Before we discuss the benefits of the trademark protection in India, it is very important to understand the repercussion of not registering a trademark on your business entity. Imagine the niche created by years of hard work just going wasted due to some mischievous elements using your already existing brand name and therefore taking away all your faithful customers.
The Brand name is the first thing which comes into the mind of the consumers while deciding about a purchase. Every brand name entails within itself several qualities and features associated with the brand and gives it a unique identity. When this identity becomes important to preserve, the role of trademark protection arises. In the absence of a TM protection, the competitors may take advantage and may misuse the goodwill created in your name. The potential copy-cats will try to create a delusion in the mind of the general public which may lead to a substantial decline in your customer base.
Therefore, it is very important for business persons to register their brand names well in time so as to reap the benefits of their goodwill and enhance their market position. Let’s discuss some of the remarkable benefits of Trademark in detail:
Exclusive legal rights over the intellectual property
The exclusive rights over the trademark entitles the owner to prevent its misuse against the potential infringers. Therefore, any such infringer can be sued in the hands of the proprietor. Moreover, the proprietor shall also be eligible to use the registered trademark for every item of its products falling under the same category.
Builds goodwill and trust
The prominence position gained by your products and services will continue to be enjoyed and thereby creates a goodwill of your business among the customers. They know your business through your brand name and therefore the trust is established.
Differentiates products from each other
There is abundance of similar products in the market which more or less creates same value to the customers. However, a devoted customer remains loyal to a particular product if it fulfills his need in the long run. In such situation, it is important that you make your product recognizable and hence trademark provides the unique identity to the items.
Symbol for Quality
If the items produced by you stands for the quality and there is a strong customer base already created by it, then your end users tend to recognize your products through your brand name. Trademark assures the quality of the recognized products.
Although it cannot be touched with the bare hands, but Trademark is an intellectual property having the valuation of its own. Therefore, it is counted as one of the assets in the Balance Sheet of the company. Moreover, a trademark is eligible of being sold, purchased, assigned, franchised or contracted economically.
Variety of uses
A trademark may be in the form of wordmark, symbol, design mark etc. A proprietor can get all or any of the above form get registered through trademark protection. Thereafter, the owner is entitled to use the registered trademark on its products, services, name board, office location, vehicles to create more visibility so as to attract more and more customers. We all have been through with this Hindi proverb “Jo Dikhtahaiwahibiktahai” means the one with better visibility is sold often.
The registered trademark or the one whose application is under the process with the trademark attorney, has the right to protect its brand value from any infringement. The proprietor/owner has the right to sue any violator who comes in the way of disrupting the smooth working of its brand name, symbol or word name.
Uninterrupted usage of trademark for 10 years
The protection for a trademark is granted for a period of 10 years at one time. Thereafter, it can be renewed for another 10 years and so on. Therefore, once registered, the proprietor/owner of the trademark enjoys its own sweet time of usability and therefore is able to concentrate on other business factors without being worried about whether its brand name would be copied or misused in the hands of any potential infringer.
Able to attract better Human Resources
Every person wants to work for a renowned brand or wants to get associated with some. A renowned trademark is better able to pull better resources from the market and therefore able to build a strong work force who will further engage in building up the brand and reaching new heights in the business. It creates a sense of accomplishment among the existing staff when their brand is easily recognizable in the market. Sale people also get benefit from the same as the prospect better acknowledges them.
Once acknowledged domestically, the trademark registration also opens up the global market for the business and hence provides multi-dimensional growth. The business can go even for the international trademark protection from the IPRO.
In this ever-changing business environment, it is very important to understand the value of a brand and also to get the same acknowledged in the right circle. Trademark protection is not only a precautionary step to avoid the infringement but is a potential asset creation in the long run. Timely approach and uniqueness can bring about significant changes in the business and also bring upon new opportunities and right people.