Branding your business through a trademark is one of the most common business techniques, yet one with proven effectiveness. Every company or business in Australia has its trademark, serving as the differentiating factor between brands. This is the identity of your brand and encompasses all aspects of your business. This branding strategy ensures your brand’s and business’ protection. Therefore, you must take certain trademark issues into account before finalizing one for your company.
According to Dr. Linus Pauling, the famous American chemist, ‘The best way to have a good idea is to have a lot of ideas’. So, do not linger on just one idea. Look for more ideas and you will be flooded with hundreds of them. Ponder over the pros and cons of each, then choose the best.
Selecting a Trademark without Research
Even the most professional businesspeople, at times, jump into the decision to finalize their trademark, skipping all the research, brushing it all off as mere formalities. What if, after all the work that goes into designing and registering a trademark, you find out that some other company is already using a similar one? You certainly won’t be able to use it then, essentially rendering all of the effort and time that went into the process useless.
Not Determining the Strength of Your Trademark
It is in the best interest of your business that you know the strength of the trademark well. Often, businessmen don’t pay heed to this issue, only discovering later that there are many other brands with the similar name except for the substitution of one or two alphabets.
This may misguide your customers, giving rise to confusion among them since nearly the same trademark is being used by other businesses.
Smaller Brands Exploiting Your Trademark
With the advancements in media and the rapidly evolving webosphere, trademarks have given control to business owners who have no qualms about exploiting trademarks of better known brands to increase their profits. These businesses attempt to imitate the same practices as your brand, promoting the impression that both trademarks belong to the same brand. They also sell their products at lower prices, taking away some of your market share. Keep an eye out for such brands!
Establishing an Unclear Trademark and IP Protocol
This issue arises when companies or businesses show negligence while setting rules of use for their trademark by other companies and partners. Setting lax or no guidelines in this regard, you are putting yourself out there for the sharks. If you agree to allow third party to use your IP and trademark, ensure that these partnership formalities are done legally on paper. These documents must be reviewed by professionals for any discrepancies or likelihood of fraud by either party.
Not just the trademark, the copyrights and patent policies of your business must be legally protected. Make sure to read every contract before signing, protecting your business secrets and confidential information.
If you have yet to arrange protection of your business from such unfavorable scenarios, get a trademark registered for your business.