Brand name is legally referred to as “Trademark”. A name, any symbol, word, numerals, or a combination of both word and numerals can be used as a registered trademark as long as it can be graphically represented. The services and goods of a business can be distinguished from others with the help of a trademark as it is a unique symbol.
Service marks are other kinds of registered trademarks that are registered for services. In spite of the distinctive character and uniqueness, a trademark should be easy to remember and speak of. The reputation that a Brand Name holds and the Brand Value influence the customers. Hence businesses should be encouraged to go for trademark filings to avail its unique benefits.
The owner holds exclusive rights over the Registered Trademark. The products that fall under the same classes can be sold under the same trademark by the owner. With sole ownership of this trademark, the owner can stop other businesses from unauthorized usage of this mark under a similar class of products.
Once the symbol is registered, the ® can be used on the logo. No other person can use this mark without the permission of the owner. Under this very Act, the owner can also file cases against unauthorized users ensuring brand protection. The registration in your own country provides a base for expanding business in other countries as well.
Building trust and goodwill
The trademark makes it known that the services and products you sell are established. This helps in building trust among your customer while helping to gain more prospective customers. A trademark makes people opt for the same brand and remain loyal to it.
10 years protection at low cost
The maintainability cost of online Trademark Registration is very low. The maintenance and renewal cost is to be paid only after 10 years. The ten years long protection helps a business to create an image for the company in a cost-efficient manner.
Disadvantages of not having a trademark registration
Businesses will have no rights over the name and the logo they have created if they don’t have a trademark registration. Anyone can start a business with the same name and cause unfair competition. Having your business registered helps to expand your business in other countries. Registered businesses can create a good base for future endeavors.