Trademarks are undoubtedly an asset to every business. When it comes to getting monetary benefits from a trademark, people first and foremost think about using the mark for their products; such use is considered traditional. However, business owners should be aware that apart from the traditional use, there are other ways to generate even greater value from their trademark.
In this article, we will give you some tips on how to increase your trademark and brand value and how to build them as a valuable asset for your business:
1. Registering the trademark
Like any other asset, you need to pay proper attention to protecting your trademark by registering it. A registered trademark can go a long way in supporting your business, as it is not merely a symbol, but also the face of your business, which will differentiate your products from those of your competitors. It will support your business expansion for as long as you continue to use and renew it. Once your trademark becomes popular and well-recognised, just the symbol is enough to carry your digital marketing efforts and reach wider audiences. It establishes trust and goodwill and strengthens customer loyalty.
There are numerous advantages to trademark registration, especially the fact that trademarks, if registered, are a valuable asset that can be sold or licensed to third parties.
Learn more about the benefits of trademark registration.
2. Properly using the trademark
Once registered, it is also important to properly use the trademark, in order to maintain its value, registration, and protection. Here’s how:
– Use your trademark according to its registration to avoid it being cancelled by third parties. If you wish to alter it, then make sure to consult with your trademark attorney beforehand, to prevent unnecessary complications.
– Use the ® symbol to alert third parties that your trademark is protected and to deter potential infringers.
– Renew your trademark registration in a timely manner to maintain your rights. Find out how to maintain your trademark registration in Asia.
3. Allowing third parties to use the trademark
This may sound strange as the most common purpose of protecting a trademark is to prevent other parties from using it. However, once you have built monetary value, goodwill, and reputation for your brand, it is inevitable that third parties will want to be associated with your business and use your trademark. Once your trademark is registered, you will have the opportunity to grant a third party the authorisation to use it. Such authorisation can be given through a written franchise or license agreement, subject to payment of fees. Allowing other parties to use your trademark will increase its value and expand your market coverage at the same time.
It is important to register the license with the trademark registry, as, in most jurisdictions, use of the mark by the licensee – which would prevent the mark from being cancelled based on non-use – would only be considered as proper use of the mark if the license is recorded with the local authorities.
At IPHub Asia, we specialise in trademark and design protection in Asia, with a strong focus on Southeast Asia. If you wish to register your trademark or have any questions about how you can increase your trademark and brand value, please get in touch.
You can also visit our website to know more about our services.