.
Consumer goodwill refers to the level of familiarity and trust that your customers have in your business. Registering your trademarks helps your customers, and potential customers, identify your goods or services and the values that your small business stands for. It also helps customers distinguish your goods or services from the competition. Using your registered trademark on your website, social media, and other marketing material cultivates the trust that your customers have in your business.
Brand equity means the value of your brand based on consumer perceptions. Put simply, it is the amount of money that customers are willing to pay for your goods or services based solely on your brand’s reputation. Brand equity and customer goodwill work hand in hand. The more trust a customer has in the values of your business and the quality of your products or services, the more those customers are willing to pay for your goods or services. Having strong, unique, and easily identifiable registered trademarks correlates to strong brand value. Strong brand value is extremely attractive to investors who view trademark registration as a sign that the business understands the importance of brand development and has taken the steps to protect its intellectual property as part of that brand development.
A registered trademark can also be used to generate revenue by licensing, franchising, or selling the use of the mark to other businesses. Licensing and franchising your trademarks will expand your brand into new markets while also creating a revenue stream from the license or franchise agreement. If you ever decide to sell your business, then your business’ registered trademarks become part of the sale. Because the business brand is the direct point of contact to the customer, strong registered trademarks are usually the most valuable part of a business sale.
As always, feel free to Contact Alex to discuss the post or to get started on protecting your small business brand.