5 Tips to Obtain the Most Value From a Trade Mark
A company’s brand identity is quickly becoming one of its most precious assets. While the term ‘brand’ is frequently linked with logos, it actually refers to a lot more. A company’s brand and brand name are crucial to how it interacts with its customers and market and are often its most recognisable asset. This is particularly true for companies with little in the form of physical infrastructure or locations. A trade mark is the most effective approach to safeguard your brand’s identity. This article will explore five tips for how to obtain the most value from your trade mark.
1. Review Your Position Regularly
Long-term brand protection requires more than just a successful trade mark registration. Proactive monitoring of the Trade Marks Register and marketplace is essential to avoid infringement of your registered trade mark. You should:
- conduct frequent brand audits. Formal registration allows you to defend your competitive market more easily and effectively, but you must utilise the trade mark in its registered format;
- learn about the importance of asset protection and your responsibility in ensuring that the trade mark is used properly; and
- conduct quarterly assessments of current and new products and services to guarantee continuous protection and timely submission of new applications.
Additionally, you should repeat the protection process when new products and services come online.
2. Make Use of Your Trade Mark
Once you have secured your trade mark, you must ensure that you use it. Someone else may request to have your trade mark deleted if you do not use it after it is registered.
Timing is crucial when it comes to trade mark registration as it can help avoid the removal of your trade mark for non-use. Also, it can support your trade mark application if a trade mark examiner asks for instances of trade mark usage to back up your application.
It is important to strike a balance between these concerns and commercial tactics for introducing products or services.
3. License Your Trade Mark
The owner of a registered trade mark has exclusive rights to use their trade mark, as well as licence it. A trade mark is a type of personal property that has a monetary value attached to it. Your trade mark’s value increases as the relevant product or service becomes more well-known.
Trade marks are logos, phrases, or other symbols that are used to identify a company, its goods, or its services. One advantage of trade mark registration is that it enables the assignment of trade mark ownership, just like any other physical asset.
4. Protect Your Trade Mark
It is a good idea to utilise the ® sign with your trade mark once it has been registered. When you use the symbol ® with your trade mark, you are indicating that it is registered and that it is protected. Your usage of the ® sign may also aid you in a trade mark dispute. It can bolster your argument, because you have informed people of your trade mark registration by utilising the ® symbol.
Use caution when utilising the ® sign for unregistered trade marks: you may only use the ® symbol once your trade mark has been registered. Using the TM sign, on the other hand, is not illegal, and you can use it with your trade mark throughout the trade mark registration procedure. Another approach to preserve your trade mark is to use it exactly as it was registered and not to change it.
5. Control Your Trade Mark
A trade mark is a very valuable asset. Customers use them to recognise your business. Your brand will become your most valuable asset over time. Protecting your brand in important areas from the start provides a number of advantages. For starters, it produces a tradeable asset. Second, it automatically grants you rights across the whole country. You can gain rights to prohibit others from using your trade mark without registering it by using it. However, to enforce such rights, you must present sufficient proof of your use, promotion, and reputation in the region where the infringer operates, at the time they began operations.
Before deciding how to best obtain value from your trade mark you should consider:
- how you control your trade mark;
- the best way to protect your trade mark;
- using your trade mark; and
- licensing your trade mark.
If you have any questions about how to best obtain the most value from your trade mark or would like trade mark legal assistance, contact our trade mark lawyers on 1300 657 423 or fill out the form on this page.
Frequently Asked Questions
If you have registered a trade mark and do not use it, then someone else may request to have your trade mark deleted.
You may only use the ® symbol once your trade mark has been registered, not from the start of your trade mark application. However, you can use the TM symbol with your trade mark throughout the trade mark registration process.