November 18, 2016

4 reasons why a brand-driven business needs to secure a trademark

November 18, 2016

4 reasons why a brand-driven business needs to secure a trademark

4 reasons why a brand-driven business needs to secure a trademark

It is so easy nowadays to start a business. Thanks to the latest advances in technology, setting up an online presence can be done almost entirely from a mobile device. One might be forgiven for thinking the most important thing to focus on is how fast you can enter the market, how aggressive you can be with your marketing activity and how much exposure you can get across a particular industry.Though these are all very important aspects of growing your business, not one of them are impervious to the effects of trademark infringement. Therefore I have listed the 4 key reasons why you should research and secure a word and/or trademark for your business:1. Trademarks can assist in protecting your intellectual propertyFor many businesses, the act of initiating and sustaining productive trade, can result in an affinity being created between the product/brand and consumer. Yet sometimes the brand can grow to be more valuable than the product. For this reason it is wise to consider the benefits of protecting your brand and preventing your competitors from using it.2. Trademarks can prevent competitors from using your brand name or derivativesWhen you consider the time it takes to develop a brand, such as it’s unique selling proposition and business strategy, the last thing you want to happen is the loss of market penetration when a competitor leverages your market activity to benefit their own growth.The most common online example of this is when a brand name is searched on Google and a competitor brand runs an advert against said name. Another notable tactic is when a competitor uses a brand name throughout their own site in a bid to rank well organically. Having a word mark or series can prevent people from doing this and pays off well in the long term.3. Trademarks can discourage competitors from running competitor campaignsThere is a common belief that ‘the best place to set up a hairdresser, is right next to another hairdresser’ and it makes a lot of sense. When you consider the time and money invested in advertising a brick and mortar location through print, mail drop and online advertising, it would be a financially sound move to set up shop in the vicinity of another retailer.Online advertising is no different. To generate leads, it's a smart idea to invest significant money into promoting your brand so that people cease searching for a product or service, can see what your business has to offer.With a work mark or series in place you won't have to concern yourself with questions such as; how much business would I stand to lose if a competitor were to be running an advert directly above my listing in search engines like Google, Yahoo! or Bing? By securing a trademark you needn't worry about leakage starting to have an impact on your bottom line and goal to build your brand up as an authority in your industry.4. Increases your ability to retain organic traffic for your brand name or derivativesTo ensure competitors aren’t running online adverts using your brand name, you should also consider the use of your brand name on other websites.When a competitor seeks to attain organic search traffic off another company’s brand name, they will sometimes optimise a page on their website using that term. By having a word mark (or series of) which protects a company’s brand name, you can prevent competitors from using it on their website, thus increasing your ability to retain organic traffic that should be coming through to your own website or social media channels.I hope this has highlighted the importance of protecting your assets both intellectual and physical. At Bang Digital, it’s one of the things I always query with new clients because although it seems like a laborious affair, it is nowhere near as taxing on a company and its owners, as dealing with damaging brand dilution.If you find yourself in a situation where you are struggling to retain your position in the market or just need an experienced advisor to help you navigate the digital marketing terrain, feel free to give call me at (0411) 134 637.