Updated: Dec 29, 2022
Ready to learn more about trademarks? Here are a few 🔑 things to know!
1️⃣ They're an effective communication tool
Trademarks are an effective communication tool for businesses because they help to establish brand identity and recognition. Trademarks are used to identify and distinguish a company's goods or services from those of its competitors, and can be an important way for businesses to communicate their brand values and messages to consumers. Here are a few statistics that demonstrate the effectiveness of trademarks as a communication tool:
According to a survey conducted by the United States Patent and Trademark Office (USPTO), trademarks are important to businesses because they help to build consumer trust and loyalty.
A study by the World Intellectual Property Organization (WIPO) found that consumers are more likely to purchase goods and services from brands that they recognize and trust, and trademarks can help to establish this recognition and trust.
According to the International Trademark Association (INTA), trademarks are a key factor in consumer decision-making, with 83% of consumers saying that they use trademarks to make purchasing decisions.
Overall, trademarks are an effective communication tool for businesses because they help to establish brand identity and recognition, which can drive consumer trust and loyalty and influence purchasing decisions.
2️⃣ Makes it easier for customers to find you
It's a crowded marketplace with lots of competition, so it's important your trademark effectively communicates your brand's personality and individuality. Your trademark is the first introduction to your brand, so it can be a critical factor in driving a customers purchasing decision. Here are a few examples of how trademarks can make it easier for customers to find a business:
Brand recognition: When customers are familiar with a company's trademark, they are more likely to recognize and remember the brand, which can make it easier for them to locate the company's products or services when they are looking to make a purchase. For example, if a customer is looking for a specific type of clothing, they may be more likely to remember a clothing company's trademark (e.g. Nike's swoosh logo) and be able to locate the company's products more easily.
Trust and loyalty: Trademarks can help to build consumer trust and loyalty, as customers are more likely to purchase from brands that they recognize and trust. For example, if a customer has had a positive experience with a company in the past, they may be more likely to remember the company's trademark and seek out their products or services in the future.
Search engine results: Trademarks can also make it easier for customers to find a business through search engines, as trademarks are often used as keywords in search queries. For example, if a customer searches for a company's trademark (e.g. "Starbucks coffee") on a search engine, the company's website and other relevant information is more likely to appear in the search results, making it easier for the customer to find the company.
3️⃣ Trademarks increase in value over time
Trademarks and the stock market are similar in that they can both be considered assets that can increase in value over time. Both trademarks and stocks represent ownership in a company or business, and the value of these assets can be influenced by a variety of factors, including the company's performance, market trends, and investor sentiment.
Here are a few ways that trademarks and the stock market are similar:
Value appreciation: Both trademarks and stocks can increase in value over time as a company grows and establishes itself in the market. The value of a trademark can be influenced by factors such as brand recognition, consumer loyalty, and intellectual property rights, while the value of a stock can be influenced by factors such as the company's financial performance, market trends, and investor sentiment.
Investment potential: Both trademarks and stocks can be considered investments that can provide a return to the owner over time. Trademarks can provide a return through the use of the trademark by the owner or through licensing or sale of the trademark to others. Stocks can provide a return through dividends or through the appreciation of the stock's value.
Risk and uncertainty: Both trademarks and stocks can involve some level of risk and uncertainty, as the value of these assets can be influenced by a variety of external factors that are beyond the control of the owner. Trademarks can be at risk of becoming dilute or losing value if they are not properly protected or if the company's brand is not well-managed, while stocks can be at risk of losing value if the company's performance or market conditions deteriorate.
4️⃣ Trademarks never expire
A trademark does not expire as long as it is being used in commerce and the owner is actively using the trademark to identify their goods or services. However, a trademark may become vulnerable to cancellation if it is not being used in commerce or if the owner fails to take steps to maintain the trademark. For example, if a company stops using its trademark or if the trademark becomes abandoned, it may be vulnerable to cancellation by others.
To maintain a trademark, the owner must continue to use the trademark in commerce and must also file appropriate maintenance documents with the appropriate government agency (e.g. the United States Patent and Trademark Office) to demonstrate that the trademark is still in use.
Overall, trademarks do not expire as long as they are being used in commerce and are maintained properly by the owner. Beaux Monde Media can help businesses to understand the importance of maintaining their trademarks and guide them through the process of maintaining their trademarks to ensure that they do not expire.
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