The key asset of any business is its brand. A business’ identity is inextricably linked to its brand, which serves to distinguish it from its competitors in the market.
Consumers identify with a certain quality, reputation or image of that brand and recognise it as pointing to the goods and/or services of the brand owner. Overtime success drives value in a brand. As reputation and traction are gained, this results in the development of a commercial asset.
Creating a strong, legally protectable brand is therefore crucial to a business’s investment and ability to leverage the value of its brand into the future. Central to this is the trade mark registration system.
Yet too often we see business owners neglect to proactively consider their branding rights or consider the commercialisation potential available to them in maximising their brand assets.
So, what are they overlooking?
- Security in Investment: securing exclusive rights to use and dispense of its brand free of any encumbrance is crucial to business investment. This is particularly the case given almost every aspect of a business’ investment centres upon the brand in some way – products, signage, website, advertising and marketing expenditure. A registered trade mark secures this interest and investment.
- Defining Identity & Territory: registration grants exclusive rights to the trade mark and the elements contained therein (word(s), logo and other stylistic elements) in respect of the goods/services sold. This equates to a monopoly over the brand in the designated product or industry category. It also acts to symbolize business identity.
- Obtaining Priority & Warding-off Competition: a registered trade mark signals interests, grants rights from the date of application and precludes competitors from securing similar rights at a later date. It is also the only means by which to obtain ownership in a brand and trumps the ASIC, Australian Business Name and Domain Registry systems.
- Capturing the Value of What’s Created: A registered trade mark equates to an asset of the business, which increases in value as the business grows. Just like tangible property, it can be licensed, assigned or sold into the future, but only if it’s secured in a measurable format.
Contact us for more information on the benefits of securing and commercialising a registered trade mark.